Mercury rolls out new coverages and discounts in New Jersey
Mercury rolls out new coverages and discounts in New Jersey | Insurance Business America
Insurance News
Mercury rolls out new coverages and discounts in New Jersey
Updates aimed at policyholders pursuing a “greener lifestyle”
Insurance News
By
Mika Pangilinan
Mercury Insurance is rolling out a suite of new coverages and discounts aimed at homeowners and renters in New Jersey.
The multi-line carrier announced on Tuesday that it is offering these coverages and discounts to support eco-friendly living and provide financial incentives to policyholders who take green initiatives.
Andrew Morris, product manager of New Jersey, said Mercury is introducing a “new approach” by responding to how homeowners are becoming more conscious of their environmental impact.
“We know that homeowners are reevaluating what’s important to them, and that there is a growing demand for environmentally friendly materials throughout the home,” he said. “We support our policyholders in their efforts to be environmentally conscious by providing coverages and discounts that help sustain a greener lifestyle.”
Mercury’s new coverages and discounts
The rollout in New Jersey includes the following new coverages from Mercury:
Green Home: This covers up to an additional 10% of the replacement costs for eco-friendly alternatives or construction methods following a covered loss. It also extends to personal property like HVAC systems and appliances when replaced with eco-friendly products.
Matching of Undamaged Siding and Roofing: This ensures that if part of a home’s siding or roofing is damaged and repaired, the undamaged sections can also be replaced to match.
Refrigerated Products: This covers up to $1,000 worth of spoiled food due to power outages or mechanical failures.
As for the new discounts, Mercury is providing policyholders with the following options:
Green Home: This is a discount of up to 5% for all perils. It is available for homes that have a Green certification by the US Green Building Council LEED rating system, or those that meet the requirements in the National Association of Home Builders Green Building Guidelines (NAHB).
Updated Home: This offers up to a 10% discount on specific perils, available for homes over 20 years old that have undergone permitted renovations in the past decade.
Good Payer: This is a discount for policyholders with a record of timely payments over the past 36 months, allowing homeowners to save 2% on their policy.
Paid in Full: This is available for renters who pay their insurance premiums in full. It offers up to 10% in savings.
What are your thoughts on this story? Feel free to share your comments below.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!
