Who needs homeowner’s insurance?
You do, if you’re a homeowner. Few states in the U.S. require homeowners’ insurance, but most mortgage lenders do to protect their investment. For Partners Members in Florida and California, however, homeowners’ insurance is getting more expensive, and less diverse.
Due to soaring rates of home insurance fraud, the threat of litigation, and the risk of natural and man-made disasters in the two states, the insurance market is seeing record numbers of insurance carriers pull out and refuse to sell property insurance or only provide limited insurance or limited new business. Other carriers have become insolvent, meaning they are in financial distress and their home state is preparing to liquidate the company.
Partners has options in place for cases of real hardship. Life happens and we understand your financial circumstances may change and affect your ability to pay your obligations. We are here to help. Let us work with you to understand the issues you are experiencing and explore what assistance we can provide. The right option for you depends on your individual circumstances. When you provide the required information and documentation about your situation, we can determine what you might qualify for. Contact Partners and ask how we can help.
Both Florida and California have a safety net for the uninsured in place. Called “insurer of last resort,” Florida’s Citizens Property Insurance and California’s FAIR Plan will issue homeowners insurance to those who cannot get insurance elsewhere, either due to the risks or because other insurance premiums are too expensive. However, these policies provide only basic property coverage, and don’t include protection for injuries, theft, or replacement value for items inside the home.
“The property insurance landscape has shifted dramatically. Everyone, myself included, is looking for ways to make sure their homes and belongings are protected, as well as mitigate the increasing cost of coverage.” said Nicole Chapman, Insurance Product Manager at Partners. “A wind mitigation inspection in Florida or a seismic retrofit in California may also be a great way to add discounts to your homeowners insurance”
Partners Federal Credit Union has innovative products and solutions that support your financial goals now, and in the future. We have several different insurance products that might suit you as a homeowner… and best of all, you don’t have to shop around to get quotes. TruStage® offers insurance to protect your home; in fact, they offer single-family home, condo, and even renters insurance if you haven’t made the leap to home ownership yet. TruStage agents will find the best policy for your specific needs.
The Walt Disney Company also offers cast members life enrichment resources on The Hub, including LifeMart®. From the LifeMart page, you can shop for home and rental insurance at a Cast Member-only discount. Free quotes are available from several different providers.
- Partners and TruStage Home Insurance*
- California Department of Insurance
- Florida Division of Consumer Services
- LifeMart® (On The HUB – Cast members only)
- California Earthquake Authority (CEA) – Information on rate increases, possible discounts, and financial assistance on a seismic retrofit (Brace + Bolt program)
- Mitigation Inspection Discount information (Florida Residents)
- ‘An existential dilemma’: Florida homeowners scramble as another major insurer exits
- State Insurer of Last Resort Hits 1 Million Policies
*TruStage® Auto and Home Insurance program is offered by TruStage Insurance Agency, LLC and issued by leading insurance companies. Discounts are not available in all states and discounts vary by state. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union. © TruStage Insurance Agency 2017
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