Contractors can expect more work and money in their pocket with less delay because of a new insurance product that pays out quickly after a hurricane. StormPeace™ is an insurance policy that will pay for repairs that are normally uninsured, such as:
- Losses below homeowners deductible
- Repair structures including those not physically connected to dwelling
- Debris removal, including felled trees even if from neighboring property
- Landscaping and landscaping debris removal
- Outdoor property (fences, light poles, trees, shrubs, plants, lawns, fountains, gazebos, entry monuments/structures)
StormPeace will also pay increased costs due to enforcement of ordinances, increase in living expenses, temporary power restoration and fair rental value of any portion of a dwelling rented to others.
StormPeace is the only product of its kind and it provides coverage for a number of previously uninsurable losses with no deductible. Purchasing a policy is simple; only a name and address are needed. The claims process is quick and efficient and the money can be wired to the policyholder’s bank account. The policy pays out quickly following an event —the amount depending on the loss, the strength of the storm and its proximity to the insured address.
“Dealing with the trauma of a hurricane can be overwhelming, especially in the first 24 to 48 hours,” says Alok Jha, CEO of Assured Risk Cover, which is partnering with Topa Insurance Group to offer the coverage. “StormPeace helps residents get back on their feet quickly, and the fact that the insured has the money in hand means contractors can get paid right away.”
StormPeace is available to Florida residents through a network of insurance agents, and is something restoration contractors should be on the lookout for in more and more losses in the future. For more information, visit www.stormpeace.com.