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The vendor’s new Your Belongings solution is designed to enable insurers to offer coverage on personal possessions for policyholders from any location globally. The coverage is designed for growing segments of the population, from millennials to “empty nesters,” who are living more mobile lifestyles and whose needs are thus distinct from traditional homeowners or renters insurance.
“There’s a need for new solutions for today’s customers-those who lead a less traditional lifestyle and don’t put down roots in one place,” comments Doug Caccese, president of ISO Personal Lines. “But these customers still need coverage for items that travel with them, including their clothing, jewelry, and personal electronics. The Your Belongings coverage gives insurers an opportunity to earn customer loyalty by providing critical protection at every stage of their journey.”
Addressing Non-Traditional Risks
As an example of addressing non-traditional risk needs, Your Belongings builds on ISO’s recent introduction of a personal property endorsement for personal auto policies, which meets drivers’ needs to cover their possessions when they may not have homeowner or renters insurance coverage. Your Belongings contains long-standing policy language and flexible coverage limits for many perils a policyholder may face, according to the vendor. ISO has filed the new coverage in the majority of states and reports that it will continue through the remainder of 2018.