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.

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