The Hanover Insurance Group is launching a new brand aimed at serving the needs of personal lines customers with “broader asset protection needs.”
The new Hanover Prestige product is now available in all of the company’s personal lines markets for home, auto, and condominiums. The brand features coverage options that can be customized at an account or an individual policy level, allowing agencies to adjust policy limits for customers with unique and complex coverage needs.
For instance, policy limits under the Hanover Prestige brand can be modified to accommodate additional structures on a property, such as sheds, fences, or even a detached garage. Limits for contents and personal possessions may also be adjusted.
“Our data shows many households with home replacement cost values between $750,000 to $3 million are either underserved with inadequate coverages and services or they are paying for coverage and limits they may not need,” commented The Hanover president of personal lines Daniel Halsey.
“Our Prestige brand is designed to offer high-value coverage and service for this customer segment, while providing them with the flexibility and choice to tailor coverage to their needs.”
Hanover Prestige offers the following for home policies:
- Guaranteed replacement cost with a cash settlement option, allowing customers to choose when and where to rebuild in the event of a total loss.
- Water backup and ordinance of law coverages, with limits up to the full replacement cost of the home.
- Service line coverage of $20,000 is included for damage to underground pipes that run from the street to the home.
- Loss of use coverage is provided at the actual loss sustained, with no cap on the dollar amount or time limit.
For auto policies, Hanover Prestige offers a la carte coverage options which can be customized by vehicle. The brand also offers:
- Worldwide rental car coverage and options for rental upgrade coverage with limits up to $6,000.
- Lifetime original equipment manufacturer parts, regardless of a vehicle’s age.
- New car extender coverage, which provides full replacement cost for vehicles in their first three model years.
The coverages are available for customers with auto limits starting at $250/500 or combined single limits of $500,000.