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Property & Casualty  Farmers Smart Plan Townhouse Homeowners Policy 


Lawrence K. Hunt  , Hunt Insurance Group - Palos Heights, IL 60463-1153
Reputation: 145 - Total posts: 16
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A client in Chicago is considering replacing his Chubb HO policy with Farmers' Smart Plan policy simply to save money. The townhome is an end unit, masonry construction built over 100 years ago currently insured for nearly $800,000.

The Farmers proposal is largely boilerplate, providing no coverage details other than the policy limits. I believe Farmers is among the companies that starts with a basic HO-3 and leaves it up to the policyholder to select optional coverage that will bring the policy up to an HO-5 and more.

If anyone is familiar with the Smart Plan policy any information you can provide will be appreciated!

1 year ago
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wael mohaqmmad, CASURANCE  - Los Angeles, CA 90010
Reputation: 152 - Total posts: 21
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Well for starters, there is going to be a deductible for water leaks, then you have a reduction of coverage in the personal property and the coverage won't cover much of the water damages if it's under the slab. The main difference is your losing your water leak coverage or reducing the amount of coverage which farmers is willing to pay for water leaks or water damages plus adding the deductible to it. You all get the option to have less liability coverage, less personal property coverage as well and there is a few other things. My understanding, is there is max coverage of 5,000 for slab damage on the smart plan, the next gen policy doesn't have that limitations for water leaks or water damages.
1 year ago
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Lawrence K. Hunt  , Hunt Insurance Group - Palos Heights, IL 60463-1153
Reputation: 145 - Total posts: 16
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Thank you for this information Wael! Coverage for slab damage casued by water may be required by statute in California because I think damage caused by water below the slab or foundation is excluded by every carrier in Illinois.
1 year ago
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