Allstate Insurance Company pioneers new product: “Your Choice Home”

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MARKHAM, ON, Oct. 2, 2007 – Allstate Insurance Company of Canada has launched “Your Choice Home,” a new home insurance product that puts choice in the hands of the consumer.

“The ‘Your Choice Home’ insurance product is the first of its kind in North America. It was built for our customers, by our customers,” says Christianne Dostie, Vice President of Allstate.

This home insurance product in Canada offers personalized options to meet a range of unique consumer needs. Customers will select the home insurance policy that meets their needs, and, in addition, will now have the option of choosing from several specialty coverages that best reflect their individual lifestyle.

For only $35 a year, “Your Choice Home” allows consumers to add any of the following packages to their home insurance policy:

  • Golf;
  • Student;
  • Ski and Snowboard;
  • Yard and Garden;
  • Game and Fishing; and
  • Identity Theft and Legal Expense Coverage.

Dostie adds: “Insurance has evolved to become more than just about protecting your car or your home. Each package was developed and designed based on the interests, passions, and hobbies of Canadian consumers. “Your Choice Home” enables consumers to be insured on their terms.”

Coupled with the launch of “Your Choice Home,” Allstate is also introducing a Claim-Free Bonus, Disappearing Deductible, and Claim Forgiveness. Based on the home insurance policy a consumer chooses, one, two or all three features is included with their policy.

Allstate conducted extensive research and confirmed that consumers expect more from their insurance company. Specifically, consumers want more choice in the products that are offered. Research clearly shows that:

  • Only 50% of those surveyed are very satisfied with their current insurance provider; and
  • A staggering 47% are very or somewhat interested in switching their home insurance policy to an insurer that provides additional features.

Research indicates, that of those surveyed:

  • 42% of households have a golf enthusiast;
  • 7% of households have a member attending post-secondary school living away from home;
  • 39% of households have a skiing or snowboarding enthusiast;
  • 42% of households have a hunting or fishing enthusiast; and
  • 100% of those surveyed reported they would be interested in yard and garden coverage.

Allstate conducted extensive internal and external research on numerous options to determine which packages consumers would be most interested in having access to. Allstate continues to conduct follow-up work to determine if additional personalized options will be made available.

Golf Package

  • All risk coverage for loss/damage to golf equipment and an additional $5,000 increase in the limit for theft coverage for all policies.
  • All risk coverage up to $3,000 on owned golf carts, in addition to existing $1,000 named perils.
  • Reimbursement for subscription or pre-paid fees (up to $1,500) if unable to use golf membership due to illness or accident.
  • Temporary replacement of golf equipment (up to $300) to hire equipment on a temporary basis.
  • Hole-in-one celebratory costs (up to $300) to cover celebration costs for the “house” (up to $300).

Ski and Snowboard Package

  • All risk coverage for loss/damage to ski and snowboard equipment, up to content limit.
  • $500 limit to hire equipment on a temporary basis.
  • Reimbursement (up to $1,500) for pre-paid fees if unable to ski due to illness or accident.
  • Reimbursement (up to $500) for pre-paid expenses if runs are closed due to adverse weather or avalanche.

Student Package

  • Up to $3,000 coverage for loss or damage to school property that is on loan to student from the school;
  • Up to $5,000 additional living expense coverage;
  • Up to $500 coverage for re-taking exams due to illness or accident;
  • Up to $1,000 for emergency home travel expenses due to injury/death of immediate family member;
  • Up to $2,000 for non-recoverable fees if unable to attend school due to illness or accident; and
  • $200 limit for spoiled freezer food at the student’s residence.

Game and Fishing Package

  • All risk coverage for loss/damage to equipment and gear to policy content limit;
  • Reimbursement of licence fees (up to $200) if unable to hunt/fish due to illness or accident;
  • Up to $500 for the temporary replacement of equipment;
  • Reimbursement (up to $1,000) for club/association fees if unable to hunt/fish due to illness or accident; and
  • Provides an additional $1,000 personal property coverage for owned watercrafts.

Yard and Garden Package

  • Added coverage for trees, shrubs, plants and lawns for theft (including attempted), falling trees and branches, windstorm and hail;
  • Up to $3,000 coverage for landscape design fees and expenses for garden damage caused by fire, theft (including attempted), falling trees and branches, impact, riot, vandalism and malicious acts;
  • $25,000 limit for garden tractors.

Identity Theft and Legal Expense Package

  • Covers legal fees and expenses (up to a $15,000 maximum limit), with specific limits for individual out-of-pocket expenses, as per endorsement wording; and
  • Toll-free legal assistance hotline.

Claim-Free Bonus

  • Money will be applied toward a renewal premium for every 12 months that is claim free.
  • This feature is standard in all three packages (VIP, Elite, Basic).
  • A customer will receive a credit based on a percentage of the current policy term’s total written premium against the customer’s next renewal premium.
  • e.g., if a customer’s current Allstate policy has a total written premium of $800, and they have been claim-free for the 12 months prior to their renewal with us, their renewal premium would be reduced by $40 for the next term with a full 5% premium credit applied.
  • The credit amount is not cumulative; the credit will be applied to each new renewal premium as long as the policy remains claim-free during the preceding 12 months.
  • Customers must be claim-free with Allstate for the 12 months immediately prior to renewal.

Disappearing Deductible

  • The deductible will decrease by $100 for every consecutive term there is not a claim, until the deductible disappears.
  • This feature is standard in both the VIP and Elite packages.
  • This will continue for each consecutive claim-free term, until the deductible is reduced to $0.
  • e.g., if the original deductible is $500 and a customer is claim-free for five consecutive terms, the deductible will be reduced to $0.
  • If a claim occurs, the deductible will revert back to the original deductible.

Claim Forgiveness

  • A customer’s rate won’t go up because of a claim as long as there is no more than one claim in five years.
  • This feature is standard in the VIP package.
  • Applied at new business and renewal, not mid-term.

About Allstate Insurance:

Allstate Insurance Company of Canada produces and distributes home and auto insurance products right across Canada. The “Good Hands Network” enables consumers to contact Allstate through one of our 470 exclusive community-based agents, directly on-line at www.allstate.ca, and through the Customer Contact Centre at 1-800-ALLSTATE.