The Hanover Insurance Group, Inc., has announced that a new product, “Hanover Prestige,” is now available in all of its personal lines markets for home, auto, and condominiums.

In a statement, The Hanover said that the new product offers “powerful insurance protection, high quality care and service, along with flexibility and choice for customers with broader asset protection needs.”

According to the company, coverage options can be customized at an account or an individual policy level. It said that, for example, agencies can tailor coverage to each customer's unique needs by adjusting limits that usually are locked in by most carrier policies such as limits for other structures on a property, including a shed, fence, or detached garage, or limits for contents and personal possessions. There also are multiple coverage options available for auto insurance, which can be tailored specifically for each vehicle on the policy.

“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,” said Daniel Halsey, president of personal lines at The Hanover. “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.”

The Hanover said that, for home policies, the new product also offers:

  • 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; and
  • Loss of use coverage is provided at the actual loss sustained, with no cap on the dollar amount or time limit.

The Hanover added that, for auto policies, the new product includes:

  • 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; and
  • New car extender coverage, which provides full replacement cost for vehicles in their first three model years.

These coverages are available for customers with auto limits starting at $250/500 or combined single limits of $500,000.

The Hanover noted that its new product also offers a specialized home evaluation process, and designated claims and underwriting teams.

Victoria Spears

Victoria Spears

Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].

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