HARTFORD, Conn.--(Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, today announced a new concept in homeowners insurance, HSB HomeWorks™, which combines breakdown coverage for home equipment systems, appliances and electronics with a suite of home energy management services to help policyholders save money.)--The
“When they add our program to their policies, HSB HomeWorks™ provides coverage and energy-savings tools that can re-energize and elevate their homeowners products. It’s an innovation unlike anything in the market today.”
“Homeowner carriers are increasingly looking for ways to differentiate their products in the marketplace,” said Anthony J. Trivella, HSB executive vice president. “When they add our program to their policies, HSB HomeWorks™ provides coverage and energy-savings tools that can re-energize and elevate their homeowners products. It’s an innovation unlike anything in the market today.”
The program includes the broadest breakdown coverage now available for heating, cooling, water and power, security and other home systems, appliances and electronics. In addition, HSB’s service suite helps policyholders operate their homes more efficiently and reduce their energy expenses, including switching electricity suppliers to the lowest-cost provider in deregulated states.
With annual home energy costs averaging $2,300 and trending higher, customers can benefit quickly even if they never have a breakdown loss, saving money on fuel and electric bills to help offset their homeowners premium. HSB HomeWorks™ is designed to keep pace with new technology in the home and includes a home inventory feature that helps safeguard and manage personal information.
The home energy management services are delivered to homeowners through an interactive website, MyHomeWorks™, which is branded to insurance companies that partner with HSB to offer the coverage. Simple-to-use tools enable a homeowner to calculate their home energy score, estimate potential cost savings, and follow customized steps to improve efficiency and lower expenses.
With HSB’s virtual home tour, policyholders can discover energy-saving opportunities in each room. In deregulated states, homeowners can use another tool to find the alternative power providers in their area with the lowest rates, compare programs, and sign up on the spot to start paying less. Customers can use the home inventory tool to store photographs of their home’s contents and records of vital documents safely in one place. In a crisis, this will help them settle insurance claims faster.
Hartford Steam Boiler, a member of Munich Re’s Risk Solutions family since 2009, provides a range of specialty insurance coverages for business, home and farm. One of the world’s leading equipment breakdown insurers, HSB helps clients reduce risk through a unique combination of specialty coverages, engineering-based risk management strategies and loss reduction services. A.M. Best Company awarded the HSB Group of companies its highest financial rating, A++ (Superior).
About Munich Re
In the U.S., Munich Re provides access to a full range of property and casualty reinsurance and specialty insurance products through Munich Reinsurance America, Inc., American Modern Insurance Group and Hartford Steam Boiler Group. Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. Munich Re creates value for clients, shareholders and staff alike. In the financial year 2011, the Group – which pursues an integrated business model consisting of insurance and reinsurance – achieved a profit of €0.71bn on premium income of around €50bn. It operates in all lines of insurance, with around 47,000 employees throughout the world. With premium income of around €27bn from reinsurance alone, it is one of the world's leading reinsurers. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. Its primary insurance operations are concentrated mainly in the ERGO Insurance Group, one of the major insurance groups in Germany and Europe. ERGO is represented in over 30 countries worldwide and offers a comprehensive range of insurances, provision products and services. In 2011, ERGO posted premium income of €20bn. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand. Munich Re's global investments amounting to €202bn are managed by MEAG, which also makes its competence available to private and institutional investors outside the Group.