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21 Nov Group Home Insurance Coverage
Group homes protect some of our most vulnerable citizens. They are places to go as a last resort and are often funded by the government, religious organizations or other non-profits. These homes deserve our sympathy and respect. They also need to be covered by insurance in case anything happens. Unfortunately, group home insurance is a bit tricky to do.
Group homes are difficult risks to cover for property insurance issuers. These properties have serious underwriting risk from theft, damage, fire and other problems. They residents can and go freely so it is difficult to know who should be in the home and who should not be there. Furthermore, the residents are often at risk individuals and subject to more unpredictable behavior. That makes any property insurer nervous.
There are actually a few factors that insurers can use to price group home insurance risk. Firstly, the nature of the service provided is important. Does the home only serve minors? Is it for parolees or drug addicts? Which at risk group does the home primarily serve?
Secondly, the staff all must be certified and have the proper qualifications. This improves the safety and quality of the home dramatically. Many fewer incidents occur when the staff are properly trained.
Next, the number of years in business is important. Group homes with a longer track record of safety and security are more likely to continue on that path.
Lastly, the general features of the building including its age, type of construction, materials etc. factor into the risk of the property.
Using these techniques, underwriters can find an adequate price for the premium on the group home property insurance.
Evolution Insurance Brokers places hard to underwrite risks with specialty insurance providers. For more information on group insurance, please contact us.