Optional / Specialty 
Coverages

Mutual Benefit offers a variety of ways for you to customize your insurance coverage to protect your lifestyle. Ask your insurance agent to explain how you could benefit from purchasing optional protection not provided for in a basic homeowners policy.

• Replacement Cost Protection – Many standard homeowners policies cover your home or property for “actual cash value” rather than “replacement cost.” Actual cash value is what your property is worth, minus a certain amount of depreciation, or normal wear and tear. Replacement cost is the amount it would cost to rebuild or replace your property with something of the same kind and quality, with no deduction for depreciation. Suppose your stove is destroyed in a kitchen fire. You bought the stove a year earlier for $1,000. After subtracting the amount of depreciation over a year, perhaps it’s only worth $900 in terms of actual cash value. That’s all you would be reimbursed for if you have standard homeowners coverage. If you add coverage for replacement cost, you might find that today it actually would cost $1100 to replace your stove with one of like kind and quality, and that is how much you would receive from your insurance coverage if you carried replacement cost coverage.
  
  
• The Promark Advantage – A substantial bundle of coverages automatically included as part of our Promark Homeowners policy, the Promark Advantage can also be purchased separately by those in our Preferred homeowners program.
  
  
• The Home Advantage Program – Designed to be used in conjunction with your basic homeowners policy, the Home Advantage Program provides an affordable, extra layer of protection that enhances and expands your home insurance coverage. Read the details of how you can expand your home insurance coverage.
  
  
• Water or Sewer Backup Coverage – Water claims can create serious, costly damage to your home. Even a typical homeowners policy (HO-3, Special Form) that covers risks of direct loss to your home, comes with some major exclusions and limitations regarding water damage. In general, a homeowners policy will pay for accidental water damages caused by hot water tanks, dishwashers, or roof leaks, but does not cover damage from water that finds its way into your home from outside sources…the type of backup that can result in overflowing toilets, sump pits, or floor drains. Why? Because water/sewer backup damage is preventable with proper home maintenance, in most cases. Still, it can happen, especially when the water table rises during flooding situations. For a relatively small cost, you can purchase coverage for water or sewer backup damage. Be sure to talk with your agent about this invaluable coverage and the limits available.
  
  
• Blanket Valuable Items Coverage – Available for purchase in all of our homeowners programs, this specialty coverage allows you to choose a limit in an amount up to $20,000 for a particular class of valuable item, such as jewelry or antiques, that would normally have to be “scheduled” separately for a higher limit of coverage than that provided on a basic homeowners policy. The decision as to whether to schedule items separately or cover them under a blanket policy depends on the number of items you own and the value of those items. An experienced insurance agent can explain the different options for protecting your valuables and help you determine the one that’s right for you.
  
  
• Home Systems Protection Coverage – The modern home contains many expensive systems and appliances that you depend on every day – heating and central air conditioning systems, well water pumps, water heaters, sump pumps, home security systems, surround sound systems, and computer equipment. Whether you are a renter or a high-value home owner, Equipment Breakdown Coverage provides the protection you need to run such equipment without worry. It’s an affordable alternative to costly product and home warranty plans, offering coverage for unexpected repair or replacement costs due to a mechanical, electrical, or pressurized systems breakdown. View the overview about this coverage, or explore different claim scenarios. 
  
  
• Service Line Coverage – Most homeowners don’t know that they are responsible for underground service lines, such as power or sewer lines, that cross their property from the street to their home. Unexpected losses caused by service line failure are not covered under most homeowners policies. Costs involved with repairing or replacing service lines, as well as fixing the damage that that be done to your outdoor property during excavation of a line, average $6,000. For a small annual premium, MBG can extend your homeowners coverage for damage to underground pipes or wires that connect your home to a public utility service provider or to a private system, providing up to $10,000 of coverage. Learn more about Service Line Coverage now, or explore some possible claim scenarios.
  
  
• Homeowners Builders’ Risk – Protects you against theft of building materials and supplies as you construct a new home.
  
  
• Identity Theft Coverage – When you think about identity theft or credit card fraud, most often you worry only about the money you may have to pay out for unauthorized charges that may not be covered by your bank or credit card company. But there may be thousands of dollars in additional costs you might not have thought about when it comes to repairing your credit. Mutual Benefit offers an Identity Fraud Expense coverage endorsement for your homeowners policy that pays for many of the types of expenses you may incur while restoring your credit, such as long distance calls to merchants or financial institutions, sending documents via certified mail, and income you might lose if you need to take time off work to complete fraud affidavits and meet with law enforcement agents or legal counsel. Learn more about Identity Theft coverage now.