FAQ

Our most frequently asked questions

General

The most influential factor is the cost to rebuild your home – materials, number of stories, size, etc. Risk factors such as location, elevation and resilience of building structure and materials also play a significant factor in determining your premium. 

Additionally, the type of plan you choose affects your premium.

  • Deductible – you can reduce your costs by increasing your deductible (portion you cover in a loss)
  •  Structure of plan – for example, our Single Event wind coverage has more variability year-to-year than a traditional policy but is expected to save money over a traditional policy in the long run.

Yes. Insurance policies always give you the right to cancel coverage at any time. It is important to review your current policy for provisions such as minimum earned premium upon early cancelation.

Yes, a policy with us can be cancelled at any time.

Premium earned calculations:

  • Hurricane premium generally provides coverage from June through November (hurricane season).
  • Premium will be earned pro rata as to time a policy is in effect subject to vertain minimim earned by month during the hurricane season (higher than pro rata time) as shown below by month. The maximim earned will not exceed the policy premium.
    • July – 15%, August – 20%, September – 30%, October – 20%
  • Exception to the above earning calculation:
    • Event Limit premium is earned 100% at the time of purchase of On-Demand Event coverage.
    • All policies, regardless of time of year, have a 25% minimum earned premium.

Cost:  credit card processing fees are very high. We aim to deliver the best price possible to our customers.

Product design:  our On Demand wind policy requires that a transaction clears in real time. Credit card transactions would allow someone to purchase coverage right before a storm hits, then cancel the transaction a couple days later if their property is not impacted by the hurricane.

Yes. Insurance regulations require a surplus lines licensed agent be involved in all transactions regarding our policies. With that said, you can purchase directly through us (we’re licensed) or through any other licensed agent – our platform supports just about every insurance distribution channel.

Yes, with the exception of policies processed by an agent with an “Agency Bill” agency relationship. Agency Bill agencies pay iDemand directly and bill the policy holder seperately from iDemand. Agency Bill is typically associated with a Wholesale Broker relationship.

Not Directly from iDemand. We do not offer installment plans on our Direct Bill policies (policies directly through us, not through another third-party agent)

Wind

iDemand will monitor the storm advisories issued by the National Hurricane Center (NHC) (a division of National Oceanic and Atmospheric Administration – NOAA). Each advisory provides the latitude/longitude of the center of the storm along with the wind intensity. Based on the intensity of the storm as provided by the NHC advisory, iDemand will map coverage based on the following radius from the center line of the storm path.

  • Tropical Depression or less (0-38 mph) = Not applicable (no trigger)
  • Tropical Storm (39-73 mph) = 25 mph radius
  • Hurricane (category 1 & 2: 74-110 mph) = 50 mile radius
  • Major Hurricane (category 3-5: 111+ mph) = 75 mile radius

 

If your property location falls within the coverage of the above radius, then your Risk Location within your policy will have their an advance purchased Event Limit allocated to that event for the respective location(s).

Another way the insured can have an Event Limit used is  to make a claim for a given storm. A claim is NOT required to have an Event Limit allocated to the policy. A claim does NOT require the Named Storm be within the parameters above in order to make a claim for loss.

Yes. We monitor two conditions. If either occurs, we close the impacted county(s).

  1. We place a perpendicular line to the center forecast of the storm as reported by the National Hurricane Center (NHC) 24 hours ahead of the closest time posted in advance of the storm eye.
  2. We monitor the wind speeds reported by the NHC. When Tropical Storm force winds reach a county, we close the county. This will vary by storm category.

While the ultimate answer to this question lies with the mortgagee, the Unlimited Plan offers unlimited event coverage, which should clearly meet the mortgage hurricane insurance requirements. The One-Event plan does have a pre-paid event limit. The zero limit On-Demand product may require approval by the mortgagee, as coverage is subject to action by the insured prior to an event. The wind product is a “named peril” coverage, which only provides coverage if an event is a named storm by the National Hurricane Center. As such, it does not provide coverage for perils such as fire/theft, or what is referred to as “all other perils.”

The savings in an iDemand policy is based on how you purchase your coverage; not by reducing the amount paid in a claim.

While each insurance company may have a slight variation on its policy wording, our policy is based on industry wording with common exclusions or limits on certain coverages as shown in our policy.

Our commitment is to manage your claim as quickly and fairly as possible and provide indemnity payment for all coverage purchased.

It depends on which wind plan you purchase(d).

Unlimited Events Plan

This provides coverage similar to a traditional policy. The policyholder does not have to initiate any coverage decision during the season if they elect this option.

One Event Limit Plan

 You will have one event limit under the initial policy for each location. If this limit is used from a prior Named Storm Event, you will need to purchase an additional limit to protect your property for a subsequent event.

Zero Event Live-Cat Plan

You will need to purchase a Named Storm Event Limit for each storm you want coverage (and for each location if you have/want multiple locations covered). The Event limit can be purchased any time until a moratorium is announced for an Event. The moratorium will not allow the sale of an Event limit for the affected county for the remainder of the named storm event.

Yes. Regardless of what the storm does after your purchase, the purchase of an Event Limit is earned at the time of purchase.

Also important to note, the price does not change (up or down) from the time of purchase.

No problem – you can move between product plans at any time during the policy year. It will always be less expensive to do it early or prior to needing an Event Limit.

You can upgrade (more money) or downgrade (less money). The difference in the annual premium will be applied against the minimum earned premium for the respective time period. A lower premium (downgrade) will be applied against the past; a higher premium (upgrade) will be applied to the future.

No.

The iDemand policy is separated into two mutually exclusive storm sets to avoid any questions on which coverage applies:

  • Named Storm
  • All Other Wind & Hail

 

A Named Storm event will last until the NHC no longer calls it a Named Storm, which is at wind speeds well below hurricane level.

You will be able to make a claim on a valid Named Event regardless of the wind speed or distance from your property so long as the loss resulted from the Named Storm Event.

A loss from “All Other Wind & Hail” will not have the weather disturbance that created the loss mapped with a Name by the NHC.

Also, the deductible follows the policy coverage, regardless of wind speed at the time of loss.

All that said, if you have a separate policy from your iDemand Wind policy that provides All Other Wind/Hail coverage, you can always make a claim under it.

Flood & Surge

Homes and businesses in high risk flood areas with mortgages from federally regulated or insured lenders are required to have flood insurance. While flood insurance is not federally required if you live in a low- to moderate-risk area, your lender may still require you to have insurance.

Homeowners and renters insurance typically do not cover flood damage. 

Most flood options today are part of the National Flood Insurance Program (NIFP). NIFP policies usually do not cover the full cost of rebuilding your home.

We offer coverage capable of fully insuring the value of your home, along with flexibility in covering the value of the contents of your home.

Due to the catastrophic flood and surge damage from hurricanes, there is a shortage of companies providing flood coverage in coastal regions. We intend to provide flood options for homes in high risk areas on the east coast and Gulf of Mexico.

We using a combination of the building materials, home size & value, and location risk.

The following variables can alter your premium:

  • Deductible – increasing your deductible will lower your premium, and vice versa.
  • Policy Structure – co-insurance vs. 1st dollar.
  • Coverage Limit – a higher coverage limit will increase your premium, all else equal.
  • Contents Coverage

Covered

  • Electrical & plumbing systems
  • Furnaces, heat pumps, sump pumps
  • Refrigerators, stoves, built-in appliances
  • permanently installed carpeting, paneling, wallboard, cabinets, foundation walls, staircases
  • fuel tanks, solar energy equipment

 

Not Covered

  • Damage caused by moisture, mildew, or mold that could have been avoided and are not attributed to a flood
  • Damage caused by earth movement
  • Additional living expenses
  • Financial losses caused by business interruption
  • Property and belongings outside of insured building – such as trees, wells, septic systems, decks, patios, fences, seawalls, hot tubs, swimming pools
  • Currency, precious metals, and valuable papers such as stock certificates

Claims

Claims can be filed with the assistance of your producing agent or you can submit a claim on your own using our portal or by calling (xxx) xxx-xxxx.  Your policy will also provide instructions on how to submit a claim electronically or by telephone.

Claims are settled by a licensed claims adjuster and claims payments are made based on that claims adjusters advice. All claims are handled in accordance with your policy and State and Local regulations.

The iDemand hurricane product is unique in “how” to purchase a policy. As long as you purchased an event limit for a given storm, the claims process is the same as a traditional policy. This is an indemnity based policy.

Here are the main points for multi-location policy:

  • Deductibles can be set for each location separately.
  • A Named Storm Event will be measured to each location separately. You can have a loss event allocated at Location #1, but not and Event Limit available at Location #2 if it was not proximate to a storm.
  • If you wish to purchase an Event Limit, you can purchase for the entire policy schedule of locations of just select location(s). The price will adjust accordingly.
  • Policy limits are specific to each location (and building, or unit of insurance at the location). There is no sharing of limit (blanket limit) between location or unit of insurance values provided on an application.
  • Coinsurance applies at the location level.

Glossary

The insurance deductible is the amount of money you will pay in an insurance claim before the insurance coverage kicks in and the company starts paying you.

Premium is the payment or installment the insured (customer) pays in exchange for insurance coverage.

An endorsement is a change to a policy that adjusts the coverage. It is usually added to an existing policy to broaden the policy’s coverage.

Indemnity is considered to be a contractual agreement between two parties whereby one party agrees to pay for potential losses or damages caused by another party. An example in the property insurance context is where the insurer agrees to compensate the policy holder in exchange for premiums paid to the insurer.

Generally, surplus lines insurance covers risks that a regular insurance company does not cover. Unlike regular insurance, surplus lines insurance is not backed by state guaranty fund, which pays claims when an insurer goes bankrupt. 

Direct Bill: policy holder pays their premiums directly to iDemand.

Agency Bill: agencies pay iDemand and then bill the policy holder.

Parametric agrees to make a payment upon the occurrence of a triggering event. A triggering event is often a catastrophic natural disaster which will likely lead to a loss. For example, extreme rain over a predetermined amount may trigger a crop parametric agreement. Regardless or how the crop performs, if the triggering parameters are met, the insured is paid.

Indemnity agrees to pay the insured for actual damages or loss.

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