FAQ

Our most frequently asked questions

General

Risk Characteristics: Location, Year Built, Construction and Materials, Elevation, Mitigation items are the key drivers of price. 

Policy Characteristics:  

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

Yes. Our insurance policies always give you the right to cancel or change coverage. If your current policy is not with iDemand, it is important to review your  policy for provisions such as minimum earned premium upon early cancelation. We are happy to assist by providing forms to use with your current insurance carrier.

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.
  • Flood policy minimum earned premium is weighted by peak flood season based on location of risk. 

We offer ACH, Debit, and Agency Bill.

We do not accept credit cards due to their cost and potential declination of mid-term purchase of live Named Storm Event Limits during the policy term, as well as additional cost of using credit cards.

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.

If you have a preferred agent not currently registered with iDemand, just let them know to register and, upon approval, they can present a quote to you.

Yes, with our Direct Bill program only. We offer Single, 2x, 4x, and 10x options.

If your agent quotes your policy using our  Agency Bill program, the agent will bill you for the annual premium and assume responsibility of payment to iDemand. Annual premium is the only option under this Agency Bill program.

Not Directly from iDemand. We do offer installment plans on our Direct Bill policies.

You can obtain or an agent may offer premium financing options independent of iDemand. It is important to note the minimum earned premium on certain policies with seasonal peak exposure.

Wind

iDemand will monitor the storm advisories issued by the National Hurricane Center (NHC). Each advisory provides the latitude/longitude of the center of the storm along with the Tropical Storm Force Winds, which are used as the Event Trigger measure. If your location is within the TS force wind zone, one of the following happens:

  • Allocate an Event Limit (Event limit you had on your policy is used toward that storm).
  • Purchase an additional event limit, if using the automatic purchase option.
  • A moratorium for all locations perpendicular to the lead Tropical Storm Force Winds is applied for that storm, blocking any new Event Limit purchase if using the manual purchase option.

Yes. If a tropical storm force winds (perpendicular to the lead) is recorded, a moratorium is in effect. You will not be able to purchase an Event Limit for the respective Named Storm after the moratorium is in place.

Review guidelines from Fannie Mae here.

If you have a mortgage, we suggest you purchase either the Unlimited Plan or enable the Automatic Purchase option if you choose one of the other plans. Each of these options provide coverage for any Named Storm Event with Tropical Storm winds or greater. 

Note: deductibles range from 1-10% for our wind products. Setting the deductible above 5% does not meet Fannie Mae guidelines.

Our product is unique in the market. It allows you to purchase coverage last minute that may or may not be used. We value client relations and do not want to face the potential of buyers attempting to “return” coverage by canceling a credit card transaction if a storm event does not materialize at their location. In addition, we think the credit card transaction fees are too high.

It depends on how the policy is configured. 

Unlimited Plan

This provides coverage similar to a traditional policy. The policyholder does not have to initiate any coverage decision during the season. Policy covers all tropical cyclone wind Named Events by the NHC.

Zero Plan and Single Plan

Automatic Option

Automatic plan does not require you to take action in order to be covered. If you do not already have an Event Limit available at the time of a Named Storm Event, an Event Limit purchase is automatically triggered if there are tropical storm force winds at your location (Event Trigger).

Manual Option

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 property 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. 

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 below Tropical Depression. 

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.

Options of either increased deductible or limited Event Limits provide an opportunity to reduce premium upfront. The difference is when/how you may need to retain additional loss or pay additional premium at a later date. iDemand offers either option or a combination of both under one policy.

An Increased Deductible costs you at the time of loss resulting in an increased retained loss before insurance pays. 

Limited Event Limits costs you when a storm approaches, regardless of actual loss,  if you need/want to purchase an Event Limit with the premium set in the policy and based on the storm’s category at the time of purchase. 

No. Named Storm Wind  coverage is limited to Tropical Cyclones as named by the National Hurricane Center.

The typical Tropical Cyclone season is June 1 to November 30, however, the policy is not restricted by these dates. 

No. The difference is in how you pay for coverage; not what is covered. 

All iDemand Wind policies are indemnity-based policies which means they pay claims the same as a traditional policy form.

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 up to our maximum limits, 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, elevation, distance to water, 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
  • Available by adding coverage
    • 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 833-9Demand (833) 933-6263).  Your policy will also provide instructions on how to submit a claim electronically or by telephone.

Our #1 goal is prompt fair claims settlement and payment.

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 coverage for a given storm, the claims process is the same as a traditional 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.
  • If you have multiple claims at the same location, the applicable coverage deductible applies on an occurrence or policy year aggregate, whichever is less basis.

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. It is usually added to an existing policy to change the policy’s coverage or update policyholder information.

Surplus Lines, aka “Non-Admitted or Excess & Surplus Lines — E&S” insurance is typically used for perils or locations difficult to place in the traditional (Admitted) market. 

Surplus Lines carriers do not file rates or forms with the state department of insurance. They are required to meet financial criteria to be authorized for business in a state. 

Surplus Lines carriers are not backed by state guaranty funds. 

A licensed surplus lines producer is responsible for certain surplus lines taxes and/or fees, which are usually passed on to the buyer. 

Direct Bill: policyholder pays their premiums directly to iDemand.

Agency Bill: agencies pay iDemand and then bill the policyholder. The policyholder pays their agent. 

Parametric Insurance — an agreement under which an entity assuming risk (the “insurer“) agrees to pay the indemnitee (the “insured“) an agreed amount upon the occurrence of a specified event, such as an earthquake or hurricane of specified intensity.

Indemnity for property pays an insured for losses actually sustained, subject to the policy terms.

A Moratorium is a temporary suspension of an activity.

For our wind products, a moratorium is enacted for a specific storm when tropical storm force winds reach the property (and all locations perpendicular), preventing you from purchasing an Event Limit (coverage) for that storm after the moratorium. 

An Event Limit is coverage for one specific Named Storm (Tropical Cyclone as named by the National Hurricane Center).

You can configure your policy to automatically purchase Event Limits for you or decide to manually purchase an Event Limit on a storm by storm basis.

Event Limits do not apply to any of our flood products.

Didn’t find what you were looking for? Please contact us.