Eco-Friendly Insurance Offers Green Rebuilding Options

Posted October 18th, 2010
by HomeownersInsurance.org Staff (no comments)

The eco-friendly building market is booming, despite the housing crisis. In fact, Fast Company reports that the “green” building market will balloon to $173.5 billion by 2015. That’s billion with a “b”. That could be partly because the business sector has been increasingly turning to eco-friendly building methods as a way of both saving money long term and shoring up their image with the public. Additionally, there are government incentives for building with earth-friendly materials and retrofitting older buildings with energy savings in mind.

As a private citizen, you can also make a commitment to earth-friendly building materials and energy efficient appliances, and your homeowners insurance policy may be just one way you can do that.

  • Fireman’s Fund has been a recognized leader in the green insurance market, and has been offering its Green Homeowners policy since 2008. According to a fact sheet available from its website, Green Homeowners Insurance “offers coverage to policyholders who have green homes or who want to upgrade their residences with green features after a loss using environmental safety and efficiency standards. Homeowners with residences that are already green are granted a five percent discount.”
  • AIG member company Lexington Insurance Co. announced in 2007 its Upgrade to Green Residential insurance policy, which “was developed to help insureds rebuild their homes in an environmentally responsible way that reduces greenhouse gases and non-recyclable waste,” according to David Valzania, Lexington’s Vice President of Personal Lines. The policy covers both partial and total losses, and allows homeowners to choose Energy Star or equivalent energy-saving appliances, windows, heating and cooling systems, and more. In the case of total loss, rebuilt homes could enjoy the government-backed Energy Star label, and could benefit not only from energy savings but tax breaks as well.
  • Lexington Insurance Co. also announced its LexElite Eco-Homeowner insurance for customers who generate their own power using geothermal, solar or wind systems in 2008. The LexElite Eco-Homeowner is available as an upgrade to the LexElite policy, and provides coverage for eco-landscaping, damage to the utility company’s electrical distribution system, loss of income when homeowners aren’t able to sell surplus energy back to the grid and the additional expenses incurred when they have to buy “replacement electricity.”

With green rebuilding options for destroyed or damaged homes, consumers have the chance to get one thing they’ve never gotten from an insurance company before: something better than they already had.

Categories: Green Living

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