Introduction
This guide provides an overview of the essential guidelines and eligibility requirements for referring new business with HoneyQuote. Inside, you’ll find information on product offerings, coverage options, deductible choices, and applicable restrictions.
Important Remark
Please note that these guidelines are subject to change at any time. While we’ve highlighted key restrictions and requirements, this guide does not include every possible limitation. Final decisions are based on the assessment of our HoneyQuote team, and their judgment will always take precedence.
Products Offered
HO3
The HO3 policy provides comprehensive coverage for single-family homes.
Owner-occupied residences: Covers primary, secondary, and seasonal homes.
HO6
The HO6 policy is designed for condo owners, providing coverage for the interior of the unit and personal belongings.
Condo unit owners: Suitable for those who own and reside in a condominium.
DP3-Owner Occupied
The DP3 policy is a named peril policy with certain exclusions, making it an ideal choice for homes with older roofs.
Owner-occupied dwellings: Provides coverage for homes owned and lived in by the policyholder.
Flood
Flood insurance is designed to protect homes from damage caused by flooding, which is not typically covered by standard homeowners insurance.
All residential properties: Covers both single-family homes and condos.
Deductible Options
HoneyQuote offers a variety of deductible options to suit different client needs, providing flexibility in how much they pay upfront before coverage kicks in.
All Other Perils (AOP) Deductible Options:
$500
$1,000
$2,500
$5,000
Hurricane/Wind Deductible Options:
2% of Dwelling Coverage A
5% of Dwelling Coverage A
10% of Dwelling Coverage A
These deductible options give clients the flexibility to manage their risk and premium costs based on their specific preferences and circumstances.
Base Coverage Limits
HoneyQuote offers flexible base coverage limits for homeowners insurance, tailored to meet a variety of needs.
Coverage A | Dwelling:
Up to $2,000,000*
Coverage B | Other Structures:
Up to 50% of Coverage A*
Coverage C | Personal Property:
Up to 75% of Coverage A*
Coverage D | Loss of Use:
Up to 20% of Coverage A*
Coverage E | Personal Liability:
Up to $500,000*
Coverage F | Medical Payments:
Up to $5,000*
*Subject to individual carrier limits, guidelines, and availability.
These base coverage limits protect many needs, offering homeowners peace of mind with comprehensive coverage options.
Optional Coverages
HoneyQuote offers several optional coverages that clients can add to enhance and customize their insurance policy to fit their specific needs.
Animal Liability
Covers liability for pets residing on the premises. This endorsement typically includes a $50,000 liability limit. Certain dog breeds, such as American Pit Bull Terriers, Rottweilers, and others with a history of aggression, may be excluded.
Personal Property Replacement Cost
This coverage updates the loss settlement on personal property from actual cash value to replacement cost value, ensuring that depreciation is not considered when determining the settlement amount.
Limited Screen-Enclosure Coverage
Covers screen enclosures and/or carports up to a $10,000 limit. Coverage may be increased with some carriers. If the endorsement is not added, this part of the home is excluded from coverage.
Water Backup and Sump Overflow
Protects against water damage caused by backed-up drains or failed sump pumps, providing financial protection from costly repairs.
These optional coverages offer additional protection for homeowners looking to extend their insurance beyond the standard policy.
Discounts
HoneyQuote offers several discounts to help clients reduce their insurance premiums, rewarding homeowners for added safety measures and risk-reduction strategies.
Available Discounts:
Wind Mitigation Inspection Credits: Discounts for homes with wind-resistant features that help reduce hurricane-related damage.
Monitored Fire Alarm: Homes with a professionally monitored fire alarm system may qualify for discounts.
Monitored Burglar Alarm: Discounts available for homes with a monitored burglar alarm system.
Secured Community: Homes located in gated or secured communities may qualify for a premium reduction.
Paperless Policy: Clients who opt for electronic policy delivery and billing may receive a discount.
These discounts reward homeowners for making safety improvements and help reduce the overall cost of their insurance.
Ineligible Risks
Certain properties and situations are not eligible for coverage through HoneyQuote. Below are examples of risks that would disqualify a property from being insured.
Vacant, unoccupied, or under-construction dwellings
Tenant-occupied dwellings
Homes owned by an estate, trust, or business
Dwellings with polybutylene plumbing or single-strand aluminum wiring
Dwellings with double-tapped breakers
Properties with a pool or spa lacking a fence or screen enclosure
Mobile or manufactured homes
Applicants who are not the deeded owner
Applicants with a foreclosure, repossession, or bankruptcy in the past 5 years
Homes with do-it-yourself construction
Properties with asbestos or lead paint hazards
Dwellings with burglar bars over windows
Homes exposed to brush/forest fire hazards or landslides
Dwellings in a state of disrepair or with existing damage
Dwellings used for short-term rentals
Dwellings with signs of sinkhole activity
These ineligible risks ensure that properties insured by HoneyQuote meet safety and compliance standards, protecting both the homeowner and the insurer.
Risks with Limited Options
Some risks may still qualify for coverage but could have limited options or require special consideration. These risks might have restrictions or higher premiums based on specific factors.
Applicants with a lapse in coverage
Dwellings with three or more steps and no handrail
Properties with unusual liability exposure
Applicants with two or more claims in the last 48 months
Dwellings with recreational vehicles on the premises
Properties located on more than 10 acres or distant from neighbors
Homes within 1,500 feet of saltwater
Properties with livestock or farm animals
Dwellings located on a barrier island
Dwellings with a trampoline or skateboard ramp on the premises
These risks may require additional review or have fewer available coverage options, but they are not automatically disqualified.
Conclusion
This Quick Reference Guide provides an overview of the essential guidelines and eligibility criteria for referring with HoneyQuote. As the insurance landscape evolves, it’s important to remember that these guidelines can change at any time, and not every restriction is included in this guide. Always rely on our team’s expertise and judgment to ensure the best outcome for your clients.
By familiarizing yourself with these requirements and limitations, you can help streamline the process and ensure your clients receive the coverage they need.