Mercury Insurance Launches Programs to Help California Homeowners with Wildfire Risk

Rhea-AI Summary

Mercury Insurance (MCY) has launched two new programs aimed at helping California homeowners protect their properties from wildfires. Homeowners can earn discounts of up to 18% on their insurance premiums by hardening their homes or living in recognized Firewise USA® communities. Additionally, those with California FAIR Plan policies can now enhance their coverage with Mercury's difference-in-conditions endorsement, filling gaps in their existing coverage. These initiatives come as California faces a significant wildfire season.

Positive

• Introduced discounts up to 18% for homeowners mitigating wildfire risks.
• Expanded coverage options for California FAIR Plan policyholders.
• Partnership with NFPA to promote community-wide wildfire prevention.

Negative

• None.

LOS ANGELES, Oct. 12, 2020 /PRNewswire/ -- Wildfire season is well underway, with wildfires scorching a record breaking number of acres up and down California, and the peak of the season is yet to come. Mercury Insurance (NYSE: MCY) today announced two new programs the company is launching to help Californians better protect their homes and families if they live in areas prone to wildfires. Homeowners who take one or more steps to either harden their homes against wildfires or live in a community recognized by the National Fire Protection Association® (NFPA) as a Firewise USA® site will be eligible to receive discounts of up to 18%.  And, homeowners who have a California Fair Access to Insurance Requirements (FAIR) Plan policy are now able to strengthen their protection with Mercury's new difference-in-conditions endorsement, which fills the gaps in their FAIR Plan coverage.

Mercury Insurance is one of the first companies to offer wildfire mitigation discounts to California homeowners living in the wildland urban interface. Homeowners who take property and community wildfire prevention measures could be eligible to save up to 18% on the wildfire premium portion of their insurance policy.

"We're in this together, which is why Mercury is engineering solutions to encourage proactive actions that better protect homeowners from wildfires," said Jane Li, Mercury Insurance's director of product management. "It's important for homeowners in these areas to take proactive steps to help shield their property from fire, and it's just as important for everyone in the community to work together to reduce their shared ignition risks, which could save them money and improve their insurance eligibility."

The property level discount applies to policies for hardened home structures and landscapes with sufficient defensible space. Installing a class "A" rated roof, using siding made of stucco, metal or brick, and regularly maintaining a fire-resistant landscape are a few examples of steps homeowners can take to earn a discount. To learn more about the precautions homeowners can take to maximize their discount, visit www.mercuryinsurance.com/wildfire-discounts or talk to a Mercury agent.

The community level discount is for homes that are located in a NFPA Firewise USA® Recognition Program site, shelter-in-place community or are part of a community with an active annual fuel mitigation program in place. Mercury has partnered with the NFPA to help identify homes that are eligible for coverage and savings based on location. Consumers can visit the NFPA's Firewise website to see where recognized sites are located and to learn more about how to participate in the program.

"It's important to realize that reducing wildfire losses is not just about a single home in a neighborhood," said Michele Steinberg, NFPA's wildfire division director. "When an entire neighborhood or community takes collective action, everyone benefits by reducing the threat of a wildfire. Firewise USA® is focused on community-wide behavior change over time that helps protect lives and property when neighbors follow the steps outlined in the program."

Homeowners, condo owners or renters with a California FAIR Plan policy can now get a Mercury Insurance difference-in-conditions endorsement to cover the gaps in the FAIR Plan policy—including water damages caused by broken pipes, theft and liability. Policyholders will also have the option for Mercury to cover damages from other perils, including windstorm, hail, riot or civil commotion, aircraft, vehicles and vandalism or malicious mischief.

"Mercury's difference-in-conditions endorsement could provide greater savings and even more protection for many Californians. The endorsement can be bundled with a Mercury auto policy for an even larger discount," Li said. 

Mercury Insurance has also partnered with best-selling author and Cal Poly Pomona professor Douglas Kent on land management and wildfire mitigation techniques to provide homeowners with additional solutions to protect against wildfires.

Visit Mercury's website to learn more about its homeowners, condo and renters insurance along with the company's optional residential coverages including Home Cyber Protection Coverage, Identity Fraud Expense and Resolution Services Coverage, Home Systems Protection and Service Line Coverage.  

About Mercury Insurance
Mercury Insurance (MCY) is a multiple-line insurance organization predominantly offering personal automobile, homeowners and commercial insurance through a network of independent agents in Arizona, California, Florida, Georgia, Illinois, Nevada, New Jersey, New York, Oklahoma, Texas and Virginia. Since 1962, Mercury has specialized in offering quality insurance at affordable prices. For more information visit www.mercuryinsurance.com or Facebook and follow the company on Twitter.

About the National Fire Protection Association® (NFPA®)
Founded in 1896, NFPA® is a global self-funded nonprofit organization devoted to eliminating death, injury, property and economic loss due to fire, electrical and related hazards. The association delivers information and knowledge through more than 300 consensus codes and standards, research, training, education, outreach and advocacy; and by partnering with others who share an interest in furthering the NFPA mission. For more information, visit www.nfpa.org. All NFPA codes and standards can be viewed online for free at www.nfpa.org/freeaccess.

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SOURCE Mercury Insurance

FAQ

What programs has Mercury Insurance launched for wildfire risk in California?

Mercury Insurance has launched two programs offering discounts for homeowners who take wildfire mitigation measures and a difference-in-conditions endorsement for FAIR Plan policyholders.

How much discount can homeowners receive on their insurance premiums with Mercury's new programs?

Homeowners can receive discounts of up to 18% on their insurance premiums for implementing wildfire protection measures.

What is the difference-in-conditions endorsement offered by Mercury Insurance?

This endorsement enhances coverage for those with FAIR Plan policies by covering gaps related to water damage, theft, and other perils.

How does Mercury Insurance partner with the National Fire Protection Association (NFPA)?

Mercury Insurance collaborates with NFPA to identify eligible homes for wildfire mitigation discounts and promote community safety initiatives.

When was the press release about Mercury Insurance's new programs issued?

The press release was issued on October 12, 2020.