‘Green’ Homeowner’s Insurance
MINNEAPOLIS -January 29, 2009
Something new referred to as ‘green’ homeowner’s insurance, is now being offered by Fireman’s Fund Insurance Company to residents in the state of Minnesota. It is believed to be the first time ever to a policy admitted to be green insurance has been made available to homeowners in that state.
This new standard is being established by the Fireman’s Fund which is offering this innovative product to homeowners who currently own homes that are considered as being green homes or who those who want after a loss, to upgrade their residences with green features using standards set for environmental safety and efficiency. What this means is that when a home is destroyed, it is now possible to rebuild it according to green standards, and thereby to be certified as having Leadership in Energy and Environmental Design status.
Minnesota Department of Commerce Commissioner Glenn Wilson, says that the inception of green insurance policies acts to encourage consumers to build using conservative methods and with efficiency in mind and that this is exactly what Minnesota needs to meet its renewable energy goals. Wilson argues that such investments on the part of homeowners will pay off for them every month and continually during the life of the property.
Donald Soss, who represents Fireman’s Fund Personal Insurance, says that this represents a trend-setting insurance solution for Minnesota homeowners, those who are interested in the many benefits that can be accrued by ‘going green’ at home.
This special coverage is available to Fireman’s Fund customers who may purchase the green coverage for a small amount, beginning at as little as $25 a year. In addition to this, those homeowners whose residences has already acquired the label of being green are elgible to receive a five percent discount on their coverage, to be applied to the homeowner premium.
The definition of a green home is one that creates less waste and uses less energy, water and natural resources. The results of current studies are that residents have better overall health and productivity resulting from the reduced exposure to mold, mildew and indoor toxins. The National Center for Healthy Housing says that homeowners can expect substantial health gains by building according to green standard.
This new coverage now makes it possible for homeowners to rebuild and replace with green alternatives. Examples of these green alternatives are:
- Energy Star ® - rated appliances, including lighting, electronic equipment and roofing and insulation.
- An Energy Starupgrade which relates to ventilation, heating and air-conditioning systems.
- Forest Stewardship Council provided certified wood to be used in millwork, ceilings, siding and framing. This includes bamboo flooring.
- Non-toxic, low odor paints and carpeting.
- Water-saving plumbing fixtures, the actual elimination of ozone-depleting refrigerants and fire extinguishing agents, through the implementation of environmentally friendly alternatives.
Fireman’s Fund stands as being the first property and casualty insurance firm to actually offer green insurance within the U.S. commercial marketplace, having introduced it during the fall of 2006. Coverage is designed to fill the gaps in traditional insurance policies and includes commissioning vegetated roofs, plumbing and electrical systems, and the costs for green recertification fees covering previously certified buildings.
In a new report, the Fireman’s Fund was recognized recently by the Environmental Defense Fund for its contributions to the green movement
