The product is available through the company’s platform with a target market of one- to four-family dwellings, renters, and condo units (both owner-occupied and those held for rental).
Berkshire Hathaway GUARD aims to provide a bridge between certain business and personal insurance needs by considering homeowners coverage for residences owned by corporations and LLCs; dwellings held for rent; and residences where incidental business activities occur.
According to GUARD’s Senior Vice President of Sales Dave Simmons, the product offers a a variety of discounts, including one for insureds who have commercial policies with GUARD. Pricing information is available via comparative rating services – EZLynx and PL Rating from Vertafore.
GUARD’s product is generally aimed at dwellings valued at $75,000 to $2 million. A personal umbrella with limits up to $5 million can also be added.
The company hopes to expand in 2018, starting with New Jersey during the first quarter and a few other states as the year progresses. The company eventually hopes to offer the product countrywide.
In October of 2012, GUARD was acquired by Berkshire Hathaway Inc. In 2013, GUARD unveiled a new identity as Berkshire Hathaway GUARD Insurance Companies.
GUARD offers a national footprint with a growing list of insurance products, including: workers’ compensation, property/liability via a businessowner’s policy, commercial auto, commercial umbrella, professional liability, disability, homeowners, and personal umbrella.