The Insurance Services Office (ISO) has finally released an updated Homeowners multi-state filing with a tentative effective date of March 2022. Who’s ready to get rid of the double column layout and be able to read a page from left to right? Ah, sweet relief! Yet, this is only one of the changes coming to ISO forms. The last Homeowners multi-state filing was released in 2011. A LOT has changed in 11 years!
We could not be more excited to begin coffee talk over the 2022 updates which is why The National Alliance for Insurance Education & Research is hosting a LIVE (yes, LIVE) event with Paul Martin, CPCU (Director of Academic Content) and Dustyne Bryant, CIC, CISR, MBA (Personal Lines Academic Director) June 29th at 1:00 pm CST.
The 2022 Homeowners filing seeks to address notable risks by adding exclusionary language, offering endorsements to add coverage back, or enabling carriers to completely eliminate certain risks. March 2022 feels far away, but it’s really just around the corner. Each state will make adoptions at their own pace, but the earliest could be March 2022. Then it will be up to each carrier to decide how to enact 2022 Homeowners Program changes.
It is important for insurance professionals to stay ahead of the curve so they’re ready when their carriers begin enacting changes. Consumers may view their product based on the price hitting their pocketbook and the tangible dollar amounts they see on the Declarations pages. As their insurance advisor, you know the meat is in the policy language and no two policies are created equally. Ever cherished are the calls when a client asks what the differences are between two quotes you’ve offered. The best and brightest insurance advisors are going to be Johnny-on-the-spot after tuning into Paul and Dustyne’s live discussion of what the ISO Homeowners Program update has to offer.
Let’s take a look at what’s on the menu. All forms numbers will be revised using the traditional structure:
| Homeowner 2 – Broad Form | HO 00 02 03 22 |
| Homeowner 3 – Special Form | HO 00 03 03 22 |
| Homeowner 4 – Contents Broad Form | HO 00 04 03 22 |
| Homeowner 5 – Comprehensive Form | HO 00 05 03 22 |
| Homeowner 6 – Unit-Owners Form | HO 00 06 03 22 |
| Homeowner 8 – Modified Coverage Form | HO 00 08 03 22 |
| Homeowner 14 – Contents Comprehensive Form | HO 00 14 03 22 |
But wait, what’s that? It appears that the HO-4 and the HO-5 have been mingling and together are welcoming to the family the HO-14 (Homeowners 14 – Contents Comprehensive Form)! The promising new addition is for renters risks and keeps the younger renter in mind by incorporating discoveries from ISO’s Millennials Survey of 2016. The HO-14, like any family member, comes with helpful attributes and a few headaches.
We’ll also talk about how nearly 10 years ago, Colorado and Washington became the first two states to legalize the recreational use of cannabis. Since then, more states are allowing the legal use of the plant in both medical and recreational forms and also beginning to allow those who partake to grow their own plants at home. The 2022 revision is going have you rolling in new talking points for your clients.
You know what they say about watercraft: the best days of a boat owner’s life are the day they buy a boat and the day the sell it. Under the 2011 Homeowners Policy program, the pro tip for watercraft liability has been to always BORROW a boat because there are caveats to owning and renting one. The new updates may have your clients breathing a little easier on the lake.
While many are still cautious of cryptocurrency, it is piquing a lot of interest, but the volatility of this asset makes it a big risk. Is cryptocurrency a money, security, or property? We’ll see.
And one more cliffhanger to leave you with: Home-Sharing Host Activities are on the rise and the Homeowners 2022 adds a bit of language around these activities which may have your client hosting a new endorsement to their policy.
Tune in to hear Paul and Dustyne dive into these fun and interesting topics during the upcoming live event.
How to Sign Up and Comment on YouTube Livestream
Participate and let us know how we are doing! We’d love to get feedback about our ISO Homeowners Update Livestream on June 29, 2021.
Asking questions, commenting on topics, or even sharing a joke or two help to create dynamic, personal, and engaging livestream experiences. So, don’t be shy and chat with us!
Create a YouTube account and participate in our livestream.
- Go to YouTube.
- Sign in.
- Select “Create Account.”
- Select “For myself” or “To Manage My Business.”
We hope to see you on June 29th!
Thank you for being the best part of The National Alliance family.
