Argus launches home insurance product for Bermuda’s seniors

Posted by on Feb 14, 2012 in Local News & Alerts | 0 comments

 The Argus Group today announces the launch of Home Essentials, a new home insurance product designed specifically for Bermuda’s seniors. The new product is available at 25 per cent below the market price for home insurance and has been endorsed by Age Concern as a product that meets the needs of the island’s growing senior population.

Home Essentials provides coverage for a wide range of perils including fire, flood, hurricane, burglary and escape of water. Some benefits that could be considered unnecessary for seniors have been removed, allowing Argus to provide the product at an affordable rate for those aged 65 years or older.

Home Essentials is being launched at a time when Bermuda’s senior population is rapidly growing. The Department of Social Insurance announced in 2011 that approximately 700 residents retired last year, compared to just 276 during the year before. With falling birth rates, people living longer and the “baby boomer” generation preparing to retire, this trend is likely to continue.

John Doherty, Executive Vice President of Property & Casualty, the Argus Group, says: “These are difficult times and no one knows this more than our seniors, the majority of whom are on a fixed income after they retire. We have designed Home Essentials to provide retirees with coverage that responds to the most common causes of loss, while keeping the cost of premiums affordable. We have also made it fast and easy for anyone 65 years or older to qualify, whether their current policy is with Argus or not. At Argus we recognise that this is a growing segment of our population, and it is important that we take care of them.”

The product has been endorsed by Age Concern and as of February 1 of this year, Argus became a certified LINK partner with Age Concern. LINK is Age Concern’s programme to connect seniors to services that meet their needs.

Claudette Fleming, Director of Age Concern, acknowledges that Home Essentials fills a need for affordable insurance for seniors: “It is important for seniors to have insurance, but standard premiums can be expensive and often cover items that don’t apply to the senior population. For seniors concerned about their monthly costs, this new offering will provide peace of mind. And those caring for an ageing relative can also talk to Argus about how Home Essentials can help their loved ones. It is a great new option for seniors.”

Home Essentials will be featured at the Argus display (booths 23 to 25) at the Coldwell Banker Home Show at CedarBridge Academy on Friday, February 17, from 3:00pm until 8:00pm and Saturday, February 18 from 9:30am until 4:30pm. At the show, visitors will have the opportunity to talk to Argus insurance professionals about this new product. Further information is also available by contacting the Argus Customer Service Centre on 298-0888 or by email at insurance@argus.bm.

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