“We identified an urgent need in the condo community and worked to design a new insurance product that allows all owners to access the quality coverage and lower prices of a master policy,” said Dan Wallis, CEO and Founder of Motus Insurance Services.
LOS ANGELES (PRWEB) March 11, 2020
Motus Insurance Services has just launched a new direct-to-consumer, earthquake insurance program aimed at solving the many issues facing California condominium associations. After working with the California Department of Insurance to deregulate access to master earthquake policies, the Motus Opt-in Master Earthquake Program is now available to all associations.
Fewer than ~5,000 of the ~35,000 condo associations in California have a traditional master earthquake policy. This leaves over 2.5 million condominium owners in California without the coverage of a master policy – which is the only way they can fully protect the equity in their homes.
Due to the companion policy provision of individual options, roughly 1.5 million condominium owners – or 10% of the California housing market – are not eligible to buy earthquake insurance.
Realizing these issues facing condo boards and unit owners, Motus brought together some of the most respected earthquake insurers and condo insurance specialists in California. This collaboration developed the Motus Opt-in Master Earthquake Program, which is backed by the largest, admitted earthquake carriers in California.
“We identified an urgent need in the condo community and worked to design a new insurance product that allows all owners to access the quality coverage and lower prices of a master policy,” said Dan Wallis, CEO and Founder of Motus Insurance Services. “Boards benefit too, as the Motus Program allows them to fulfill their obligation to consider earthquake insurance. In fact, they are going a step further: they are offering tailored coverage to all owners and doing so without the burden a traditional master policy puts on an association budget.”
With the Motus Opt-in Master Earthquake Program, all condo owners can fully protect the equity in their homes and have access to the pricing advantage of a master policy. When the California Department of Insurance approved the Motus Program, the barriers between insurance carriers and condo owners were finally removed.
About The Motus Solution
The Motus Opt-In Earthquake Program is designed to bring all the benefits of a traditional master earthquake insurance policy to the more than 30,000 associations and 2.5 million condo owners who are not covered by one.
Only a master earthquake policy can allow a condo owner to fully protect the equity in their home. This is because only a master policy can fully cover damages to residential buildings, foundations, garages, underground pipes and other common areas within the community. Traditional unit owner policies (which are only available to about 1 million of the 2.5 million condo owners who do not have a master policy) were designed to supplement a traditional master policy – not replace the coverage they provide.
Each Motus Program is custom-built based on the specific exposures of the association. Once the board approves the Motus Program for their association, each unit owner then has the option to purchase their pro-rated share of a master policy – covering unit interiors, residential buildings and common areas. To learn more about Motus Insurance Services, visit http://www.motusins.com.