Security First Insurance and Enservio Team Up To Launch Insurance Industry's First Intelligent Personal Property Valuation System

Today, Security First Insurance and Enservio launched My Choice Home Protection, the nation’s first personal property valuation system integrated with the world’s largest personal property claim and product pricing database. Instead of using the same calculation to determine personal property coverage for every homeowner, this system uses information specific to each household to provide a more accurate estimate and a customizable online home inventory list. The system is available to Security First Insurance policyholders and insurance agents contracted with the company.

“For the first time, homeowners now have a system that will help them determine a more accurate amount of personal property coverage,” said Locke Burt, chairman and president of Security First Insurance Company. “My Choice Home Protection helps Florida homeowners pay for only the insurance they need and it helps them to be better prepared for a loss.”

According to the Insurance Information Institute, Florida has more property and more people exposed to the destructive forces of hurricanes than any other state in the nation. Florida’s exposure to catastrophes and the thousands of claims that can take place after a hurricane makes it imperative for insurance companies to develop innovative tools to help Florida homeowners obtain the right amount of coverage and get through the claims process easier and faster.

“Security First Insurance was a natural fit—bringing together two pioneering, rapidly growing companies in an industry not known for innovation,” said Jim Fini, founder and president of Enservio. “Security First Insurance is equipped with all of our product offerings including claim field and appraisal services, enterprise claim software, smart-card claim payments, and now agent/underwriter support.”

Preliminary research conducted by Security First Insurance and Enservio revealed homeowners, on average, have 20 percent more coverage than they need and condo unit owners are underinsured by approximately 10 percent. Results vary based on the unique household profile of each user.

Customizable Home Inventory List
Users first create a household profile by providing information such as marital status, property location, and number of children. My Choice Home Protection then takes that information and matches it against millions of records of real-life, historical claim information and product pricing data to generate a customizable home inventory list specific to the unique needs of each user. Having a base list to start from saves time and will trigger homeowners to think of items they otherwise might forget.

Refined Personal Property Coverage Estimate
Insurance companies typically use a percentage of the home’s structure coverage amount to determine the amount of personal property coverage for every homeowner. This method overlooks important information specific to each homeowner. Home structures may look similar or identical in some cases, but the hobbies and unique lifestyle of each homeowner makes the contents inside the home—drastically different. My Choice Home Protection is designed to get to know each homeowner. As users create a home inventory list they’re also generating a more accurate, refined estimate of personal property coverage helping them to only pay for the insurance they need.

Simplified Claims Process
For years, insurance companies have been recommending homeowners create a home inventory list to help ease the claims settlement process. My Choice Home Protection simplifies the process and helps to create a more accurate list of items by selecting from real-life claim and product pricing information. Having a list available after a claim helps insurance adjusters to more accurately assess the damage in a shorter period of time.

Availability
My Choice Home Protection is available to Security First policyholders and Florida homeowners. For policyholders, the system is accessible by logging into the company’s policyholder service center on their website at SecurityFirstFlorida.com. Florida homeowners shopping for insurance can visit any Florida insurance agent contracted with Security First. Insurance agents can access the system through the company’s policy processing system.