If you have purchased a GEM Homeowners policy with the IMT Group through our agency, you’ve made a good choice. Yes, the GEM policy is priced competitively, but the added coverage features are what really set it apart.
Broader Personal Property coverage
When you buy Homeowners insurance, you don’t know what might happen down the road, and that’s why the GEM’s “open peril” coverage is better for your personal property. While standard Homeowners policies name around sixteen causes of loss that your stuff is protected against, the GEM covers your personal property against all “risk of direct physical loss” unless specifically excluded in the policy. This shifts the burden of proof from you, to show that a loss was covered by a peril listed in the policy, to the insurance company, to point out which specific policy exclusion applies. Read more about this “HO5” level coverage from a recent post.
Better jewelry coverage
While standard Homeowners policies typically only provide around $1500 in coverage for theft of jewelry and don’t cover losing, your GEM policy increases your jewelry theft limit to $5000 and also extends that limit to losing and mysterious disappearance. So if you unsuccessfully search your house high and low for that small diamond that fell out of your ring, or, worse yet, your ring slips off your finger as you flush the toilet, you’ll be quite happy to have this additional protection. (We do recommend adding extra coverage of your jewelry is valued above $5000.)
More firearms coverage
The IMT GEM policy doubles the standard Homeowners limit for theft of firearms from $2500 to $5000.
Personal Injury Liability Coverage
Your GEM Homeowners policy goes beyond the standard policy by adding protection against a claim or lawsuit against you for accidental libel, slander, wrongful entry or invasion of privacy.
More coverage to rebuild your home
If your home burned down and you decided to rebuild, there’s no guarantee that the replacement cost estimate completed several years ago is going to be enough to pay the costs of reconstruction. So, in addition to a built-in inflation guard feature, your GEM will pay up to 25 percent more than your policy limit if necessary to rebuild your home. This could be especially valuable protection if there were a natural disaster, as construction costs tend to inflate significantly in the aftermath of such events. (While the GEM is certainly not the only policy with such a provision, many policies might only cover ten to twenty percent, and some might not include this provision at all.)
Broader coverage for downed trees
While a standard Homeowners policy only removal costs for trees that damage a covered structure or block your driveway, your GEM coverage will extend its policy limits to cover debris removal for any tree brought down by wind on your premises. (The normal policy deductible and tree debris removal limits still apply.)
The list goes on
Other GEM coverage features not included on a standard policy include limited Pet Injury coverage, an arson reward, no deductible for certain larger losses, as well as lock and garage door transmitter replacement (to protect your home’s security). Compared to a standard policy, your GEM also includes higher limits for personal property used for business, counterfeit money protection, fire department service charges, loss assessment, money, gold, coins, increased repair costs due to an ordinance or law, food spoilage, securities, notes, tickets, theft of silverware, trailers, watercraft and shrubs, trees and plants. If you’d like to read more about the GEM, view IMT’s GEM flyer here.
Even better when bundled
While the GEM is certainly great coverage, your protection gets even better when you bundle your GEM with IMT Auto insurance! IMT adds a common loss deductible so you won’t have to pay two deductibles when the same loss damages your house and car (such as backing into your garage door or a hail storm that damages both your vehicle and your roof). But an IMT Auto policy doesn’t stop there and packs in added value with a complimentary rental car after a covered accident (up to the applicable limits), identity theft recovery service, new car replacement coverage for the first year, pet injury coverage, theft of gear from your vehicle and guaranteed repairs if you file a claim. Read more about IMT’s Auto insurance great benefits here.
IMT’s strength and responsibility
While better Homeowners insurance coverage is great, it only matters if you feel that you can trust your insurance company. IMT’s history goes back to the 1880s, giving it a 130-year proven track record of reliability. The IMT Group’s member companies, IMT Insurance Company and Wadena Insurance Company are both rated “A Excellent” by AM Best for their financial strength. IMT is also a good citizen and award-winning employer at its Iowa-based headquarters, having been named “Best mid-size company workplace” by the Des Moines Register in 2016 and financially supporting dozens of worthy causes in its region and beyond.
The IMT GEM is one of a number of Homeowners policies that we offer through the multiple insurance carriers that we represent within our agency. If you are insured with us but don’t have the GEM, contact us to discuss the option of switching to this well-rounded Homeowners coverage. Or if you are not insured by our agency yet, let’s talk about writing you a GEM policy of your own!
In this post we generally compare IMT’s GEM Homeowners policy with an unendorsed ISO HO3 Homeowners policy, referring to it as a "standard Homeowners policy". This post contains summary information only and does not detail all the terms, conditions, limits and exclusions found in any insurance policy; so it is important to read your policy carefully. Most losses are subject to an applicable deductible. Coverage features mentioned in this post are based on current policy versions and are subject to change by the controlling entity without notice or update of this post. If you notice anything that has changed since this post was written, we appreciate you letting us know so that we can update our description here.
Ken Cobb is owner of Pine Country Insurance and has been active in the insurance industry for over 15 years. Meet Ken.
Coverage descriptions found in this blog are summaries provided for general educational purposes and cannot fully detail the terms, conditions, limitations or exclusions of a specific insurance policy. Please read your policy carefully.