Home Cyber Protection and Home System Protection Coverage now offer additional “cyber protection’ options
The Arbella Insurance Group launched two new cyber insurance products in Connecticut starting December 1, 2020. Its ‘Home Cyber Protection’ and ‘Home System Protectio’n are two new endorsements that can be added to a homeowner’s, condominium, or renter’s insurance policy.
The addition of these new endorsements distinguishes the Quincy-based insurer in the Connecticut marketplace as one of the few insurance companies offering comprehensive cyber insurance to homeowners. In addition to the typical cyber coverage options available, insureds also can include the ability to obtain cyberbullying protection as well. This unique endorsement, already available in Massachusetts, includes coverage of legal expenses, temporary relocation expenses, private tutoring, and mental health counseling for victims of cyberbullying.
“The emergence of interconnected, smart technology and appliances in our homes has in many ways simplified and enhanced our daily lives, but it’s also made us more vulnerable than ever to cyber attacks and pricey repairs,” said Jim Hyatt, senior vice president of Personal Lines at Arbella. “There are many points of entry that cybercriminals can use to access private, personal information that may cause significant financial and emotional harm, which is why it’s so important for homeowners to be prepared and protect their families. Arbella is pleased to be one of the few companies in Connecticut to offer cyberbullying protection as part of this new coverage.”
In December 2018, Arbella became the first insurer in New England to offer a cyber protection endorsement in its homeowner’s policy. For those interested in reading our analysis of the endorsement please refer to Agency Checklists’ article entitled, “Arbella First To The Market With Cyberbullying, Ransomware, And On-Line Fraud Homeowner Endorsement.”
More details on what the new products offer
Home Cyber Protection insurance coverage is designed to protect individuals and families after a cyber attack has occurred. According to Statista’s Digital Market Outlook, the number of smart homes in the United States is expected to be 76.6 million in 2025. Additionally, a recent survey by Hartford Steam Boiler showed that one-third of consumers (34 percent) said they had experienced a cyber-attack. A computer virus or other malware was the most typical damage (72 percent) and 59 percent of consumers spent more than $500 to respond.
The suite of coverage in Arbella’s Home Cyber Protection plan provides policyholders with assistance when a member of their household has been targeted by:
- Cyber Attack: Provides coverage after a cyber attack, such as removing a virus or the reprogramming of computers and tablets, Wi-Fi routers and other Internet access points
- Cyber Extortion: Professional assistance with responding to a ransomware attack and reimbursement for approved ransom payments
- Online Fraud: Provides coverage for financial losses due to identity theft, phishing schemes, illegal banking or credit card transfers and other deceptions.
- Data Breach: Specialized review from a forensic IT and/or legal representatives as well as notification and recovery services when personal data and information entrusted to you is lost, stolen or published
- Cyberbullying: Provides coverage of after a cyberbullying attack, including legal expenses, temporary relocation expenses, private tutoring and mental health counseling
In addition to growing cyber security risks, homeowners often face sudden and accidental breakdowns that may not be covered by their standard homeowners policy, and the high cost of repairs and replacement becomes their responsibility. Home Systems Protection will provide coverage for repairs or replacement when home systems such as furnaces, central air conditioning or permanent emergency generators break down. This extra protection will also cover items not permanently affixed to the home such as kitchen appliances and lawn and garden equipment.
Arbella’s Home Cyber Protection and Home System Protection coverage is available to Arbella customers in Connecticut starting December 1, 2020.
