Leverage Home Protection Plans to Offer Financial Security to your Members


Generate New Revenue Streams


Strengthen Member Retention

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Addressing Credit Union Challenges Through Home Protection Plans

Increase Member Retention


Credit unions face high member attrition, with 25% of new accounts closing in the first year. Offering home protection plans alongside mortgage and equity loans enhances the member experience and boosts retention. Credit unions that bundle financial services, including protection plans, see a 12% higher member retention rate. Keep members engaged by integrating protection plans into your offerings.

Boost Non-Interest Income


Relying solely on interest income is risky in times of economic uncertainty. Home protection plans offer a steady, recurring revenue stream through policy sales and renewals. Credit unions typically earn a return of approximately 20%–25% per policy, creating a strong revenue opportunity.  With a 70% renewal rate, this is a smart way to diversify income and enhance financial stability.

Reduce Loan Default Risk


Unexpected home repairs strain borrowers financially, increasing the risk of late payments or default. With repair costs averaging $1,667 and 27% of homeowners lacking emergency savings, home protection plans provide a safety net. Borrowers with coverage are 15% less likely to default, helping credit unions protect their loan portfolios while supporting member financial stability.

Enhance Competitive Differentiation


Competing with big banks and digital lenders requires more than great rates—members want comprehensive financial protection. 78% of members prefer institutions that offer security beyond lending. Home protection plans position credit unions as holistic financial partners, enhancing member value and differentiation in a crowded market.

A strategic solution for credit unions to increase member retention, diversify revenue streams, and reduce loan default risk.

By providing homeowners with financial security and peace of mind, credit unions strengthen their relationships with members while positioning themselves as comprehensive financial service providers. Through seamless integration, data-driven personalization, and educational efforts, credit unions can maximize the impact of home protection plans, ensuring sustainable growth and long-term success in a competitive financial landscape.

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What Each Plan Provides for Your Members and Customers

A black and white silhouette of a house with a roof.

 Enhance member financial well-being by reducing costs of unforeseen repairs.

A black and white silhouette of a house with a roof.

  Members receive instant purchase confirmation and access to their plans.

A black and white silhouette of a house with a roof.

Homeowners enjoy timely repairs or replacements by selecting their preferred technician.

 Efficient and straightforward claims process. 

 Boost member home value to prospective buyers.

We simplify the process of renewing and extending your warranty period.

FAQ

  • How is Coverly Home Protection different than other plan providers?

    Our warranty is built on reliability and convenience. One major differentiator is that members can choose their own technician.   Furthermore, using a data-driven approach, we provide fast claims processing and personalized coverage that adapts to your customers' specific needs. Choose a warranty provider that delivers smarter protection and greater peace of mind.

  • What is Included in Your Home Warranty Coverage?

    Our home warranty plans provide protection for essential systems like HVAC, plumbing, and electrical, as well as major appliances such as refrigerators and ovens. Coverage can be customized based on your customers' specific needs. Contact us to learn more.

  • Can Members Choose Their Own Service Provider for Repairs?

    Unlike many other plans on the market, we empower your customers to select their own trusted service provider for repairs. Once a claim is approved, they have the freedom to choose who performs the work. Additionally, our self-service replacement options give them control over how they receive a new item, ensuring a hassle-free experience.

  • How are Cancellations and Refunds Handled?

    While we aim for complete satisfaction, we understand that needs can change. Customers can cancel within the first 30 days for a full refund, minus any service fees. After that, prorated refunds are available. Our customer support team is available to guide them through the process, making the transition as smooth as possible.. 

  • What is the Claims Process?

    When an issue arises, customers can easily file a claim through our online portal, chat, or phone. We will quickly dispatch a certified technician or accommodate their preferred provider to complete the repairs with minimal disruption. A service fee applies as outlined in the warranty terms, ensuring a clear and efficient resolution process.

  • How are Pre-Existing Conditions Handled?

    As with most extended warranties, coverage does not include pre-existing conditions.

  • What is Your Warranty Duration and Renewal?

    Our standard warranty lasts for one year, providing essential support for homeowners. Customers also have the option to renew or extend their coverage to match their evolving needs.

  • Are There Limitations?

    While our warranty covers a broad range of repairs and replacements, certain exclusions apply, including cosmetic damage, improper maintenance, and pre-existing issues. We encourage customers to review these details to ensure the plan aligns with their needs.

  • Are Your Warranties Transferable?

    If a home is sold, the warranty can be transferred to the new owner. The current homeowner must notify us within 30 days of the sale to ensure uninterrupted coverage for the new residents.

  • Are You Backed by Insurance and Administration?

    The Coverly Home Protection Plan is supported by an "A-" rated insurance provider, with Northcoast Warranty Services, Inc. as the plan provider and AssureSolv LLC as the administrator in all states except Florida, where Northcoast Warranty Services, Inc. manages administration. With our trusted backing, you can be confident in your coverage.