Fourteen years ago, the March 16, 2001 edition of the Big “I” Virtual University (VU) VUpoint newsletter published the first article on what would later become known as the “Where You Reside” homeowners insurance issue.

Followed by several more related articles, the piece emphasized the importance of a potentially catastrophic coverage gap in most homeowners policies. The VU pushed the issue into the spotlight with a whitepaper in October 2009 and a nationwide webinar in early December of the same year—both of which are available on the “Where You Reside” page in the “Featured Resources” area of the VU.

In the meantime, the VU’s national Technical Affairs Committee presented this issue to ISO at its annual meeting in 2005. For 10 years, the committee pursued a remedy for ISO HO forms in this forum and at the Mid-America Insurance Conference through a series of points and counterpoints—and finally reached a negotiated agreement on changes to the program in November 2014.

Neither viewpoint “won” per se, but the resolution is workable and presents a starting point for further evolution and tempering of this homeowners issue. To take effect in most states October 1, 2015, the nationwide ISO filings will include a new mandatory endorsement, an optional broadening endorsement and a non-filed notice/questionnaire form.

In the upcoming April 17, 2015 issue of the VUpoint newsletter, the VU will provide a detailed overview of the forthcoming change to ISO’s Homeowners program—perhaps the single most significant HO change in 40 years. Education efforts will include a free national webinar to further explain the significance of this change and reveal what we plan to do to further address this issue with carriers, advisory organizations such as ACORD, regulators, the media and consumers.

In the May 1, 2015 VUpoint issue, we will present an article about another ISO filing that extends coverage to insureds using their personal autos in “car sharing” programs such as Uber and Lyft. We will also address new NAIC model guidelines regarding the “sharing” economy, both car (like Uber) and home (like Airbnb).

The bi-weekly email VU newsletter is free and you do not have to be a member agency to subscribe. We strongly encourage at least one individual in your agency to subscribe to the VUpoint newsletter for access to emerging, relevant and urgent coverage issues like this. Each issue usually features an article pertaining to personal lines, one about commercial lines and a rotating third on agency management, sales, customer service or technology. Subscribers include company underwriters, adjusters, regulators, risk managers and defense attorneys.

Bill Wilson is director of the Big “I” Virtual University.