An insurance agent needs to be able to identify the best policy for a client and ensure they have all the coverage they require. If they don’t read the fine print closely or gather enough information about the client’s risks, the client could end up with gaps in their coverage, leaving them vulnerable to unpaid claims. When it comes to...
Untouched snow on the roof of home looks pretty, but this winter's heavy snowstorms mixed with frigid temperatures can cause an ice dam to develop on that roof. Ice dams prevent melting snow from properly draining. This can cause serious damage to insulation, ceilings, and walls if the water seeps inside the home. ... which leads to that...
Super yachts differ from traditional yachts in that they're typically much longer and more spacious. … And based on all their bells and whistles, designing a coverage plan for one could get tricky. Over the years, these unique luxury yachts have undergone numerous changes, and they continue to boast state-of-the-art technology and ever-increasing...
Condo insurance protects condo owners from damages to their unit and to their personal belongings. If your clients own a condo, they may think that their condominium association master insurance policy is enough to cover their home; however, that's not the case. The master policy usually protects the exterior of their unit and other common areas...
It's a common misconception that Homeowners', Renter’s, and Dwelling policies cover all personal property, but that's not the case. While they cover some personal effects, there are often limitations and exclusions on what the policies will pay out, meaning homeowners and renters may receive less than their belongings’ value. Collectible and...
At the beginning of 2021, higher surplus levels and favorable risk-adjusted capitalization helped the Personal Lines insurance sector. The segment overcame obstacles related to current conditions and returned to pre-pandemic frequency trends, navigated increased loss cost severity, and higher than average catastrophes. As we look ahead at what's...
Worsening weather conditions are leaving homes and commercial properties damaged throughout the country as they're hit by hurricanes, torrential wind and rain, and tornadoes. Even the sturdiest structures are being put to the test. With the potential for dangerous conditions increasing and the rising cost of building materials and labor,...
Industry jargon can easily leave your clients thrown off and confused. For example, when considering insurance coverage options and recommendations, your clients may be unfamiliar with terms like "primary" and "excess," resulting in inadequate coverage in the event of a flood. When selecting policies, it's critical to know the coverage's...
Insurance appraisals play an essential part in determining coverage types and costs for a property. Unlike a purchase appraisal, insurance appraisals don't consider a property's market or land value like they would for the sale or refinancing of a property. Instead, inspectors conduct an in-depth assessment to determine the property's replacement...
Do you know the ins and outs of what makes rental property coverage so tricky? Mary Roy explains the right questions to ask and what kinds of coverages are needed to properly cover short- and long-term rental properties.
In the wake of natural disasters, a pandemic, and supply shortages, higher insurance rates are everywhere. Many living in coastal areas or in flood zones can also expect to see higher rates to insure their homes under the Federal Flood Insurance Program. The Federal Emergency Management Agency (FEMA) released new rules in the spring regarding...
2020 is changing the landscape of the insurance world, and the effects of this shift are most obvious in the hardening market conditions for surplus lines property & casualty, as well as personal lines coverage. The cause of this shift is complex, and while a small part has been influenced by the COVID-19 pandemic, there's more to the story...
Policy holders may notice rate spikes in their property insurance and wonder why their premiums are rising. Some premium increases are caused by things out of your control, like inflation, but other factors concern you specifically – including your claims history and credit score. Some reasons for a property rate hike include: Mathematics –...
Let’s face the facts: Your clients are going to have homeowners’ claims. They are going to buy that coastal secondary home in Florida or California and call you the day of closing for coverage. They are going to rent out their seasonal home on AirBnB. They are going to tell you there is a fire department within 5 miles when there isn’t....
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