Since the original wildfire article with this title was written six years ago, the frequency and severity of these real-world natural catastrophe learning laboratories continue to challenge our understanding of the insurance mechanism and its ability to assist policyholders to recover after such events. While we could focus on the expanding world of extreme natural catastrophes, this…
Jewelers Mutual offers an easy-to-use quoting platform to give your customers what they need – when they need it. Through Alliance Blue, your agency can access Jewelers Mutual’s platform directly to quote in minutes.
Fannie Mae and Freddie Mac announced the postponement of a June 1 implementation of updates to their selling and servicing guides to clarify various lender and servicer responsibilities related to monitoring and verifying property insurance coverage.
In 2021 according to the Insurance Information Institute (III), almost 24% of losses under homeowners insurance arose from water damage (including freezing-related) claims. From 2017 to 2021, III reports that the average claim severity for water damage claims for homeowners multi-peril policies was $12,514. What if some simple homeowner education could help your insureds prevent…
Insurance losses related to jewelry are huge — much more than most insurers realize. According to Department of Justice statistics, 70% of all personal property (contents) theft losses are jewelry. Insurance companies process billions of dollars in jewelry losses each year. Some of these jewelry losses are hidden because they’re reported as “contents” losses under…
In a recent article we wrote on the problems of canine liability, agents asked where they could obtain a standalone canine liability policy. Our guest writer, insurance agent Debbie Turner, describes in this article some of the challenges of finding and evaluating a standalone canine liability policy.
Approximately 4.5 million dog bites occur in the U.S. each year, according to the Centers for Disease Control and Prevention (CDC). According to DogsBite.org, from 2005 to 2017, 433 Americans died from dog attacks. Of these fatalities, 65.6% were the result of attacks by pit bulls, with Rottweilers accounting for an additional 10.4%. There’s a…
Is it time to re-visit the methodology used by agents to determine replacement costs and/or re-construction costs? How confident are you that the real property replacement values that you develop are sufficient to either replace or rebuild? If a natural catastrophe hit your community, would you have the same confidence in your replacement or rebuild…
Statistics don’t lie, and all across the internet recently we see articles about underinsured homes throughout the U.S. After a loss is a terrible time to discover your insured’s policy limits are insufficient. How can today’s agents best help their insureds adequately protect their homes, even when it means a higher premium? Here are some…
Replacement cost estimators are a tool in the property underwriting process, but they are not intended to be exact. They are an organized guess based on data that changes, at times very quickly. Agents writing either commercial property or homeowners’ coverage would do well to reivew this content.
