Avoiding Self Inflicted Pain — Information you can use.

Social media and new programs are full of stories about the personal lines insurance marketplace. Most of these articles and posts blame insurance companies for the ” problem”. Our experience is that insurance companies want to write business and want that business to be a good bet.  Getting the carriers to see you as a good bet means you have to take the process under your control.  You can avoid the pain.

I Don’t Know!

How old is the roof? What wind uplift specifications were used? What is the brand and style of roof covering? Did you retain copies of the installation paperwork and warranty? 

Continue this series of questions around every major system in your home. Plumbing, electrical, HVAC, doors and windows. All of these systems can either be the cause or the cure of property loss. Not having answers means the insurance carrier will fill in the blanks using the answers that generate the highest possible premium. They can’t be wrong if they assess the highest charge for the missing data.

The Values are Ridiculous!

Many homeowners want to dispute the values shown on their homeowners’ policy. Since they can’t sell the home at that value, or they paid much less the costs used by the insurance company must be wrong. See our article on values to look behind the curtain.  

To dispute the values, you need accurate information. What is the age of the home?  What is the construction type? How many square feet? What percentage of the home is finished space? What is the shape of the home’s foundations? How many stories? What is the level of interior finish and the quality of built in appliances? All of these have an impact on the valuation of a piece of property. Insurers use third party data for most of their valuations.

They use these tools because most homeowners do not provide enough information. If your home is overvalued, the company gets more premium and has lower exposure. Lack of information is costly.

Loss History

Homeowners’ insurance is not a warranty program or a maintenance program. Carrying a low deductible and reporting minor claims will drive your costs up. The insurance industry is a firm believer in “Frequency breeds severity”. If your loss history shows frequent small claims, you will pay up when you renew.

Bundle and Save

Virtually every insurance company offers discounts for multi-policy customers. While this is a source of price relief it means that a poor driving record, youthful drivers, high performance cars can adversely impact your property and liability insurance.  What is the discount and is it worth the pain of a higher auto premium if one is available from another carrier at lower cost?

If your bundle includes a personal umbrella, be sure that both the homeowners’ and auto policies have sufficient limits and are with carriers that are acceptable to the umbrella insurer.

The Driehaus Difference

OMG this is complicated! — Yes, it is. We do not subscribe to the notion that “15 minutes will save you 15%” or believe that everyone has the expertise to “pay for only what you need”. Shortcomings in your insurance program become obvious when the chips are down. You need an insurance agent that understands the data needed to secure the best program for you. You need an insurance agent that will ask the questions and help you find the answers. This is not a call center or an online quoting tool.

Call us at 513-977-6860 or use the contact tools on our website, www.driehauins.com, to get in touch with us. We want to be your insurance provider.