From the Front Lines: Homeowners
Amy Hruska
Private Client Advisor
Omaha, Nebraska
How did you get started at your agency?
My parents bought an independent insurance agency in Norfolk, Nebraska, in the 1970s, and I started working there part-time as a high school student. While at the University of Nebraska-Lincoln, I worked part-time at Union Insurance Company. That’s where I got the bug for personal lines. I began my full-time career as a personal lines underwriter at Fireman’s Fund Insurance Company and became interested in the high net-worth (HNW) personal lines market.
I furthered my knowledge in the high net worth space by becoming a member of the CIPC (Council for Insuring Private Clients) and PRMA (Private Risk Management Association).
While working for Arthur J. Gallagher & Co., my knowledge and desire to work with HNW clients flourished. I managed the insurance coverage of CEOs of national corporations, congressmen and television personalities. In 2023, I joined the UNICO Group, the largest independently owned agency in Nebraska, where I continue to work with HNW clients, giving them a personalized, one-on-one service experience.
Challenges in the market?
Many HNW clients are buying properties and vehicles in high-risk areas, such as California, Florida and Colorado. These individuals also value privacy, so it is common for them to build homes in remote areas where water sources are several miles away and roads are sometimes difficult to maneuver for fire trucks. These conditions lead to underwriting concerns for our carriers and higher premiums for our clients.
Update Your TrustedChoice.com Profile
Inflation also continues to drive up the replacement value of properties and vehicles. Nuclear verdicts are also on the rise, so the private client industry is educating clients on the importance of higher liability limits.
Further, in Nebraska, we have some of the highest rates in the country due to wind and hail. Many carriers are taking rate increases year after year in double digits. Some clients understand the hard market cycle of restrictive underwriting and higher prices, but for those who do not, it is difficult for them to justify the value of the insurance they are buying.
Future trends?
I see some states looking into fair plans, state-run insurers of last resort. Nebraska does not have a fair plan, but while I was president of the Independent Insurance Agents of Nebraska last year, our board began researching the plans available in neighboring states with our local advocacy team.
Additionally, parametric insurance is something that I think we will hear more about in the coming years. It could be a game changer, especially for individuals who live in high-risk areas. HNW carriers are starting to follow middle-market carriers by introducing wind and hail deductibles, as well as roof replacement schedules.
Advice for a fellow agent?
A foundational training program for working with middle-market clients is key. The skill set and knowledge of working with HNW clients is not something you learn overnight. It comes with developing and nurturing relationships with those in the HNW industry—carriers, other agents and PRMA members.
Olivia Overman is IA content editor.
