Strategies

Too often, conversations center primarily on investment strategy and estate planning. But there’s also real risks that come with a wealth transfer.

As homeowners insurance becomes more expensive and complex, agents can play a larger role in helping clients understand and manage risks.

If an agent in New York no longer represents a carrier, how long does the carrier need to remain on the customer’s risk for auto, home and umbrella?

An elderly couple built a one-story dwelling on their property for themselves and sold the property’s primary dwelling to their child.

A homeowner had a loss where the HVAC system’s condensate pump failed due to a mechanical breakdown. The HO3 policy with an equipment breakdown endorsement—form 16016—with a separate $500 deductible appears to indicate the condensate pump and the resulting water damage should be covered under the equipment breakdown endorsement. The insurance carrier says otherwise.

An insured wants to downsize. They sell their house, move in with in-laws and buy a tenant homeowners policy with a Coverage C limit of $105,400. However, thieves break into the storage facility and steal everything.

If insurers have better visibility into whether home devices are active and functioning, they could intervene early, resolve installation or connectivity issues and ensure credits reflect genuine mitigation.

In the event of a claim—dog-related or otherwise—would the carrier be able to declare the policy void back to inception due to fraud or material misrepresentation by the applicant?

Winter Storm Fern highlighted how quickly winter risks can escalate when cold, ice and infrastructure strain overlap. As winter risks continue to evolve, the agent’s role as educator and advisor has never been more valuable.

The insured died a week and a half before the renewal date but had already paid the renewal premium. The experts disagree on whether the policy was cancelled.