Homeowners

“Although we may be coming out of one of the most difficult periods in insurance history, some areas might still see increasing premiums for another 12-18 months,” says independent agent Guffy Wright. “Factors like claim volume, social inflation, weather patterns and fraud will continue to play major roles.”

As homeowners premiums increase agents can help create understanding through education on why costs are up and what coverage options are available for their clients.

A client is planning a $400,000 house renovation. Would a builders risk policy be the best option to cover the renovation, or are there specific ISO homeowners endorsements that can be added?

It’s important that homeowners who undertake home improvements talk to their agent about what they’re planning to do or what they have done to better understand how that affects their insurance premiums and coverage.

“A home is a major financial investment for most people and if something bad happens to it, inadequate insurance can ruin their financial lives,” says independent agent Kelley Kimble. “As a homeowner myself, the adequacy of the policy is the greatest factor in my purchasing decision.”

To keep premiums affordable, homeowners carriers are excluding coverage for what used to be standard covered perils. Cosmetic hail damage is one of those coverages that is increasingly becoming excluded.

​Jewelry may be the quintessential Valentine’s Day gift, but it has also become the darling of would-be fraudsters.

The fire chief is a volunteer, and while volunteer activity is included in the policy, the agent believes that the position would still be excluded as a professional service.