All Forum Posts by: Cameron Moore

Make sure you have an umbrella insurance policy to protect your assets in the event someone is injured/drowns in the pool. Make sure you have the proper protection (ie. Locked fences, pool cover, etc.) 

Some carriers have premium fully earned, others actually will pro-rate. Find an insurance broker (Usually hard money lenders will have a relationship with one) that is familiar with BR and ensure they use one that will pro-rate after 6 weeks.

Reposting a Forum post fyi: 

Long post alert! (Worth the read though) I hope that you find the below information useful and I hope that it helps explain what is happening in the insurance world today. It won’t matter what carrier you are with, this is an industry wide issue. The Insurance market place is tightening up and it's happening fast. Carriers are pulling hard stop on issuing new business and carriers are also leaving the market or selling to other carriers/merging. They simply can't operate profitably in this inflated market. This market is disrupted and it WILL affect all of us. The cost of claims has risen exponentially in the past 2 years. Thus resulting in the carriers having to raise premiums and pull out of some markets. Your rates have gone up and will continue to go up even more. This isn't personal, it’s not based on a claim you may or may have not had, it’s simply the cost of doing business.

The cost to rebuild your home is up dramatically due to the rising cost of materials and labor. Supply chain for materials continues to be an issue. We can all agree that everything has gone up in price. Carriers simply can’t survive paying these higher prices without charging more themselves.

Litigation is expensive and settlements are rising at an unprecedented rate.

ReInsurance (the insurance your insurance carrier buys to help cushion catastrophic loss) is at or approaching capacity in many markets, and rising rates are unsustainable.This is a significant issue affecting the property & casualty industry (home/Landlord and auto), and pricing correction is anticipated at least through 2024. States also require Carriers to have enough assets on hand to pay losses. This is a nice way to say - you will see rate increases and more frequently.There are some things you can do to help get through this current insurance market:

Consider Higher Deductibles. This will help save some money on your policy.

Discount Reviews - make sure you're getting everything you're entitled to. Every carrier has different discount opportunities. Make sure you go over those with your agent.

Bundle!! Bundled/Packaged policies most always include better coverage and benefits and the cost savings is usually 20% on each policy.

Consider tenure - jumping companies too often will hurt you in the long run. In addition, some carriers won’t take you as a new client if you have less than two years with a carrier. And more importantly, carriers are getting off of some risks if a claim happens in the new business term or for the number of claims in a 3-5 year window. Tenure matters with a carrier.

Absorb small claims when you're able. Talk with your agent and let them counsel you should a loss happen. Frequency of claims REALLY matters.

Buy your insurance from an experienced Independent Insurance Broker that has options and can help you navigate this crazy market WITHOUT SACRIFICING COVERAGE on the policy. CASH FLOW IS KING!!!

Long post alert! (Worth the read though) I hope that you find the below information useful and I hope that it helps explain what is happening in the insurance world today. It won’t matter what carrier you are with, this is an industry wide issue. The Insurance market place is tightening up and it's happening fast.  Carriers are pulling hard stop on issuing new business and carriers are also leaving the market or selling to other carriers/merging. They simply can't operate profitably in this inflated market. This market is disrupted and it WILL affect all of us. The cost of claims has risen exponentially in the past 2 years. Thus resulting in the carriers having to raise premiums and pull out of some markets. Your rates have gone up and will continue to go up even more. This isn't personal, it’s not based on a claim you may or may have not had, it’s simply the cost of doing business.

The cost to rebuild your home is up dramatically due to the rising cost of materials and labor. Supply chain for materials continues to be an issue. We can all agree that everything has gone up in price. Carriers simply can’t survive paying these higher prices without charging more themselves.

Litigation is expensive and settlements are rising at an unprecedented rate.

ReInsurance (the insurance your insurance carrier buys to help cushion catastrophic loss) is at or approaching capacity in many markets, and rising rates are unsustainable.This is a significant issue affecting the property & casualty industry (home/Landlord and auto), and pricing correction is anticipated at least through 2024. States also require Carriers to have enough assets on hand to pay losses. This is a nice way to say - you will see rate increases and more frequently.There are some things you can do to help get through this current insurance market:

Consider Higher Deductibles. This will help save some money on your policy.

Discount Reviews - make sure you're getting everything you're entitled to. Every carrier has different discount opportunities. Make sure you go over those with your agent.

Bundle!! Bundled/Packaged policies most always include better coverage and benefits and the cost savings is usually 20% on each policy.

Consider tenure - jumping companies too often will hurt you in the long run. In addition, some carriers won’t take you as a new client if you have less than two years with a carrier. And more importantly, carriers are getting off of some risks if a claim happens in the new business term or for the number of claims in a 3-5 year window. Tenure matters with a carrier.

Absorb small claims when you're able. Talk with your agent and let them counsel you should a loss happen. Frequency of claims REALLY matters.

Buy your insurance from an experienced Independent Insurance Broker that has options and can help you navigate this crazy market WITHOUT SACRIFICING COVERAGE on the policy. CASH FLOW IS KING!!! 

Many brokers have access to PersonalUmbrella.com, that is a pretty solid option either way. 

Hire an Insurance Broker that is familiar with investment portfolios. But I agree with John, a Builders Risk policy is the correct form for a rehab.

@Jason Bott would be a great resource for you! 

You are wasting time contacting multiple agents, when you can hire an insurance broker to shop the whole market for you. They have access to many of the A rated carriers and know which ones are competetive at any given time. 

As with rising rates, @Michael Norris is correct. Rates are going up because insurance companies reinvest your premiums in the stock market to make cash to pay claims and be profitable. The poor state of the economy combined with rising amounts of catastrophic losses across the US are driving the carriers to enter "profit mode". Their underwriting guidelines are more strict, and their renewal and New Business premiums are more aggressive. 

Thanks @Kyle Mccaw , @Pete Harper Unfortunately, rates are jumping across the board. The carriers are not profitable and have moved into protection mode. Fortunately, working with an insurance broker is your best bet at finding the best rate every term. 

I do not have any relationship with Steadily, and as a broker, I always tell consumers to be cautious when looking at the new companies coming out of the gate swinging. A lot of these newer carriers hit the market with low premiums, they then have very little capital to pay claims when catastrophy hits and they end up crashing and burning or renewing at 200% the first year.