All Forum Posts by: Doug Newman

Absolutely NEVER under any circumstances wait until the last minute to start the insurance process.

Better yet, start the process as soon as you know a close date.

1) Your agent can't be at his desk 24/7. His assistant can't be available 24/7 either.

2) I had someone contact me late Wednesday about a refinance closing that evening. While the actual task I had to perform only took about 10 minutes, the carrier's website was acting goofy. Also, I had 2 meetings scheduled that afternoon. That could have delayed closing.

3) I had an investor contact me on a recent Wednesday. He was closing on a property that Friday. He had known about the closing for 3 weeks. This particular risk required a policy that could not be turned around immediately. It was going to take 2-4 business days to complete the quote process. There was NO WAY I could turn things around by the closing deadline. I don't know what he did for insurance.

4) I had a realtor call me on 12/13 about a 1/3 closing. While it only took me an hour to gather the information, shop the carriers, and generate the quote, there were several interruptions in the timeline of the real estate transaction. Because the lender, the realtor, and the client planned the insurance piece early, there were no additional unpleasant surprises.

I could tell plenty of other stories. So could most experienced insurance agents.

Do yourself and everybody else a favor: Absolutely NEVER under any circumstances wait until the last minute to start the insurance process.

You're welcome.

John, I am in CO. 

TRV is declining any roof over 10 years old.

Nationwide wants massive documentation before even quoting.

Safeco is about the only one that hasn't gone off the deep end.

Oh, OK. I live in Colorado where roofs are a huge issue.

My team, based near Denver, tends to stay away from the northeast because of state regulations.

Thanks.

BTW, I grew up in Fair Haven ... on the shore by Red Bank.

And unfortunately, my team doesn't write in NJ ... IYKYK.

Please be advised of some major changes in the insurance world.

Waiting until the last minute to set up your insurance is never a good idea, even in the best of times.

However, because of recent changes in the insurance marketplace, please advise your clients to begin the insurance process immediately after the house goes under contract.

 Several carriers have suspended operations over entire states.

 Other carriers are tightening their underwriting standards and adding additional binding requirements.

 These things are prolonging the insurance process.

 Please take this into account when scheduling the closing process and plan for the process to take a few extra days.