Large national insurance carriers advertise 15-20% savings if you switch homeowners insurance companies, But your neighborhood insurance agent is far more motivated to find even larger savings. A local agent is only successful if he builds a reputation of being honest, provides the right coverage, is there for clients in times of loss, and works hard to meet all your insurance needs at a competitive price. Large direct sale (including online) insurance carriers are sales & profit driven and have a mixed reputation in these areas. Unlimited advertising dollars tend to hide many sins. Your insurance agent down the street, is concerned daily with the quality of services, reputation and making sure that the each insured is getting his or her full attention.
We find many large carrier examples of homeowners and flood insurance polices that are rated wrong causing excessive premiums. This includes homeowners insurance annual auto-rate increases that steadily drive coverage limits for beyond replacement cost (the cost of replacing your home to it's original condition). Which causes insureds to pay for coverage they'd never benefit from. To often insureds have become overly trusting, especially those that pay home & flood insurance with their mortgage escrow funds. The bank requires you to obtain homeowners insurance for the loan amount, which most often is greater then the homes replacement cost. Year after year the insurance policies are paid by mortgage companies (from insured escrow accounts) that only care that the home insurance coverage is greater then the balance of the loan.. The mortgage companies don't tell home owners, when the balance of the loan drops below the homes replacement cost Once again the home owner ends up paying for additional coverage they'll never benefit from. Your local agent is responsible to your community and is motivated to annually review your coverage and prevent these and other wasteful insurance practices..
We find many large carrier examples of homeowners and flood insurance polices that are rated wrong causing excessive premiums. This includes homeowners insurance annual auto-rate increases that steadily drive coverage limits for beyond replacement cost (the cost of replacing your home to it's original condition). Which causes insureds to pay for coverage they'd never benefit from. To often insureds have become overly trusting, especially those that pay home & flood insurance with their mortgage escrow funds. The bank requires you to obtain homeowners insurance for the loan amount, which most often is greater then the homes replacement cost. Year after year the insurance policies are paid by mortgage companies (from insured escrow accounts) that only care that the home insurance coverage is greater then the balance of the loan.. The mortgage companies don't tell home owners, when the balance of the loan drops below the homes replacement cost Once again the home owner ends up paying for additional coverage they'll never benefit from. Your local agent is responsible to your community and is motivated to annually review your coverage and prevent these and other wasteful insurance practices..
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