What Do I Do If My Insurance Company Leaves My State?

By Doug Newman

A forest fire in Colorado and hurricane damage in Florida.
(Photo credits below.)

Like all industries, the insurance industry is in a constant state of flux. And over the last few years, economic trends and natural disasters have sent things into overdrive.

Hurricanes in coastal areas from Texas to North Carolina, as well as fires in Colorado, California, and other states, have caused several carriers to either suspend or severely restrict new sales in several states. In Colorado, where I live, hailstorms have been a major contributor to this trend.

The good news is that you can still get insurance. However, there are five very important things you need to know.

  1.  Find a good professional agent with whom to discuss your specific situation and who can make specific individual recommendations. NEVER leave this to the whims of a cell phone app or a call center.
  2. Preferably find an independent broker who can shop multiple carriers.
  3. Know that your new insurance policy may look different than it has in the past.
  4. ABSOLUTELY NEVER wait until the last day! The application and underwriting process may well take longer than normal.
  5. Discuss your car and umbrella coverage with your agent too.  

What will this cost? I don’t know. Your insurance picture, like your DNA, is unique. This is why you need EPS INSURANCE, LLC in your corner. We are financial EDUCATORS. We don’t just crunch numbers and spin out quotes. We find SOLUTIONS that protect you, your family, and your business PROPERLY.

We look forward to serving you.

 Photo credits: Pine Gulch Fire in Grand Junction, CO courtesy of www.thedenverchannel.com; a flattened home in Fort Myers, FL courtesy of the Associated Press; flooding in Cape Coral, FL courtesy of www.nbc-2.com. 

Doug Newman

303-902-5503

30+ carriers ... 40+ states
Auto-home-commercial-benefits

epsinsures@gmail.com - www.epsinsures.info


Powered by TAG Insurance and Xperience Benefits





Comments

Post a Comment

Popular posts from this blog

Five things every realtor and mortgage lender must know about insurance

Image
  Credit: www.clutchpoints.com This coming Sunday, the two best teams in the NFL, the Eagles and the Chiefs, face off in Super Bowl LVII. Football is the ultimate team sport. On a great team,  every player has a role and must strive for perfection in executing the duties associated with that role. A successful real estate transaction is quite similar: it is a team effort where everyone has a role and must strive for perfection in executing their respective duties. This includes the realtor, the mortgage lender, the insurance agent, the inspector, the appraiser, and the title professional.  With this in mind, there are five things every realtor and mortgage lender  must know  about insurance. This is not about making you an expert on insurance, but rather about enhancing the process of selling and buying a home. 1) It is imperative that the insurance agent  talk directly to the client . There are certain conversations that the agent needs to have with the ...
Read more

Important Insurance Update for Realtors and Mortgage Lenders

Image
Credit: www.capecodhrg.com  Please be advised of some  major changes in the insurance world. Waiting until the last minute to set up 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  i mmediately after the house goes under contract. ·       Several carriers have suspended operations across 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. I would advise you to  plan for the process to take a few extra days. If you or your clients have established relationships with insura...
Read more