Decoding the 2024 Homeowners-Landlord Insurance Policy: What Real Estate Agents and Mortgage Brokers Need to Know

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During 2023, the insurance industry experienced one of the hardest insurance markets ever. As we transition into 2024, there are some silver linings but not without weathering additional underwriting challenges ahead. The best way forward is to treat every home transaction as unique–no two homes are alike.

Each buyer should be prepared for increased insurance premiums as well as more stringent underwriting practices.

As a Real Estate Agent or Mortgage Broker How Can You Best Prepare Your Clients?

Stricter Underwriting

  • Roofs
    • Insurance companies are utilizing satellite technology to evaluate roofs.
      • What this means, If a roof is over 15 years old:
        • Other carriers will accept the risk but instead of covering the risk at replacement cost, they will do so as actual cash value.
        • Some insurance carriers are not accepting this risk without full replacement.
  • Overhanging trees and vegetation
    • Carriers are scrutinizing vegetation that is overhanging or touching the house roof as well as the sides of the home.
    • Separate structures (detached garage, shed, etc.) should be in as good of a condition as home.
    • Deductible
      • $1000 deductible is minimum and in some instances, you may see a separate deductible for wind/hail claims.
    • Claims
      • Home buyers with previous claims in the last 5 years can be difficult to find affordable coverage.
      • Homes with 2 or more claims will find it challenging to find insurance coverage.
      • Claims from the prior homeowner may affect the rates on a new policy.

How we can help…

  • As an insurance broker, our goal is to help you get to closing on time and provide your buyer/seller with the best customer experience when it comes to protecting their largest asset, their home.
  • We have more than 115 five-star Google Reviews and pride ourselves in quality and timely service.
  • Please call/text us at 412-238-7414 or email us at eric@ericlashagency.com to experience the difference today.

Top 5 Advantages of Working with an Insurance Broker

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Working with an insurance broker, like the Eric L. Ash Insurance Agency, can offer several advantages compared to purchasing insurance directly from an insurer. Here are the top three reasons:

  1. Expertise and Guidance: Insurance brokers are professionals with in-depth knowledge of various insurance products and the insurance market. They can assess your specific needs and recommend the most suitable insurance policies tailored to your situation. Brokers can provide valuable insights into coverage options, policy terms, and industry trends, helping you make informed decisions.
  2. Access to Multiple Options: Unlike agents who typically represent a single insurance company, brokers work with multiple insurers. This means they can offer you a wider range of options from different providers. Brokers can compare policies, coverage limits, and premiums across various insurers to find the best fit for your requirements and budget. This access to a diverse array of options enhances your chances of securing comprehensive coverage at competitive rates.
  3. Personalized Service and Advocacy: Insurance brokers act as intermediaries between you and the insurance company. They advocate on your behalf during the entire insurance process, from initial consultation to claims assistance. Brokers provide personalized service, taking the time to understand your needs, answer your questions, and address your concerns. In the event of a claim, brokers can help expedite the process, negotiate settlements, and ensure you receive fair treatment from the insurer. Their ongoing support and advocacy can offer you peace of mind and streamline your insurance experience.

Overall, working with the Eric L. Ash Insurance Agency provides you with expertise, access to multiple options, and personalized service, ultimately helping you secure the right coverage for your specific needs while navigating the complexities of an ever-changing insurance market.

To experience the difference, give us a call today at 412-238-7414. You’ll be glad you did. For more details on the Eric L. Ash Insurance Agency, visit www.ericlashagency.com.

 

Errors and Omissions Insurance Elizabeth, Pennsylvania

Benefits of An Independent Insurance Agent

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There are many ways these days to buying an insurance policy. Some people may feel the easiest way is to simply go online and purchase it yourself. You could even shop many carriers yourself to find the best rate for the coverage you need. However, there are many more additional benefits you could gain by going through a local insurance agency.

Save Yourself Time

As we mentioned above, yes you could shop for insurance yourself through several of the top insurance carriers. But, what is your time worth? By shopping with a local insurance agent, we can do the shopping for you. Get 10 quotes or more at once! We’ll provide you many choices by shopping our top insurance carriers to find you the best coverage at an affordable price. In fact, many of our companies are likely the big ones you’ve heard of. If for any reason you want to change insurance carriers down the road, we can do that for you – you don’t need to change agents.

Get Professional Advice

Instead of guessing what coverage you might need, you can get professional advice by working with a local insurance agency. Since we specialize in this field, we can listen to your needs and find the right coverage that matches. We can also ensure you don’t have any gaps in coverage in the event you have an insurance claim.

Truly Understand The Coverage You Are Buying & Additional Coverage Options Available

Insurance can be complicated. We try to simplify the process. Not only do we want to help you understand your current insurance policy, but help if you are interested in different coverage options. Feel confident knowing you’re informed about exactly the coverages you have and what you might want to consider.

Score a Discount

Our licensed agents are discount detectives. Let them search for all the hidden discounts so you get the best rates and coverage for your money. We understand it is important you have affordable insurance coverage. That’s why we are constantly looking for ways to get you to qualify for a discount. If you are unhappy with your insurance plan at renewal, we can look at coverage options through other carriers to find the best fit for you.

Have a Relationship With Your Agent Vs. Calling an 800 number

We are a phone call or email away. By working with the same agency time and time again, we can help you with anything. From claims, to policy updates or questions, we strive to be a partner you trust and can rely on.

Competitive rates

A local, independent insurance agent will work hard to save you money. We have the ability to quote from many different insurance carriers and are able to provide you with several carrier options. Since our business is consumer-driven, your agent will provide a level of service and care with which many large carriers cannot compete.

Ease of service

Our local, independent insurance agency can service your insurance policies, so if there is a problem there is only one number to call if you have questions about your policy. Your agent also lives in your area so we are able to be honest and let you know if you really need specialty coverages like flood or earthquake.

Adaptability

Did you get a new car, buy a house or get a boat insurance policy? Your local, independent agent can assist you with all of that. Your agent is able to quote multiple types of insurance coverage like personal umbrella or business insurance as your needs change over the years. We can also update your existing policies with ease.

No Jargon

Your local, independent insurance agent is an expert when it comes to the insurance world. If you are confused to the meanings of Comprehensive, UMBI, PIP or any of the other coverage options, your agent will be able to explain your coverage in plain, easy-to-understand language. When you purchase any type of insurance, there are a lot of ins-and-outs to consider, your agent will be there to walk you through your coverage and make sure that you understand what may or may not be covered.

We have it all

It bears repeating: a local, independent insurance agent is a one-stop shop. We offer auto, home, boat, motorcycle, renters, flood insurance and the list goes on. If you are looking for a coverage that they do not offer, your local, independent insurance agent can recommend a carrier who can assist with your needs.

If you are in need of an insurance policy, call . We can help you find affordable coverage for your auto, home or business. Get a free insurance quote today.