Last week we heard the story of a customer who was unpleasantly surprised to learn that the theft of his computer equipment was not covered under the TDP1 policy he’d purchased to cover his home.
In this economy there is pressure to reduce costs as much as possible, but as an insurance professional you know how important it is to be sure your clients are covered – and understand the coverages they’re giving up if they choose to go to a cheaper alternative.
That makes extra coverages more important than ever. Like those automatically included in iMGA’s Non-Admitted Homeowners program:
- Personal Injury coverage
- Slab coverage (up to 15% of Coverage A limit)
- $5,000 mold coverage
- $5,000 water backup and sump overflow (on HOB only)
- $2,500 business personal property coverage (with optional additional limits available up to $50,000)
- $2,500 firearms theft coverage
- $1,000 loss-assessment coverage (with a $250 deductible)
(And of course the iMGA Non-Admitted HOA/HOA+ and HOB policies include theft coverage automatically and also offer optional personal computer coverage limits up to $7,000 with only a $100 deductible.)
We’ve received a few questions about our forms and coverages lately. Since our mission is to make things as easy as possible for all our agents, we’ll post more information on additional coverages and coverage comparisons between the TDP1/TDP3 and HOA/HOA+/HOB on the web site in the next few days.
If you’re a Texas independent agent who doesn’t yet represent iMGA, apply to become an agent.
The situation you are talking about, where an insured is surprised to find out that something wasn’t covered when they thought it was has been made worse by people being able to purchase their policies on the Internet (home and auto etc…) without having to sit down with an actual agent. While being able to buy policies and research them online is definitely a valuable convenience, I think it’s really important for an insured to be able to thoroughly discuss (in person, or on the phone) the coverages they are buying! It’s a good blog post, and you are educating people that they need to really pay attention to the coverage details when they are buying the policy!
Sincerely,
Jared Balis