Archives for Texas Personal Property Insurance

Seven years ago today iMGA issued our very first policy. Now, tens of thousands of customers later, we’re ready to begin our best year yet by far. For us, and our agents, seven is really turning out to be a lucky number.

Our Homeowners, Dwelling, MobileHome, Renters and Vacant non-admitted products have been refined and offer the broadest range of coverage options in the market. With these products iMGA agents are now able to provide their customers the absolutely unique People and Pets accidental death coverage. Full details on People and Pets – with up to $75,000 in additional coverage – is available on our agent dashboard. Just log in and follow the People and Pets Endorsement link.

Agents in most of Texas are now also able to offer their customers great new admitted Homeowners, Dwelling, MobileHome and Vacant product alternatives through iMGA.

Our incredible team has built strong relationships and deep experience servicing the needs of independent agents across Texas over these past seven years, and we’d all love to put that experience and expertise to work to serve you.

If you’re already appointed with iMGA, please take a moment to quote a customer with us. If you’re not, please contact us to learn more about what we have to offer and how we might work together.

The new year brings an opportunity to think about the kind of environment we’d like to create for ourselves and those we impact.

For many that means New Years Resolutions. At iMGA we’d prefer to focus on goals – goals we’ll take concrete steps to accomplish. Here’s some of what we have under way for our agents in 2017:

Improved Competitiveness

For the first time since our Non-Admitted Homeowners, Dwelling, MobileHome, Renters and Vacantprograms were introduced, we’ve been able to avoid broad rate increases for the coming year. As our competitors raise their rates, therefore, you should see iMGA’s quotes providing the best solution for your clients even more than usual. Plus, we’ve just introduced our Admitted products, providing a real alternative in terms of coverage and pricing, for your personal lines Homeowners, Dwelling, MobileHome and Vacant customers.

New Product Features

One of the advantages of Non-Admitted products is the ability to provide coverage for items, like mold and slab, that are not provided in the standard market. We have been testing a significant new product enhancement that is the first of its kind and truly unique in the market. As soon as it’s ready to introduce, we’ll have much more to say on that front. In the meantime we’re hard at work and looking forward to bringing it to you and your clients.

New Products

Insurance needs grow and evolve as technology, the marketplace and the environment change. There’s been plenty of that kind of change over the past few years, and in response we’ve been working on three new product programs. We’ll roll each of those out during 2017 as they become available, along with the training and information to ensure you’re able to confidently offer them to your clients.

 

2017 promises to be an amazing year for iMGA and our agents, and we can’t wait. Happy New Year!

 

Apartment Fire$83,000 in damages from a June 2011 apartment fire is now the subject of a Texas Supreme Court case.

Carmen White rented an apartment in San Antonio. When she did, she signed the standard Texas Apartment Association lease used by landlords statewide on millions of apartments. In that lease Provision 12 of the 11-page agreement requires the renter to pay for damage not caused by the landlord’s negligence.

But she didn’t have insurance to cover that liability. So when her dryer caught fire, and she couldn’t put out the fire with her fire extinguisher, the property owner’s insurance company sued her to recover the damages.

So now she’s spent the last four years fighting a set of court cases that could have been easily avoided.

iMGA Renters policies include your choice of $100,000 – $300,000 liability coverage. As importantly, the policy also provides legal defense cost coverage. All that is in addition to whatever contents coverage limit she could have selected, up to $50,000.

So if Ms. White had paid the less than $15 per month that an average iMGA Renters policy costs, that policy could have covered the full $83,000 in liability to the landlord, all related legal defense costs, and the cost of damages to her own property.

Don’t let your clients face this completely avoidable situation. More and more landlords are requiring Renters insurance from their tenants. Even when they don’t, though, we should make sure this doesn’t happen.

Quote your clients an iMGA Renters policy today. It’s peace of mind worth many times the cost.

 

If you’re a Texas independent insurance agent who doesn’t already represent iMGA and you’d like to be able to provide this affordable protection to your clients, start the process here.

1910 Model T FordWhen Henry Ford launched the Model T he famously said, “Any customer can have a car painted any colour that he wants so long as it is black.”

These days none of us – including our customers – accept such a limitation. Fortunately, when it comes to property insurance, you don’t have to try to shoehorn your customers into a narrow range of options.

iMGA Texas Personal Property Means Options

Form Options

On iMGA Homeowners and Dwelling policies you have the opportunity to offer the widest possible range of form options – from an HOA or TDP1 basic named-perils policy with Actual Cash Value coverage to the HOB or TDP3 broad-form open-perils policy with Replacement Cost coverage.

But your options don’t stop there.

Coverage Options

Once you’ve selected the Form, you can still tailor the options. With iMGA – unlike most companies – you’re not forced to buy 20% loss of use coverage – or limited to only that amount, and the same goes for Contents and Other Structures coverages. On each of these coverages you can either offer your customer the opportunity to reduce the cost of their policy or to increase their coverage to properly protect their specific risk.

Coverage Types

In addition to Forms and Coverage limits, you can also offer coverage type variations. If a roof is too old you can still cover the dwelling with Replacement Cost while offering Actual Cash Value coverage on the roof. If the roof is too old or doesn’t qualify for some other reason, you can still cover the dwelling and have the roof coverage limited to Fire and Lightning Only.

On iMGA Renters policies you can decide whether to offer Replacement Cost on contents or not.

Optional Coverages

In addition to the Form and Coverage type options, there are also additional coverages you can offer your iMGA clients, such as scheduled guns, business personal property, business liability, theft coverage on Renters policies, and much more.

So fortunately you don’t have to limit yourself – or your clients – to just one option. You can truly tailor their coverage to exactly what they need. At iMGA we’re proud to be able to help.

 

If you’re a Texas independent insurance agent who’d like to be able to offer more options on personal property insurance, please tell us more about yourself.

CorpusChristiTXApartmentsAtNightTexas is vast – and so is the Texas coastline. Stretching over 350 miles from Louisiana to Mexico, the counties along and near the Texas gulf coast make up a huge area that houses half the population of the state.

And now, for all the Renters in all that area, iMGA has an option you can offer your customers- a low cost policy that covers liability only. This option lets your clients satisfy the liability requirement their apartment complex may have at the lowest possible cost and without any geographical restrictions.

iMGA’s Renters program is now available all over the state.

Unlike Homeowners, Dwelling, Vacant and MobileHome, there are no counties in which you cannot sell iMGA Renters policies. If it’s a coastal county where contents coverage cannot be offered, the system will automatically let you know. If not, you’ll be able to offer the full range of Renters coverage options, including Replacement Cost and theft coverage.

We’re pleased to be able to offer you this new option and really appreciate the input we receive from our agents.

If you’re a Texas independent insurance agent who would like to work with a Homeowners, Dwelling Fire, MobileHome, Renters and Vacant home insurance market that really listens, let us know.

Texas Homeowners FormSome companies have a “take it or leave it” or “one size fits all” approach to everything they do. At iMGA we know your clients have unique situations that require a range of options.

We’re happy to provide a variety of Homeowners coverage policy forms to help you in meeting as many of those situations as possible. When quoting an iMGA policy you’ll be able to choose between offering an HOA, HOA+ or HOB policy.

Here are the main differences between those and some of the reasons you might choose one over the other:

HOA

The most basic coverage is provided by the HOA policy. Its coverages are on an Actual Cash Value for specific named perils and is the most appropriate policy for older dwellings or dwellings that do not qualify for some reason for Replacement Cost coverage, or for your clients who simply want the lowest cost option. The named perils covered by an HOA policy include:

  1. Fire and Lightning
  2. Sudden and Accidental Smoke
  3. Windstorm, Hurricane and Hail
  4. Explosion
  5. Aircraft and Vehicles (unless vehicle damage caused by insured or occupant)
  6. Vandalism and Malicious Mischief
  7. Riot and Civil Commotion
  8. Theft

HOA+

Customers who do need or want and qualify for Replacement Cost coverage on their dwelling but do not qualify for an HOB (or wish to save some money by reducing some coverage) are ideally suited for an HOA+ (HOA Plus) policy. HOA+ policies cover a wider range of named perils than an HOA policy and generally cover the Dwelling for Replacement Cost (there are specific conditions under which the dwelling’s roof coverage might be reduced to Actual Cash Value, but those are the exception not the rule). The named perils covered by an HOA+ policy – subject to conditions, limitations and exclusions – are:

  1. Fire and Lightning
  2. Sudden and Accidental Smoke
  3. Windstorm, Hurricane and Hail
  4. Explosion
  5. Aircraft and Vehicles (unless vehicle damage caused by insured or occupant)
  6. Vandalism and Malicious Mischief
  7. Riot and Civil Commotion
  8. Theft
  9. Accidental Discharge or Overflow of Water or Steam within a plumbing, heating or air conditioning system or household appliance
  10. Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
  11. Vandalism and Malicious Mischief
  12. Vehicles owned or operated by an insured or by tenant
  13. Fall of trees or limbs
  14. Weight of Ice, Snow, or Sleet
  15. Freezing of plumbing
  16. Collapse (subsidence not covered)
  17. Landslide (subsidence not covered)
  18. Breakage of glass

iMGA HOA+ policies ALSO cover the following (subject to conditions, limitations and exclusions):

  1. Water backup
  2. Mold remediation
  3. Foundation damage

HOB

Customers who qualify for an HOB have the option of buying this broadest coverage policy (though they may not always choose to for cost reasons). The HOB policy generally provides replacement cost coverage on the Dwelling (there are specific conditions under which the dwelling’s roof coverage might be reduced to Actual Cash Value, but those are the exception not the rule). The HOB policy is an “open perils” policy, meaning its language is flipped around and instead of listing the specific perils that are covered, it lists only the things that are NOT covered.

The HOB policy (subject to its conditions, limitations and exclusions) protects your dwelling from all perils EXCEPT FOR:

  1. Earth Movement
  2. Ordinance or Law (some coverage may be provided in your policy)
  3. Water Damage (some coverage provided in your HOB policy)
  4. Power Failure
  5. Neglect
  6. War
  7. Nuclear Hazard
  8. Intentional Loss
  9. Government Action
  10. Mechanical Breakdown
  11. Collapse (some coverage may be provided in your policy)
  12. Patios, footings, floors, roofs, ceilings)
  13. Mold, Fungus, or Wet Rot (some coverage may be provided in your policy)
  14. Smog, Rust, & Corrosion
  15. Smoke from Agricultural Smudging & Industrial Operations
  16. Dispersal, Discharge, Seepage of Pollutants
  17. Animals own by Insured
  18. Birds, Vermin, Rodents, Insects
  19. Wear & Tear, Deterioration
  20. Settling, Shrinking, Bulging, or Expanding (of bulkheads, foundations, pavement)

iMGA HOB policies also provide specific limited coverage the following (subject to conditions, limitations and exclusions):

  1. Water backup
  2. Mold remediation
  3. Foundation damage

ALL iMGA Homeowners policies also add Personal Injury Liability coverage at no additional charge.

At iMGA we make it easy for you to customize our products to provide the best combination of coverage and price possible for your clients – and our friendly staff is available to answer any questions you may have.

If you’re a Central or West Texas insurance agent and need a market that really understands the Texas personal property market – contact us.

Contact MethodsWe are proud to announce McLarens Norcross as our new Claims administrator.

If you or your iMGA clients need to report a claim:

Please make sure you have all this information correct in your systems as well.

We know that handling claims well is critical and are excited about the great service our mutual clients will receive from McLarens Norcross.

Five Birthday CandlesThis week marks the five-year anniversary of the first policy issued by iMGA.

Over the past half decade we’ve provided:

  • Protection for tens of thousands of Texas homeowners
  • A market for hundreds of agents
  • New jobs in Austin
  • Funds that repaired damages to thousands of homes caused by hail, water, fire – and even a stray truck!

We’ve been able to do things most companies couldn’t, like offer a wide range of creative coverage options for:

  • Dwellings
  • Roofs
  • Contents
  • Other Structures
  • Loss of Use
  • Deductibles
  • Pools
  • Trampolines
  • Pets
  • Farms and Ranches
  • Home Based Businesses

To all our staff, agents, and clients we say “Thank You!” for five great years. We can’t wait to see what the next five bring, and we’re already working on more great options – including ones that will truly be the first of their kind in our industry.

To Texas Independent Insurance Agents who have not already worked with us, we say “what are you waiting for?” – getting started with us is as easy as doing business with us is!

When Shirlene entered Don’s agency and asked for a homeowners policy it seemed like a straightforward request.

She didn’t need a lot of optional coverages, so she passed on many of those we offer, such as:

  • Increased Contents
  • Increased Other Structures
  • Increased Loss of Use
  • Business Personal Property
  • Home Based Business Liability
  • Increased Loss Assessment
  • Increased Liability and Medical Payments
  • Scheduled Residence Glass, Guns, and Personal Property

House Hit by TruckThankfully, though, the iMGA Texas Elite Homeowners policy automatically includes coverages many insureds wouldn’t think to request but sometimes really need, like*:

  • $5,000 for Building Laws and Ordinances
  • Up to $5,000 for Mold
  • Up to $5,000 for Water Back-up (on selected forms)
  • $2,500 Business Personal Property
  • $2,500 Firearms Theft
  • $1,000 Loss Assessment
  • $500 Bullion/Valuable Papers

In Shirlene’s case her house was hit by a truck and pushed out of alignment with the foundation. To make matters worse, a law was passed after her home was built requiring all homes have a larger crawlspace than hers has. Fortunately the $5,000 Building Laws coverage in the iMGA policy will help cover the extra cost caused by that new building code.

It just goes to show that you never know what might happen, and it’s important to place your clients with markets that care about providing the right coverage. Who knows when or why your clients will need it – but if you’ve provided it for them they’ll be very glad they trusted you.

Shirlene sure is.

 

If you are a Texas Independent Insurance Agent who doesn’t already do business with iMGA and you’d like the extra

 

*Of course like all insurance coverages, these may vary and are subject to the terms, conditions and limitations in the policy.

Juanita The CSRI met Juanita* three weeks ago.

Juanita is new to the insurance business. Young – still in her mid-20s – it’s the first non-retail job she’s had.

She has a bubbly personality, loves taking good care of customers and did very well on her insurance license exam. The agency where she works is one of the top auto agencies in their small town so she has already learned enough to be very comfortable with auto insurance issues and questions.

But they’ve been losing customers.

They haven’t had a good home insurance market. So every time a customer asked for a quote for renters policy or homeowners policy they ended up referring her to an agency down the street. Inevitably over time they lost those customers as the home insurance agents asked for a chance to quote the auto.

Juanita’s manager Rafael* found out about iMGA through another agent. He visited our website and liked what he saw there. He completed our online interest form, our system notified us of his interest and we quickly reached out.

When Rafael and I talked it was obvious that there was an excellent fit between his customers’ needs and iMGA’s products. He was easily able to complete the online new agent application and we had him set up the same day.

Because they were located in central Texas, it was easy for us to do an in person visit and train the staff on our products and underwriting guidelines that week. Juanita was, frankly, worried. How hard would it be for her to understand these new products? What questions might customers have that she couldn’t answer? Would she get the support she needed? How hard would it be to issue a policy?

You should have seen the look on her face the first time she went through a quote. She said “Is this all there is to it?” when it took her less than two minutes to complete the whole process.

She – and Rafael – especially loved how the system and printed application clearly explained the primary coverages and limitations so that she didn’t have to worry about missing those. She called into iMGA and one of our friendly underwriters made sure she got the answer she needed and felt comfortable calling any time. She wrote her first homeowners policy while I was in her office.

As Juanita’s confidence has grown she’s steadily increased the number of auto customers who she’s able to offer Homeowners, MobileHome, Dwelling and Renters coverage and their agency no longer has to refer those customers down the street.

Would You Like a Story That Ends This Well?

Yes, the process for signing up with iMGA can be this easy.

The process for quoting and issuing business with iMGA is absolutely this easy.

If you’d like to add more Easy to your life – and a strong range of Texas personal property products for your agency staff to offer to your customers – contact us.

 

*We’ve changed the names in this story to protect the innocent. 🙂

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