Texas Personal Property Insurance

The 3 Most Important Homeowners Coverage Decisions

August 21, 2014 James Dickey

What to Cover

Every client coming to you for homeowners insurance is aware of the need to cover their primary dwelling. But only good questioning by you will reveal the other things that they have that need coverage as well.

Fortunately iMGA systems guide you through the questions on some of those other things that might need special coverage, including:

Other Structures (outbuildings, storage sheds, etc.)
Business Personal Property
Computers
Scheduled Personal Property (engagement rings, jewelry and collectibles)
Farm and Ranch Equipment

How Much Coverage to Buy

Far too many people buy the amount of homeowners insurance needed to pay off their mortgage. But critical provisions of homeowners policies require that clients purchase the amount of insurance necessary to replace the home. That means the right amount of insurance could easily be much more or less than the mortgage.

Fortunately, iMGA systems include a replacement cost calculator to help make sure that the coverage amount chosen when the policy is issued is within the needed range. Of course like any other tool it is highly dependent on what you input and the information that your insured has given you.

For example:

If there is an attached garage, those quote questions need to be answered correctly.
If the insured has finished out the garage as living space or done some other major addition then the square footage needs to be increased.
Also, the build quality can swing the valuation a large amount in either direction.

So make sure that you ask your insureds detailed questions about their property so that this critical decision can be made properly.

When to Update Coverage

According to AccuQuote.com, replacement costs have risen an average of 7% per year. That means the replacement cost of the average home has more than doubled in the last 11 years, and has a very high likelihood of being underinsured after only a few years.

If that’s not enough, homeowners frequently upgrade – remodel, put in a pool or addition, or make other changes that increase the value and replacement cost of the home.

Clients depend on you, their trusted advisor, to ensure these coverage decisions are made in an informed manner. At iMGA we work to make doing so as easy as possible for you.

If you’re a Texas insurance agent who would like to work with a company focused on helping make your job easier, let us know.

Another Easier Way to Pay

May 15, 2014 James Dickey

Many iMGA customers have taken advantage of the ability to sign up for auto check payment of their insurance premium.

When they do that they are much less likely to ever miss a payment or incur a late fee. Plus they don’t have to worry about mailing a bill or going online.

Well now iMGA clients who prefer to pay by credit card can take advantage of the same benefits.

That’s right – we now offer automatic recurring credit card payments! Simply pay your client’s invoice with their credit card as normal, then click on the box to “Save for Recurring Payments” and the minimum due will be paid on the due date automatically. They’ll still get a reminder notice each month with the amount we’ll apply to their card and the date we’ll process the transaction.

And of course they’re free at any time to discontinue the automatic payments or change their AutoPay account if they change their mind.

If you’re a Texas insurance agent who would like to offer personal property products from a company focused on making things as easy as possible, start the process here.

Categories: Systems, Texas Personal Property Insurance Tags: AutoPay, credit cards, payments

56% of Renters Do Not Have Insurance

April 23, 2014 James Dickey

According to a national survey conducted by Harris Interactive, 56% of young adult renters do not have renters insurance.

The same survey found that 75% of those without insurance did not realize that they could buy renters insurance for about the same amount each month as one cup of Starbucks a week, or two movie tickets a month.

The online survey of over 1,000 23-35 year old renters, commissioned by Nationwide Insurance, also found that:

The two biggest fears among renters are fire and theft.
Forty percent didn’t know that renters insurance can cover stolen property.
Seventy percent have rented for three years or more and 46 percent have rented for five years or longer.

A Good Agent is Critical

The results of this survey show yet again why a good insurance agent is such an important part of making sure clients are covered properly.

Your clients need you to inform them of the coverages available and appropriate for their situation. As an industry professional you can bring information and a perspective that they simply do not have.

So help your clients who are renting – talk to them today about an iMGA Renters policy and help them avoid being part of the 56% without insurance. They’ll thank you, and they’ll sleep better at night knowing they have the coverage they need at a reasonable price.

If you’re a Texas independent agent looking to offer a Renters product to your clients, contact us today.

Categories: Texas Personal Property Insurance Tags: renters insurance, texas renters insurance

Only You can Prevent Wildfire Losses

April 16, 2014 James Dickey

“Only you can prevent Forest Fires!”

That’s an old saying that you may remember. If not (or for those who do who want a trip down memory lane) – here’s a quick refresher:

Of course we should all do our part to avoid accidentally setting a wildfire – especially as we head into the peak Texas wildfire season. It’s just as important that all of your clients do everything they can to avoid wildfire losses, and there’s a lot they can do.

The Best Steps to Avoid or Reduce a Wildfire Loss

Roof – Use fire-resistant materials like cement tile, composition shingles, metal or copper. (You can get a double benefit – and save significantly on your premiums – if you use a roofing material that is both fire and hail resistive).
Walls – Use noncombustible siding materials like hardiplank, stucco or brick.
Construct decks of nonflammable materials and enclose the area under any raised decks to prevent embers from blowing underneath.
Use dual pane or tempered glass windows with metal/aluminum frames.
Install smoke detectors and fire extinguishers throughout your home.
Keep a garden hose that is long enough to reach the house and other structures on the property.
Make sure fire tools (ladder, shovel, hose, rake, axe, water bucket, etc.) are handy.
Install a back-up generator in case electrical power is shut off.
Store valuable documents in a fire-resistive safe or an off-premise location.

Avoid Feeding a Fire Near Your Home

Keep the roof and gutters free of leaves, needles, branches, and other debris.
Maintain an adequately watered defensible space around your house on a regular basis (at least 100 feet of space on level ground and 200 feet on sloped terrain).
Remove all dead plants, trees, branches, firewood and debris and all flammable native plants within 30 feet of home.
Remove branches that extend over the roof or within 6 feet of the home.
Maintain a minimum of 15 feet between tree crowns.
Trim tree limbs to 15 feet off the ground or 1/3 total crown height, whichever is less.
Mow grass regularly.
Clear a 10-foot area around propane tanks or barbecue area.
Separate shrubs by a distance of at least twice the height of the shrub.

It’s great to have the right insurance when a loss happens. It’s even better to avoid a loss in the first place. Take these steps with your own home and encourage your clients to do the same and you just might help them avoid a terrible experience. As an agent there’s no better service you could provide than that.

If you’re a Texas independent insurance agent that goes the extra mile to take care of clients and don’t already do business with iMGA, we’d love to talk to you. Start the process here.

Categories: Texas Personal Property Insurance Tags: prevention, wildfires

Avoid a Co-Insurance Headache – By Asking the Right Questions

April 10, 2014 James Dickey

The public plans and data don’t always match the current reality.

We have lots of technology tools available today that weren’t available in the past – real-time lookup of tax records to get the square footage of a home as it has been reported to the county, automatic replacement cost estimates based on those tax records, etc.

But all that technology is only as good as the information it’s been fed – so it’s critical that you make sure that they have the right information so that your client is adequately covered.

If you are selling a replacement cost coverage policy (TDP1+, TDP3, HOA+, HOB), be sure to ask the client if:

The square footage is correct as shown on the county’s rolls,
Any major additions or renovations have been done, and
They are comfortable that they could find a contractor to rebuild the same house on the same property for the coverage amount selected.

There’s no database in the world that can know what the client hasn’t told anyone – so only you can prevent an unnecessary co-insurance problem by getting those answers.

Categories: Texas Personal Property Insurance

Working with Agents is Super!

January 29, 2014 James Dickey

You can’t turn on a football game these days without seeing one or two (or two dozen!) commercials for auto insurance companies promising to save you money. Many of those companies expect you to do most of the work and want you to call only them when you’re considering leaving your current insurance company.

There is a much better way, and no animal (small or large) has to be involved – work with a local insurance agent.

Agents Can Offer Options

Sure, you could spend hours or days visiting multiple web sites and/or calling multiple 800 numbers to try to be sure you’ve gotten the value, but who has the time? Independent insurance agents – and all the agents representing iMGA – can collect your information only once and then use that to get the best value best combination of price and coverage from every company they represent.

Agents Understand the Details

When you buy insurance you’re buying coverage, and there are a LOT of coverage options with every different company and product. An independent insurance agent is a professional whose full-time work is with the details. Using an agent ensures you don’t get any nasty surprises when something happens.

At iMGA we’re proud to work with some of the best insurance agents in Texas. Contact us so we can help you find one.

If you’re a Texas agent that would like another great personal property market, tell us a little bit about yourself.

Categories: Agencies, Texas Personal Property Insurance Tags: agents, football, independent agents

Clients Save Time and Money with AutoPay

January 16, 2014 James Dickey

As much fun as kids might find it to lick stamps and label envelopes, your clients will appreciate not having to do either once they sign up for AutoPay with iMGA.

Not only will they avoid the need to do any of that, but they can rest assured that every month they’ll get a notice letting them know exactly how much and on what date the system will charge to their checking account. It’ll always be the minimum due on their policy, and will be drawn from their account on the due date (or even a couple days later).

Not only will they save worry and time, they’ll also save money in several different ways:
– They won’t have to pay postage.
– They won’t have to buy envelopes or checks.
– They won’t have a late fee (assuming the payments don’t bounce).
– They will save a minimum of $2 off each installment fee. (This only applies if you set them up for AutoPay when you submit the policy.)

So be sure to ask your clients about AutoPay and set them up with it when you bind the policy.

If you’re a Texas insurance agent who doesn’t yet work with iMGA and you’d like to learn more about us, please tell us more about you.

Categories: Texas Personal Property Insurance Tags: AutoPay, BillPay, Bills, installments

Growth and Profit Leaders Overwhelmingly Work With Independent Agents

December 12, 2013 James Dickey

Companies that work with quality independent agents can grow profitably.

A new Conning study identified 18 top personal lines insurance growth and profit leaders out of the 264 U.S. companies that write $20 million or more.

It is no surprise to those of us who work with quality independent insurance agents that a full two-thirds – 12 of the 18 – growth and profit leaders are also companies that work in whole or in part with independent agents.

The study also showed that sometimes “too big to fail” is also “too big to succeed” – with 14 of the 18 most successful companies smaller than $500 million in premium.

The Conning report comes on the heels of a McKinsey study that says “agents have neither the scale nor the operational efficiency to profitably sell a commodity.”

Of course that’s really the point – smart companies work with great agencies that are not trying to profitably “sell a commodity”. Great agencies are solving complex client needs and providing invaluable guidance and advice.

Those complex client needs are exactly why at iMGA we offer a full range of coverage choices:

Homeowners forms from HOA to HOA+ and HOB
Dwelling forms from TDP1 to TDP1+ and TDP3
Deductibles from $500 to 5%
Other Structures coverage from 0% to 40% of Dwelling limit
Loss of Use from 0% to 40% of Dwelling limit
Replacement Cost, Actual Cash Value, or Fire and Lightning Only coverage for roofs
And much more.

We work hard to make offering these choices as easy as possible, but it’s the independent agent we work with who makes it all possible and ensures the client has the right balance of coverage and cost for their specific needs. We couldn’t do it without you, and we know you’re the key to a very bright future for us.

If you’re a quality independent insurance agent in Texas and you don’t already represent iMGA for your client’s property needs, please contact us.

Categories: Texas Personal Property Insurance Tags: Conning, growth, independent agents, McKinsey, profit

Most Water Damage Losses Can Easily Be Avoided

August 12, 2013 James Dickey

Water damage from a second floor overflow.

As insurance professionals we’re honored to be able to be there when tragedy strikes. Fire, lightning, explosions, tornados, hurricanes – when these unexpected events wreak havoc it’s our privilege to help restore people’s homes and possessions.

But we know that even with insurance everyone would be better off if they’d never had the claim. So we definitely want to help our clients avoid any unnecessary losses.

The one type of loss we’ve seen that can most easily be avoided is water damage.

The majority of water damage is caused by overflow from dishwashers and washing machines, and those overflows almost always happen when people leave those appliances running while they’re gone or asleep.

So instead of a minor annoyance easily handled by a mop and a very little bit of time, they end up with major damage, the cost of a deductible and the inconvenience of major repairs.

Help your clients avoid all this unnecessary pain – encourage them to only run dishwashers and washing machines when they’re home and awake. They’ll appreciate your thoughtfulness.

iMGA is represented by high-quality independent insurance agents. If you’re a Texas insurance agent looking for an easy-to-use personal property insurance market, tell us more about yourself.

Categories: Texas Personal Property Insurance Tags: claims, water damage

Property Insurance Solutions for Texas Insurance Agents

July 26, 2013 James Dickey

Independent insurance agents that represent iMGA are professionals that really understand their clients’ needs.

At iMGA we’ve worked hard to provide all the personal property solutions for those needs:

Homeowners Insurance

Small farms and ranches (up to 300 acres)
Older homes – even with replacement cost coverage (provided needed updates have been made)
Home based businesses
All protection classes
With or without credit scoring
Properties with pools, slides, diving boards, trampolines and pets (subject to certain restrictions of course)
Multi-policy discount if they have another policy with your agency
Discounts for new roofs, dwelling updates, hail resistive roofs, and much more

Rental Dwelling Insurance

With or without replacement cost coverage
With or without liability coverage
Discounts for new roofs, dwelling updates, hail resistive roofs, and much more

Owner-Occupied Dwelling Insurance

With optional theft coverage
With or without replacement cost coverage
Discounts for new roofs, dwelling updates, hail resistive roofs, and much more

MobileHome Insurance

With or without replacement cost coverage
All protection classes
Owner or tenant occupied
With or without liability coverage
Discounts for metal roofs

Renters Insurance

Homes or Apartments
Contents up to $50,000
Optional theft and replacement cost coverage

Vacant Dwelling Insurance

All protection classes
With or without liability coverage
With or without renovation coverage

All iMGA policies include

convenient direct bill payment plans (with up to 9 installments, depending on the product and term),
check, automatic recurring check and credit card payment options, and
instant policy issuance.

To learn more, log in. If you’re not already an iMGA agent, contact us.

Categories: Texas Personal Property Insurance Tags: apartment insurance, dwelling insurance, homeowners insurance, products, renters insurance, vacant dwellings

Archives for Texas Personal Property Insurance