oin Mike and veteran insurance agent Brad for an insightful chat about the rising costs of insurance and how it's impacting homebuyers. Brad shares straight-talk on why rates keep climbing, from increasing weather events to shrinking insurance reserves. You'll get key takeaways on shopping for the best policy, including: - Why getting quotes early is crucial, don't wait until the last minute - The importance of having an agent explain all your coverages in detail - How higher deductibles can save money but have tradeoffs - Why credit scores predict claims risk more than creditworthiness Brad also offers tips for real estate agents to help clients navigate insurance hurdles during already tight housing market conditions. If you're bewildered by skyrocketing premiums, this chat delivers clarity and ideas to tame costs without sacrificing quality protection. Tune in to gain useful perspective on weathering the insurance storm.
The key moments in this episode are:
00:00:13 - Welcoming 2024 and Rising Insurance Costs
00:02:25 - Impact of Reserves on Availability
00:07:49 - Future Outlook for Insurance Costs
00:10:48 - Weather Events and Reinsurance Costs
00:12:11 - Summary of Weather Events in 2023
00:12:21 - Impact of Billion-Dollar Weather Events
00:13:06 - Impact of Growth and Inflation on Insurance Costs
00:14:29 - Impact of Regulation on Insurance Costs
00:17:50 - Escalating Insurance Inflation
00:20:07 - Importance of Insurance Agents in Navigating Policy Options
00:23:45 - Importance of Replacement Cost for Roof Coverage
00:25:39 - The Role of Insurance Agents
00:27:38 - Claim Handling and Policy Education
00:32:22 - Realtors' Role in Insurance Planning
00:34:24 - Collaborative Approach to Insurance Planning
00:35:01 - Importance of Education in Real Estate and Insurance
00:36:29 - Insurance Inspection Period and Coverage Limitations
00:39:55 - Essential Home Insurance Coverages
00:43:44 - Pitfalls of Seeking Cheaper Insurance
00:44:46 - Frustrations of the Insurance Industry
00:45:59 - Setting Expectations for Insurance Quotes
00:47:31 - Building a Relationship with Your Insurance Agent
00:49:29 - Understanding the Impact of Credit on Insurance Premiums
00:51:48 - The Role of Credit in Predicting Claim Potential
00:54:55 - The Impact of Reduced Competition on Insurance Costs
00:57:13 - Speculation in the World
00:58:12 - Climate Change Speculation
01:00:18 - Impact on Insurance Premiums
01:02:27 - Planning the 100th Episode
01:04:43 - Market Update and Future Guest
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The resources mentioned in this episode are:
Contact your insurance agent to review your policy and ensure you have the right coverage for your home, including wind and hail, replacement cost, and water damage coverage.
Consider getting a roof inspection before buying or selling a home to ensure insurability and to potentially lower your insurance premiums.
Build a relationship with your insurance agent to have a trusted resource for advice on claims, coverage, and potential cost-saving options.
Understand the impact of your credit on insurance premiums and claims potential, and consider the financial implications before filing a claim.
Stay informed about changes in insurance policies and coverage options, especially regarding deductibles and coverage limitations, to make informed decisions about your insurance needs.
