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Information and Updates from Shelter Insurance's Richard Yager
Dated: February 28 2024
Views: 195
The team at Berkshire Hathaway Home Services had a special guest at our meeting this week, Richard Yager from Shelter Insurance. Take aways from his remarks:
- Insurance for homes and most other types of insurance is going to go up 30-40-50% in the next few years. On average, last year was 15%, this year will be 20% and next year 10%. Companies vary.
- Roof claims are handled with either replacement cost or ACV (actual cash value) This varies per company now and will change in the coming years.
- Insurance companies are going to require higher and higher deductibles so clients share a larger % of the claim. $1,000 will not be normal home insurance deductibles. $2,500 will be more common.
- Many companies will not offer home insurance in certain areas. It will be accessed by zip codes.
- Roofs should always be visually inspected for hail or wind damage before closing. This way there are no surprises before closing. If an inspector is not willing to do this, find another one.
- Damage claims are always turned in to the insurance company that had the insurance policy when the damage/storm happened.
- Try to pin down an insurance company to an exact premium. They should be able to get fairly close if they are willing to do some upfront work. There are a lot of untrained office staff giving quotes that are not fully aware of all the quoting process nuances.
For more inforrmation, readers can reach out to Richard here:
Amy Glover Bryant
Amy Glover Bryant | Central Arkansas Real Estate AgentAmy Glover Bryant is a real estate agent with Berkshire Hathaway HomeServices Arkansas Realty, serving Central Arkansas with 14 years of experienc....
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