Todd Tamori, Atlas Insurance Group
I met Todd Tamori through LinkedIn. He reached out to me regarding a listing, and I was immediately drawn to his amazing smile! I realized I had never really thought much about the insurance aspect of real estate even though a number of buyer clients had asked for a recommendation. Because his company provides policies for properties in remote areas, as well as shoreline properties, secondary and rentals, as well as luxury to yurts, and even tiny homes, I invited him to write a post to be featured in my social media and HomeOnTheHamakua.com lifestyle blog. Enjoy! And, if you agree with his suggestions, please contact him via cell or email for a quote.
Todd Tamori: (808) 533-8747 [email protected]
Are all Property Insurance carriers similar in coverage and cost?
While many homeowners know that there is a difference in cost among Property Insurance carriers, most are not aware of how wide this delta can be. In terms of cost, the premium difference for insurance on a single-family home can range from $200-700/year between different carriers! There can be a wide range of coverage limits as well as there are no set parameters among insurance carriers and agents when calculating the structural coverage for a single-family home. The simple reason for these variations is that there are so many factors when it comes to insuring a home (age, size, location, building materials and occupancy to name a few) resulting in insurance carriers emphasizing certain variables over another. This creates the appetite each individual carrier may have and how competitive that carrier will be compared to others in the market for a variety of risks. The simple fact is no insurance carrier holds an advantage of coverage and cost for all property variables and risks.
Due diligence and the advantage of an Insurance Agency
There is only one way to know you have a competitive insurance option for your home and that is through due diligence by shopping multiple options. This applies to both new homebuyers and long time homeowners as the insurance market can change over time with carriers taking rate increases or changing their appetite. It is recommended to consider options from both Captive Agents as well as Insurance Agencies and I want to take this opportunity to explain the difference between the two. Captive Agents have one option for all variables and risks whereas Insurance Agencies work with multiple insurance carriers to utilize for different risks and situations. This is a distinct advantage of an Insurance Agency having the flexibility to understand the variables of a given home to place the risk with the best option from the carriers they work with. That’s not to say that Captive Agents should be completely ignored as there may be certain situations where that singular option may be the most competitive for a given home, however in the overall shopping process the Insurance Agency gives the value of having shopped several insurance carrier options whereas the Captive Agent is limited to just one option. Not doing your due diligence can potentially result in overpaying for insurance year over year or your home being underinsured and exposed should a major loss occur.
Kama`aina Tip
Beyond coverage and cost you should feel confident not only in your insurance agent’s knowledge and expertise, but also that the agent has your best interests in mind. Going back to the fact that no insurance carrier holds an advantage for all property variables and risks also means that no agent should be automatically trying to sell a policy for 100% of the people they quote. Rather, look for an agent that you believe would only sell a policy for 100% of the risks they are best suited for. Trust and comfort with your agent are both important factors when dealing with insurance so you have the peace of mind your home and family are well protected.
