You have a difficult job as a loan officer, as it’s like herding cats to get a loan closed one way or another. When you are closing a loan for a client there are a million things that need to be done to complete the process. Getting homeowners insurance often seems like a black box, yet is an important part of the process. Whether your client is buying a new home or a refinance, it can be a painful process. I’m sure you know a few insurance brokers, yet are they really giving your client the best product at the lowest cost? Well, sometimes…
Our competitive advantage is getting coverage bound fast and correctly the first time along with our attention to detail. Why do you care? We make you look better in the eyes of your clients since we have a high touch way of engaging and going over coverage details. We do not simply slap a policy together and move on. We do it the right way so that if there ever is a claim at least we have them covered correctly the from the start.
What is considered in a Homeowners Policy?
- We have access to 14 homeowners insurance carriers! Most independent brokers have about five carriers. We have more carriers because it gives clients more options and saves them money.
- If the house is unique or harder to place, most traditional insurance carriers will not write or refinance a home. We have direct access to specialty carriers and are able to help find your client the right coverage (even for those unusual situations).
- There are a variety of factors that go into the price clients pay, such as;
- Replacement cost of the home (higher cost = higher rates)
- Age of the home (newer homes can be cheaper to insure)
- Home square footage (larger homes are more expensive to rebuild)
- Number of primary inhabitants (larger households increase potential liability)
- Construction type (fire-safe materials like masonry are cheaper to insure than wood)
- Roof type (fire-retardant asphalt or metal is preferable to wood shakes)
- PPC (Public Protection Classification, which measures proximity of fire station, police, hydrants, “1” is the best to “10” is the worst.)
- Personal claim history (if you file more than average claims, your rates will be higher)
- Area claim history (if neighbors file lots of claims, it can increase your rates)
- Pets (dog with bite history or breeds considered more dangerous can increase rates)
- Owner’s credit score (statistics show that people with lower score file more insurance claims)
- CLUE Report of the property, which lists claims filed by the previous owners in addition to you. If the cause of the claims has not been resolved, your rates will be higher.
- Security or alarm system (alarms and monitoring help decrease rates)
- Fire alarm system
- Deadbolt locks
- Home based business
- Neighborhood crime rate (higher crime areas cause higher insurance rates)
- Attractive nuisances (swimming pools, ponds, machinery, playground equipment, trampolines) increase liability potential and insurance premiums
- And so much more…
What we do is make sure your client gets the right amount of coverage and hopefully an Umbrella Policy as well. They also get a discount if they bundle Home & Auto coverage. Our goal is to make you shine and look good for any client you refer!
We pride ourselves on being quick and efficient. If you want more information give us a call or text at 425-802-2783.
Gary Franke, Tamara Chandler & Julia Phipps
Independent Broker
12505 Bel-Red Rd, Ste 106
Bellevue WA 98005
425-802-2783 (call or text our office line)
gfranke@basinpacific.com