When it comes to the underwriting of insurance, there is a particular method insurer’s use when calculating how much the average claim costs. This method is called the frequency-severity method. What Is the Frequency-Severity Method? Overall, the frequency-severity method is a method for determining the expected number of claims that an insurer will receive during a given time period and how … [Read more...]
Commercial Property Rate Increases
Across the country, commercial property rates are on the rise as insurers are forced to contend with a rise of natural disasters, social unrest and the COVID-19 pandemic. In addition to these tumultuous times, insurance companies have become stricter with their underwriting by restricting some coverages and excluding risks that have been covered in the past. While it might seem like the rates … [Read more...]
3 Tips for Comparing Apartment Investors Insurance
Apartment real estate can be a great investment. However, it is an investment that includes risk such as fire, hail, and floods. All the above have the potential to destroy your property and hard-earned investment. That is why you have insurance; to protect the investment over the long term. Below, we have outlined some simple tips for making sure you have the appropriate insurance coverage for … [Read more...]
Real Estate Investment? Cons of that “great deal”
Most people in the real estate investment business hope to find that “great deal” for the right price to add to their portfolio; but many times the property that has that great price may have a few issues that can make it a bit more challenging to purchase…and insure. When searching for real estate, here are some common buzz words to be mindful of: Purchase “as is”Some renovations … [Read more...]
Master Renters Program 101
Ramey King has provided a specialty insurance for residential and apartment properties for many years. One of the continuous challenges to owners of these properties are claims that are caused by a tenant and can vary in scope. Common claims from tenants include grease fires, cigarette fires, or just general issues caused by the tenant themselves. We strongly suggest that tenants acquire … [Read more...]
Insurance Companies & Inspection Requests
Most commercial insurance companies have either engineering departments or loss control departments. These departments are staffed by highly trained engineers or technical safety personnel. These important staff members are tasked with coming out to see and inspect businesses and properties that are insured by their carrier. And while inspections can happen any time, most of these insurance … [Read more...]
New Years Resolutions: Thinking About Insurance
Have you made your 2020 resolutions and goals? If you have, we hope 2020 is a successful year for you! But bearing in mind your resolution, do any of your goals result in a change of insurance needs? Below, we’ve included some questions you might consider as we embark on a new year. Any new properties or homes? Find out what the premium estimates are for these additions before you make a … [Read more...]
Earthquake Insurance…in Texas?
You might be reading the title of this article with slight confusion. Earthquakes? In Texas? While they’re not incredibly common, earthquakes are becoming more and more widespread across our great state. In general, most Texas insurance coverages do not include earthquake coverage, as it’s a coverage that’s not usually provided or asked for in most property coverages. However, due to the uptick in … [Read more...]
Working From Home and Insurance
More and more, you’re hearing about companies offering jobs for remote employees. Remote work, or working from home, is increasingly becoming a perk in the workforce and allows for more flexibility than the traditional 9-5 office work. While telecommuting isn’t new, technological enhancements have made the transition from office to home that much easier. This option is now open to many more office … [Read more...]
How Often Should I Review My Insurance?
How often should you review or bid your insurance? This is a question we’re asked many times in a year. While we live in a free-market economy that allows a person to seek the best option when purchasing from vendors, (i.e. insurance companies) the concept of putting a product out to bid creates some interesting thoughts. What is a good option to get the best insurance program? Several years … [Read more...]
