Why are they non-renewing my commercial insurance?

May 15, 2011 by 1 Comment

Commercial property insurance are unique policies, but the one I am covering today is a 2 plex rental property and a 8 plex apartment building. Recently, my clients policy was set up for non-renewal. Now this not may seem like a big deal, but it actually is.

The reason it was non-renwed, was not following up on insurance recommendations, after a property inspection. The recommendation was to hire a contractor to see if necessary repairs had to be done at the edge of the roof, at the duplex. Well, to put it simply, they didn’t hire a contractor and did not follow up with the insurance company. Now the policy is set up for non-renewal, due to not completing recommendations by the insurance company. Also, the company has every right, du to the fact in Colorado, you must keep the property in good enough condition, and to also protect it from loss.

The issue now is finding a new insurance company. Because most companies ask if insurance has been cancelled, denied or non-renwed for any reason. You have to say yes, else it could be considered insurance fraud. This immediately throws up a red flag for the underwriter. In most cases, the insurance company is going to deny the new business, because the insured did not follow up on recommendations from the insurance company. So whats going to stop them form not taking care of the property with the new insurance company?

So point being, take care of your properties….

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Filed under Business & Commercial Insurance Tagged with , ,

Why have my home insurance rates gone up?

May 15, 2011 by Leave a comment

In Colorado in July 2009, we had a major hail storm come through Denver and surrounding area’s. It came through and caused a little bit of property damage to homeowners roof’s. Now depending on the roof condition, a lot of homeowners filed a claim due to hail damage to their roof’s. Not only did I have a lot of clients who got new roof’s, but also I saw a lot of neighbors and people I didn’t know, by driving around the neighborhood and seeing these new roof’s getting replaced. A lot of roofer’s were going door to door, trying to sell people new roof’s paid by the insurance company. I knew a lot of people who were incredibly happy about their new roof’s and how the insurance companies, with no haggle, replaced their roof.

So what is the unintended consequences of all these roof’s being replaced? Well lets face it, the insurance company makes money off of your premiums you pay each year. So what happened when homeowners got their insurance re-newels? Well, a lot of them experienced sticker shock. Lets face it, the insurance company has to make it up those losses some how. So what they do is raise insurance premiums all across the board. This very unfair to the consumers who didn’t file a claim, but premiums are based off of loss experience.

So next time you get an insurance re-newel and your unhappy about the premium increase, don’t forget the insurance company just bought you a new roof. And if your one of those consumers who got hit with a premium increase and didn’t get a new roof. Maybe next time you should consider, because people will always take advantage of a new roof paid by the insurance company.

Loss experience + return on investment = Insurance premium rates.

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Filed under Condo Insurance, Home Insurance, Homeowners Insurance, Landlord Insurance Tagged with ,

What Is Sr22 Insurance?

May 15, 2011 by Leave a comment

Well lets first start out with the fact if your reading this blog and had to have it, you already know what it is and its not fun, and puts a dent in your pocket book. Also people think that all you have to do is pay an sr22 fee, on top of the insurance rate. But it also increases the overall premium.

The reason why you would need sr22 insurance is because, you got a serious moving violation, such as a DWI, DUI, driving without insurance and so on and so forth. At his point the DMV determines, that in order to maintain or reinstate your license, you must maintain sr22 insurance, for the stated time they determine.

The process is pretty simple in how it works, when you purchase a policy, the insurance company will notify the DMV, that you are maintaining auto insurance. This is all done electronically these days. In the event that your auto insurance is canceled for any reason, the DMV is notified. This could be for such reasons as not paying your insurance premium or the policy is being non-renewed. If you don’t maintain sr22 insurance the time the DMV requires, they will most likely suspend your license. From here you will have to file again, to re-instate your license.

In Colorado, the DMV will make you get sr22 insurance sometimes, even if you don’t own a vehicle. At this point you would need to purchase a non-owner policy. Pretty much it means, you have insurance, with out owning a vehicle. Also in this case its based strictly off your record.

I know this was simple short blog, but if you have any questions please contact us.

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Filed under General Insurance, SR22 Insurance Tagged with , , ,

Our Agency Enjoys Insuring Gun Stores & Outdoor Insurance Products

July 8, 2010 by Leave a comment

Our agency loves to insure gun stores and gun smithing operations. Mark A. Schneider owner of the agency, is a gun owner, collector, hunter and is a big believer in the 2nd Amendment. He spends time on learning new things in the industry. This can be anywhere from new risk that can arise in the market, to learning new guns that are coming out. Mark is also a member of the NRA and RMGO- Rocky Mountain Gun Owners. He believes in protecting gun owners rights.

Mark also loves to go shooting and hunting. He plans a Deer hunt each Fall with friends. Camping is a big part of his summer, along with shooting at least once a month. Sometimes once a week.  He also loves to fish. “I Love the outdoors and anything involved with it”, said Mark.

Mark A. Schneider has been selling Outdoor Insurance Products for a while now. He can help you insure your gun shop/smithing, shooting range, Guest Ranch, Outdoor Guides, Gun & Rod Club and more. Please visit his Contact Page Or Quote Page to Contact him.

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