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T H U R S D A Y , D E C E M B E R 1 8 , 2 0 0 8 Industry News
IIABA News
Survey Finds Economy Causing Many to Consider Changing Insurance Policies
Many Americans are facing financial struggles and considering making changes to their insurance policies, according to a new national survey of homeowners by Trusted Choice® and the Big “I.” Almost 24% of those surveyed, representing about 39 million homeowners, say they have made changes to their insurance coverage because of the troubled economy, leaving them vulnerable to serious financial loss.
Although a large percentage of homeowners are considering finding ways to cut insurance costs, they are also unaware of what their homeowner’s policy covers in the event that they rent their home or must leave the home unattended.
The survey asked respondents if they had made or were considering making changes to their auto, home, life or health insurance policies. Sixty percent of households that had made changes or were considering making changes, blamed the country’s current economic situation. The survey also asked respondents if they believe they would be covered in the event that they temporarily rented their home and 69% mistakenly either didn’t think they were covered by their current policies in these situations or simply didn’t know. Homeowners were also asked if they thought their current policy would protect them if the home was vacant and a majority thought they were covered when in fact coverage is very limited.
“It is imperative that homeowners understand their insurance needs and rights, but this survey shows that many don’t,” says Big “I” President & CEO Robert Rusbuldt. “We advise they consult with their Trusted Choice® independent insurance agent to discuss their current policies and to ask questions when faced with difficult or temporary housing situations.”
“In tough economic times, people look for ways to trim household expenses, but cutting back on insurance coverage may leave them open to even bigger financial hardship,” says Madelyn Flannagan, Big “I” vice president for education and research. “It is particularly dangerous to make these decisions without the help of an agent, because, as this research shows, many consumers do not fully understand their coverage.”
The Big “I” and Trusted Choice® have compiled a list of tips agents can pass on to their insureds about saving money on their insurance, vacant property and renting out their homes. Click here to view the list.
The survey was conducted for Trusted Choice® via telephone by International Communications Research (ICR), an independent research company in Media, Pa. Interviews of a nationally representative sample of 1,021 households were conducted in November 2008. For more information about ICR, go to www.icrsurvey.com.
Legislative Conference & Convention
Save the Date, Make a Difference
Changes in the Administration and Congress demand action—and the Big "I" federal lobbying team is calling on you to protect the livelihood of independent agents at the Big “I” Legislative Conference & Convention, April 29 – May 1. The general session lineup, conference savings, exhibits, legislative issues, hotel information and much more will be unveiled in upcoming issues of IN&V, so stay tuned! There’s power in numbers – join us in tackling Capitol Hill.
Big “I” Markets
Make the Case for Real Estate Agents E&O Coverage
Real estate agents may or may not carry E&O insurance, but choosing not to can have terrible consequences. Some real-life claim examples for real estate agents explain why: Bodily Injury and Property Damage Coverage
A guest trips and falls during an open house, sustaining a back injury. Since the injury results in surgery and the guest cannot return to work, he brings a claim against both the homeowner and the real estate agent, alleging improper lighting and failure to warn. Travelers 1st Choice+ Real Estate Professionals Policy provides liability coverage for any negligence of the insured, the broker and/or the real estate agent up to the full limits of the policy, less any deductible, in your capacity as a real estate agent or broker Pollution, Fungi and Bacteria
Prior to the sale of a property, the seller’s real estate agent received a call from a neighbor complaining that a waste dump on the subject property was damaging their property. Although this information was provided to the buyer’s agent, the buyer alleges they never received this information prior to closing. The buyer brings a claim against the seller’s agent for failing to advise them of the waste dump. Travelers 1st Choice+ Real Estate Professionals Policy provides the agent with coverage for failing to advise of the existence of pollutants, fungi or bacteria. Use these examples to help real estate agents understand why they need to purchase Real Estate Agents E&O from you. Big "I" Markets agents enjoy access to Real Estate E&O through the Travelers 1st Choice product. Visit www.bigimarkets.com to learn more.
Big I AdvantageSM
Exclusive 50% Member Discount on Caliper
Caliper has a long product relationship with the Big “I” dating back to the early 1970s. To celebrate this relationship and recent successes, Caliper is giving Big “I” members an exclusive 50% discount on its Caliper Profile service. The Caliper Profile is a hiring and screening service used by thousands of Big “I” members to ascertain the “fit” of prospective employees. Backed by 40 years of scientific data on successful personality traits for the insurance industry, members also use the profile to help structure an existing position to maximize an individual’s talents or team performance. At a price not seen since the program began at the Big “I”, Caliper encourages members to maximize their human assets. To obtain the 50% member-only discount, click here. For questions, contact Caliper’s Agota Miskolczi at 609-524-1384; AMiskolczi@calipercorp.com, IIABA's Elif Wisecup at Elif.Wisecup@iiaba.net or Paul Buse at Paul.Buse@iiaba.net.
IIABA News
The Big “I”- Heisman History
Last week, Sam Bradford of Oklahoma University was awarded college football’s most coveted honor, the 2008 Heisman Trophy, after leading the Sooners, the highest-scoring team in college history, to this year’s BCS title game. While the quarterback’s skills on the football field are well-known, most don’t know he also has a Big “I” connection. His father, Kent Bradford of Bradford-Irwin Insurance Agency in Oklahoma City, is a member of the Big “I” and Trusted Choice®. And Bradford isn’t the Big “I”’s only connection to the Heisman. Steve Owens, winner of the 1969 trophy, is a Big “I” member and owner of the Steve Owens Insurance Agency in Norman, Okla.
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