by David Bell | Sep 16, 2023
Paying your home insurance through escrow can be convenient, but if you want to change insurance providers, sometimes it can become a little tricky. Among other things, you need to make sure your mortgage lender knows where to send your premium payment. Otherwise, your premium could go to the wrong carrier causing a lapse in your home insurance coverage. While you and your insurance agent can rectify the situation, it can cause your mortgage payments to drastically increase over the next 12 months if an escrow shortage occurs.
Step 1: Find a new carrier
If you want to change homeowners’ insurance companies, your first step is to shop around. In some areas of the country like Coastal Florida (for example), some quotes will exclude wind coverage. You have to ask questions and it’s best to work with an agent to make sure you compare apples to apples. Once you get quotes and choose a company, you can proceed to the next step.
Step 2: Confirm the mortgagee’s information
Before you purchase your new policy, you’ll need to know exactly how your mortgage lender should be listed. This is called the mortgagee clause and includes your lender’s official name and the address to all policy documents will be sent.
The mortgagee clause is not just your lender’s name and the address to which you send your monthly payments; most companies also have unique addresses for insurance documents.
To ensure you include the correct information on your new insurance policy, call your mortgage company to confirm. Then, relay the information to your new insurance carrier before you purchase your new policy. Often, the purchase of the policy automatically generates documents to be sent to the mortgage on file, so the mortgagee clause needs to be correct from the start to avoid confusion.
Step 3: Purchase your new policy
Once you know the mortgagee clause on your new policy is correct, you can go ahead and finalize the purchase of your new policy. An agent or company representative will walk you through the steps, but you’ll likely have to sign an application and any other required forms related to your coverage. Because you’ll pay your insurance with escrow, you will not need to make a payment out of pocket. Your new insurance company will send a bill to your mortgage institution.
Step 4: Cancel your prior policy
Now that you’ve purchased your new policy, contact your current home insurance carrier to cancel your prior policy as of the same date your new policy is effective. Ensuring the dates are the same will prevent any overlap or gap in coverage. Even if your new policy is effective in the future, it’s still a safer process to start the new policy before canceling your old one. That way, if there are any issues getting your new policy started, you still have coverage through your old policy.
Step 5: Notify your mortgage company
Your mortgage company should receive a cancellation notice from the prior insurer and a declaration page from the new insurer, but it can help avoid confusion by letting your mortgage company know that you’ve switched insurance providers. You’ll likely need to provide the cancellation date of the prior policy and the effective date of the new policy (which should be the same date to avoid a lapse), as well as the name of the new company and the policy number.
Step 6: Send any premium refunds to your new escrow account
You may receive a prorated premium refund from your prior insurer if you switched insurance carriers mid-term. If you switch companies at your renewal period, you won’t get a refund, as all of your annual premium has been used.
Generally, you should contact your mortgage company to find out how to send this money back to your escrow account. While you could keep it, doing so could mean that your escrow will have a shortage and you’ll have to pay higher monthly mortgage payments to rebuild your escrow amount.
by David Bell | Sep 13, 2023
The concept of expecting the unexpected continues to serve insurance brokers and agents well as we move into the years to come. Why? Because preparing for potential risks in the future is your sweet spot.
It is no secret that substantial challenges have found many small businesses reinventing the way work gets done. Those business leaders who have prepared in advance are positioned for continued growth throughout uncertain risk environments.
Are all of your clients and prospects prepared for what the future may hold? In today’s shifting times, most employers find themselves waiting for the other shoe to drop.
Since the only thing that is certain is death and taxes, use this time to help your clients prepare for the what ifs of tomorrow and the unknowns. Now is the best time for insurance brokers and agents—like you—to help employer clients prepare for tomorrow’s potential risks with a flexible mindset.
Help Employer Clients Succeed
Become a hero they remember by anticipating your existing and prospective employer client needs. Help them transform potential pain into power. Remind them that things aren’t as bad as they seem because they could be worse. Here are four ways you are well-positioned to help them succeed:
Offer Your Expertise. Don’t wait for employers to knock on your door. Proactively reach out to remind them that you’re available to help with risk preparedness for the coming year. The counsel you provide today will help employers remember you when it comes time to renew any of their insurance policies.
Provide Meeting Options. If you haven’t made the shift already, set things up so you’re able to accommodate virtual and in-person meetings. Make yourself accessible in a variety of ways to connect in a way that makes your clients comfortable. Consider options like Zoom, Skype, FaceTime for live meetings. Send free personalized video messages using Loom. When it is possible, offer outdoor coffee meetings for a change of pace.
Offer Payment Plans. With shifting payrolls, paying monthly insurance premiums based on traditional workers’ compensation systems is next to impossible. Eliminate estimates and ensure accurate payments by offering a pay-as-you-go plans. Your clients’ cash flow will improve, and end-year audits will be much easier to conduct. Short-term periods that rely on weeks instead of months will save time and money.
Find Needed Solutions. Meet your customers’ needs right where they are by finding solutions to protect their shifting workforce. With different norms created from temporary positions and short-term commitments, risk management loss control programs are critical. Spend time educating clients about ways to cut costs and share risks.
Access Free Support. Realize you’re not in this new normal alone. Syndicated Insurance Resources is well-equipped to help you find what your clients need. With access to 150+ markets and more than 40 unique customized solutions for small businesses, we specialize in helping you meet small businesses’ needs with seasonal ebbs and flows.
Contact us today to help find what you need: 877-333-8195.
by David Bell | Sep 7, 2023
Every small business owner needs to manage risk, and obtaining commercial insurance is one of the best ways to do that. But finding the right coverage can be overwhelming, especially for those who have never purchased coverage before. Here are three things to consider.
Consider what is legally required. Buying business insurance may be a necessity, depending on your location, industry, state, clients and lenders. For example, businesses with employees must generally carry workers’ compensation insurance. Clients may require that you carry professional liability coverage or errors and omissions insurance. And if you’re renting office space, your landlord may require you to buy a general liability policy, which covers third-party lawsuits over bodily injury or property damage.
Understand your industry’s risks. Because every industry is different, the risks to a business often depend on its industry. For example, an accountant should worry about liability if a mistake is made completing a client’s taxes; a restaurateur should worry about a diner contracting food poisoning.
Learn what might affect your costs. Your location, the type and size of your business, and the assets you are insuring may all affect the premium you pay for coverage. While you can’t control many of these things, you can take some steps to help keep your premiums down, such as creating a safe work environment, vetting employees carefully, and not allowing your coverage to lapse.
Call or email us today to schedule some time to review your insurance needs.
by David Bell | Mar 11, 2023
When your agency began doing business with Syndicated Resource Group Holdings, Inc. or created access to the online services, you reviewed and accepted our marketing and user agreements. We are revising the agreements with updated terms and conditions, effective March 15, 2023.
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If you agree with these changes, you don’t need to take any action. Continuing to use the service after the effective date indicates your agreement with these changes. The changes will not impact the commission schedules for our various products and service offerings.
To review the new agreement, please click here.
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About Us
Did you forget about us? No worries! Our leading technology automation, strategic industry partnerships and comprehensive professional services provide high commissions while growing a broker’s book of business. With access to more markets and program offerings, we provide a broker marketplace for competitive insurance offerings.
A free Syndicated Services account provides insurance brokers with a dashboard of options that provide save time and money. Access our broker portal for:
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by David Bell | Aug 23, 2022
Every small business owner needs to manage risk, and obtaining commercial insurance is one of the best ways to do that. But finding the right coverage can be overwhelming, especially for those who have never purchased coverage before. Here are three things to consider.
Consider what is legally required. Buying business insurance may be a necessity, depending on your location, industry, state, clients and lenders. For example, businesses with employees must generally carry workers’ compensation insurance. Clients may require that you carry professional liability coverage or errors and omissions insurance. And if you’re renting office space, your landlord may require you to buy a general liability policy, which covers third-party lawsuits over bodily injury or property damage.
Understand your industry’s risks. Because every industry is different, the risks to a business often depend on its industry. For example, an accountant should worry about liability if a mistake is made completing a client’s taxes; a restaurateur should worry about a diner contracting food poisoning.
Learn what might affect your costs. Your location, the type and size of your business, and the assets you are insuring may all affect the premium you pay for coverage. While you can’t control many of these things, you can take some steps to help keep your premiums down, such as creating a safe work environment, vetting employees carefully, and not allowing your coverage to lapse.
Call or email us today to schedule some time to review your insurance needs.
by David Bell | Jul 20, 2022
As the owner of a small business, one of your many responsibilities is likely managing business insurance costs. With everything else going on in the world today, you may feel like you don’t have time to keep on top of this responsibility.
But it’s still a good idea to periodically review your business insurance coverage to ensure that you have the policies you need and are getting the most for your money.
Here are five things to consider.
Are you reviewing coverages annually? Business needs can change rapidly, so it’s a good idea to review your policy with us on a regular basis. You may find, for example, that you need to purchase additional protection (perhaps you’ve purchased new computer equipment, or perhaps you’ve increased or decreased employees). Or you may find that you can save money by adjusting some coverages. We can help you ensure that you have the appropriate coverage for your business.
Can you reduce expenses by combining coverage? It wouldn’t be surprising for you to have multiple policies with different insurance companies. For example, you might have general liability coverage from one insurer and cybersecurity coverage from another. By bundling all of your coverage, you may be able to reduce your premiums. And having only one policy can make managing your renewals a little less time-consuming.
Can you change your deductibles? A general guideline for insurance costs is as follows: higher deductibles, lower premiums; lower deductibles, higher premiums. So increasing the deductible on your business insurance policy may reduce the cost of your premium. You might then invest the money you save back into your business. Before opting for a higher deductible, however, it’s a good idea to consider how much money you have available to pay out of pocket for a covered claim, such as a theft or a fire. You don’t want to risk your business’s future to save a bit of money each month.
Consider stronger risk management in your daily operations. It’s important to think about your coverage needs in advance. Can you pinpoint potential business risks? For example, if your company could possibly experience a data breach, you will want to have cybersecurity coverage. Otherwise, you’d be responsible for costs related to your business’s recovery from a breach, such as credit monitoring services, legal fees and fines from your state if your business is required to have this kind of coverage. This could cost thousands of dollars, so having the right insurance coverage in place can be critical if the unexpected happens.
Plan for uncertainties. You might also consider taking measures to help reduce business risks. One measure is planning for a disaster, such as a destructive storm or fire or data breach, as mentioned above. But business succession planning is also critical. As a business owner, you’ll want to ensure that you leave everything in order should you need to leave the business unexpectedly.
We can help you review your current insurance coverage and make adjustments based on your company’s changing needs. Call or email us. We’re always here for you.
