Author: Bob O'Brien

Maine Business Insurance – How Much Does it Cost?

Posted on by Bob O'Brien

If you’re starting or running a business in Maine, your budget includes insurance. How much fire, auto or liability insurance do you need, and what will it cost? The answer varies, depending on what your business does. Restaurants pay more for fire insurance because of open flames and heat. Web designers pay more for professional insurance due to copyright infringement hazards. Breweries and other manufacturers spend more for product liability insurance. Contractors and food trucks pay more for auto insurance because they have a lot of equipment on the road.

Your business location affects your insurance costs, too. Business insurance in Portland or Southern Maine may cost more due to more congested roads, exposure to out-of-state travel and more a more litigious environment. But, business fire insurance may cost less in Portland, South Portland, Scarborough or nearby southern Maine towns due to strong fire protection.

Average Costs for Small Business Insurance in Portland Maine

The business clients of Noyes Hall & Allen Insurance, an independent agency in South Portland Maine, pay an average of:

  • $3600 for all their commercial vehicles
  • $4500 for workers compensation
  • $1400 for business property insurance
  • $2600 for business liability insurance
  • $2750 for professional liability (Errors & Omissions) insurance

Those figures include all business clients, large and small. Some clients only need business liability coverage; others need all the insurances.

What Would It Cost to Insure Your Maine Business or Idea?

If you own a business or a startup business in Maine, we can help you find out. We offer a choice of Maine’s preferred business insurance companies, so we can survey the market. We’re independent and committed to you.  Call a Noyes Hall & Allen Insurance agent in South Portland Maine, or click “get a quote” above. In the end, you’ll know how much to budget for insurance, and what kind of business insurance you need.

Homeowners and Dwelling Fire Policies: What’s the Difference?

Posted on by Bob O'Brien

Two types of hazard insurance commonly cover Maine homes and property: a homeowners policy or a dwelling fire policy. Each can satisfy your mortgage company’s hazard insurance requirements. Homeowners and dwelling fire policies provide different coverage. Here are some of the major differences.

Homeowners – Broader Coverage, Tighter Eligibility, Custom Options

Maine homeowners insurance policies are designed for owner-occupied properties, usually one- or two-family homes. Insurance companies look to write homeowners policies on well-maintained year-round homes with good claim history.

Homeowners policies provide coverage for more classes of property than dwelling fire policies. Dwelling fire policies usually provide little or no contents coverage, while homeowners policies aim to cover most of your belongings. You can tailor a homeowners policy for special types of property like jewelry, art or firearms. Specialty belongings like this  aren’t well covered by either type of policy off-the-shelf.

Dwelling Fire Policy – A La Carte Coverage Options

Dwelling Fire policies are designed to cover only the things you or the insurance company want to. Is your roof is in poor shape? Your insurance company might exclude damage for water leaks. Own a Maine camp with no plumbing? You don’t need insurance for damage from frozen pipes.  Dwelling fire policies allow you to customize your policy by choosing from the basic DP-1 form, the broader DP-2 form, or the broadest DP-3 form.

Other important differences:

  • Liability coverage is limited to the premises on dwelling fire policies.
  • Homeowners offer more comprehensive personal liability protection. It follows you worldwide.
  • Dwelling fire policies also don’t cover theft of contents. These characteristics make dwelling fire insurance policies ideal for tenant-occupied homes or income properties in Maine.
  • Almost all homeowners policies cover theft of contents.

Comparing Homeowners and Dwelling Fire Policies

homeowners vs. dwelling fire comparison

Hazard Insurance in the Portland Maine Area

Do you live in Portland or the southern Maine area? Do you own rental or income property? We’re happy to answer your questions about hazard insurance for your mortgage lender, homeowners insurance or dwelling fire insurance. We can explain the difference between various policies. We offer a choice of several insurance companies, so we can shop and compare insurance for you, and help you choose the proper insurance to meet your needs. We’re independent and committed to you. Call Noyes Hall & Allen at 207-799-5541, or click the “get a quote” link above.

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We provide this information to educate people about insurance options. We hope it was helpful. If so, would you help us in return? If you provide an online review, it would help other people who are looking for help with their insurance. Thank you!

What’s the Cost to Add and Insure a Teenage Driver in Maine?

Posted on by Bob O'Brien

 

Do you need to add a new driver to your insurance policy? How much will it cost? Does Maine car insurance cost more for boys than girls? How can you reduce the auto insurance cost of a Maine teenager? These are common questions for parents of newly licensed drivers.

What Influences Teen Driver Insurance Costs?

Experience – Teenage drivers cost more to insure until they prove themselves.

Savings tip: Every year the driver remains accident-free and violation-free, the cost decreases.

Gender – Boys do cost more to insure than girls. The gap isn’t as large as it once was, but it remains. That’s because boys’ auto insurance claim experience is worse than girls.

Access to Vehicles – If the number of drivers and vehicles are equal, the insurance company assumes that your teen driver has regular access to a vehicle. That’s called a “principal operator” in insurance lingo. Insurance companies charge more for that regular access than occasional use of the vehicle. Makes sense, doesn’t it?

Savings tip: If your teen driver lives at school more than 100 miles from home, without a vehicle, you’ll pay reduced insurance rates. This insurance discount is again based on limited access to vehicles.

Education – Many insurance companies offer discounted auto insurance rates to young drivers who:

  • – have passed a driver education course.
  • – are on the honor roll or dean’s list
  • – earned a high school diploma, are enrolled full-time in college, or have a college degree.

 

Vehicle Driven – Insurance companies base their rates on individual vehicle characteristics.  High performance, high value or highly damageable vehicles cost more to insure.

Savings tip: Standard vehicles with widely available and inexpensive replacement parts are cheaper to insure.

Coverage Purchased – By law, every vehicle registered in Maine must have liability, uninsured motorist and medical payments insurance. The higher the limits you buy (and, you should), the more it costs. If you choose to insure it against collision and other damage, be aware that it costs more for younger drivers.

Savings tip:  If you own a vehicle outright, you may choose not to purchase physical damage. Just make sure you can afford to pay to fix the car if it gets in a wreck.

Insurance Company Rates – Each car insurance company files its own rates with the State of Maine. The insurance company that had the best rates for 2 adults and 2 cars may not be the best value when you add a young driver. The only way to know for sure is to check rates.

Savings tip: As an independent agency, Noyes Hall & Allen can compare rates from several insurance companies at one time. That allows you to save money by changing insurers without having to start a whole new insurance relationship.

The Rest of the Family – If your policy has a surcharge for accidents, it will cost more to add a young driver. If you have a clean record and preferred rates on your current policy, young drivers often cost less to add.

 

How Much Does It Cost to Insure a Teen Driver in Maine?

As you can see from the 8 factors listed above, the cost of adding a driver to your insurance in Maine varies widely. But, let’s ballpark it at $800 per year for an occasional operator with a clean record. Double that if you’re adding a vehicle with liability only, so that they’ll be a primary operator. If you add collision and comprehensive coverage, it will be even more.

Do you live in Southern Maine or the Portland Maine area, and want to compare car insurance rates to add a new driver? Click the “get a quote” button to check prices with 5 different insurance companies in 10 minutes. Prefer to work with a human? Contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We’re independent and committed to you.

Get Proof of Insurance for a Portland Maine Sign Permit

Posted on by Bob O'Brien

 

If you own a business in Portland Maine, you may want an outdoor sign or awning to attract and help customers. Signs can be simple or elaborate, carved wood or electric, mounted or hanging. But all signs need a City of Portland sign permit from City Hall. You can find the application at the Citizen Self Service portal. Most sign permits cost $30 plus $2.00 per square foot. Sidewalk sign permits cost $25 plus $0.20 per square foot.

You’ll need to show proof of insurance for a Portland Maine sign permit. Your insurance policy must name the City of Portland Maine as additional insured with respect to the sign.

Proof of Sign Insurance ExampleWhy Does the City of Portland Maine Need to be an Additional Insured for My Sign Permit?

When you apply for your permit, you agree to be 100% responsible for your sign. This is called a “hold harmless” agreement. The city wants proof that you have insurance to back that up. They want to know that your insurance will pay if your sign injures someone or damages property. That’s one reason they require to be named as an Additional Insured on your business liability policy with respect to the sign.

See also:  Adding an Additional Insured to Your Insurance Policy

What Does an Additional Insured Do? 

When you add an additional insured on your business liability policy, it does two things.

  • Extends coverage to protect them under your insurance policy
  • Notifies them if your policy cancels for any reason

 

How to Get Proof of Sign Insurance

Noyes Hall & Allen Insurance can help you show proof of insurance for your Portland Maine business. Often, you must show this before you even open your business or move into the location. Sign insurance isn’t expensive. It’s often part of another policy, such as a package policy or a businessowners policy.

What Does Business Sign Insurance Do?

Sign insurance can protect

  • The value of the sign against vandalism, wind or other damage. The city doesn’t require this.
  • Your liability if your sign injures someone or damages property. That’s the part that your Maine town or city requires.

If you’re opening a business in Portland Maine and want to know more about insurance coverage and cost, contact a Noyes Hall & Allen Insurance agent. We offer a choice of many top Maine business insurance companies. We can help you find the right insurance for your business and budget. We’re independent and committed to you.

Helpful Link: City of Portland Maine Citizen Self Service Portal Login

 

Adding an Additional Insured to Your Insurance Policy

Posted on by Bob O'Brien

What is an Additional Insured?

An Additional Insured (AI) is someone else who is added to your business insurance policy. That coverage might last one day, one job, or all year.

Additional Insureds get two valuable kinds of protection:

  • Defense – if someone sues your AI for something covered by your insurance, your policy steps in to defend them.
  • Bodily Injury and Property Damage – your policy will pay on behalf of the AI for someone else’s medical bills or property damage .

Why Would I Agree to Cover Someone as Additional Insured?

Usually, it’s because you really want to sign a contract that requires it. Often, the contractual party with the most bargaining power is the one named AI. The weaker party adds them to their insurance. We didn’t say it was fair, did we?

For example, a landlord with a prime retail location might require tenants to add them as Additional Insured. Because you really want to be in that location, you could agree.

Additional Insureds are also common in construction trades. The practice may reduce finger-pointing and expedite settlement of accidents and claims.

What are the Disadvantages to Adding an Additional Insured to Your Policy?

Adding an Additional Insured essentially shares your insurance with someone else. Their claims become your claims. Their troubles become yours. It’s like a shared data plan, but with a maximum cost in the millions. What if your Additional Insured has a lot of claims?

  • Your insurance company might raise your rates, refuse to renew, or even cancel your policy.
  • Many commercial liability policies have an “annual general aggregate” limit. Each claim reduces the fund available to pay future claims. You may be left with a lot less insurance – less than your next job requires.

How to Add an Additional Insured to Your Insurance Policy

Contact your insurance agent if you want to add an AI to your policy. They should review the contract and your policy. They can advise you how this will affect your business and your insurance costs.

Can My Insurance Company Refuse to add an Additional Insured?

Yes. The insurance company will review your contract and exposure it creates. They may decide that it’s too risky. Some insurance policies don’t permit Additional Insureds at all. Professional liability policies are a good example. Each party should be responsible for the performance of their own professional activities.

How Much Does it Cost to Add an Additional Insured?

Additional Insured costs vary among policy types and insurers. Some business policies have “blanket additional insured” endorsements. For a flat price, these cover anyone that you contractually agree to include as AI. Otherwise, insurers charge for each Additional Insured, usually starting at $25.

Are “Proof of Insurance” , “Certificate of Liability Insurance” and “Additional Insured” the Same Thing?

No. Certificates and other proof of insurance forms are just that. They show that you have insurance at a moment in time. But if your policy doesn’t include an Additional Insured, proof of insurance doesn’t change that.

However, Additional Insureds usually DO ask for Certificates of Insurance. They want to prove that they are Additional Insureds on your policy. Your agent will only provide this if your certificate holder has AI status.

Is your business in the Portland Maine area? Do you need help with contracts, insurance requirements, additional insureds, leases or equipment rental? Contact a Noyes Hall & Allen business insurance agent at 207-799-5541. We offer a choice among Maine’s preferred business insurance companies. We can help you find the right fit for your business and your budget. We’re independent and committed to you.

Was This Post Helpful?

We provide this information to educate people about insurance options. We hope it was helpful. If so, would you help us in return? If you provide an online review, it would help other people who are looking for help with their insurance. Thank you!

Insurance for Cyclists in Maine

Posted on by Bob O'Brien

If you know me, you know that I like to bike year-round. Not every day, but most. I’m not alone. Two of our current staff of 10 regularly bikes to work.

bike commuter insurance guys

We’re lucky to live and work in the Portland area. Maine is ranked #20 most bike-friendly state by the League of American Bicyclists. The Portland Maine Bicycle Commuting Facebook group has more than 650 members (including me).

As a bike commuting insurance agent, it’s about time I wrote to explain how common insurance policies can protect cyclists, and suggest the best insurance coverage for Maine cyclists. The good news: many cyclists already have the basic coverage; they may just need to adjust their policies to get the best protection.

Car Insurance for Bicycles?

Most cyclists are also drivers, so they have car insurance. They’re probably unaware that their auto policy protects them when they’re cycling.  One part, Uninsured Motorist Coverage, is especially critical when you’re riding your bike:

Uninsured Motorist coverage protects you against injury

  • caused by an accident that’s someone else’s fault
  • if that person had no insurance or insufficient insurance

UM coverage can pay:

  • hospital and medical care
  • prescriptions and therapy
  • lost wages
  • pain & suffering

How Uninsured Motorist Coverage Works

UM covers the difference between the limit you purchased and what the responsible party bought. An example: someone with Maine state minimum limits ($50,000 per person) hits you. Your medical bills, lost wages and pain & suffering total $100,000. Your UM policy will pay $50,000 if you purchased at least $100,000 of coverage.

Key Takeaways:

  • Buy as much UM coverage as you can. For most Maine auto policies that’s $500,000.
  • Some umbrella policies allow you to include UM up to an additional $1 million.
  • Even if you don’t own a car, you can buy a “named non-owner” policy, including UM coverage.

Home, Condo or Renters Insurance for Bicycles?

The most common Maine property insurance policies cover:

  • Your bike and accessories against 16 “named perils”, including theft and vehicle damage.
  • Injuries or Property damage you cause to others while cycling
  • Legal defense against lawsuits for injuries or property damage.

They do NOT cover:

  • Collisions or dumping
  • Road damage such as potholes
  • Falling off a vehicle rack, driving into the garage with the bike on the roof rack, etc.

Key Takeaways:

  • Buy “replacement cost” coverage to avoid depreciation.
  • Buy “open perils” (sometimes called HO-5) homeowners coverage. This greatly expands the 16 named perils described above.
  • Your deductible will apply. Keep the value of your bike in mind when you choose deductibles.
  • Some insurance companies allow you to “schedule” your bike, which provides better (“open perils”) coverage, often at no deductible.

Related Post: HO-5 vs. HO-3 Homeowners Policies. What’s the Difference?

BEWARE: E-Bike, Scooter, Moped Insurance is Tricky!

Scooters, mopeds and similar self-propelled vehicles are considered “motor vehicles” by insurance policies. They should be insured on an auto or motorcycle policy. Maine State Law requires proof of auto insurance to register them. The insurance isn’t very expensive.

E-bikes are unique. They’re not considered to be “motor vehicles” by most auto insurance. But they ARE defined as motor vehicles on most homeowners policies, and thus EXCLUDED. That means no property OR liability coverage for e-bikes.

A few specialty e-bike insurance programs exist. For now, we recommend that you buy coverage from them to protect yourself against liability, theft and more. If you do purchase special insurance for your e-bike, pay particular attention to your Uninsured Motorist coverage. As of 2019, Noyes Hall & Allen sells a product that can provide up to $500,000 liability and UM coverage for e-bike owners.

FMI: Electric Bikes and Insurance – from Bike Law Maine

If you’re a cyclist in Maine, and have questions about insuring yourself or your bike, call Noyes Hall & Allen at 207-799-5541. We understand cyclists and insurance. We’d be happy to help you protect yourself better. We offer a choice of Maine’s top insurance companies, and know how to advocate for our clients. We’re independent and committed to you.

Resources:

Maine’s data card from League of American Cyclists (.pdf)

Bicycle Coalition of Maine website

Portland Maine Bicycle Commuting Facebook Group

How to Compare Insurance Prices and Policies

Posted on by Bob O'Brien

There are many ways to compare auto, home, condo or renters insurance prices. Most people prefer to save time and work by getting several quotes at the same time.

Two common methods: contact a local independent agent; or get multiple quotes from an app or web site. Businesses that produce these quote sites are called “aggregators”.

Online Insurance Sites & Apps: easy to use, but…

Online insurance shopping sites and apps are usually well-designed, easy and convenient to use.

Most don’t sound anything like an insurance company. They’re often named after a food or an animal, for some reason. Or they sound like tech companies.

That’s because most are not insurance companies. They’re really lead generators. And you’re the product they sell. Although insurance aggregators promise quotes, they rarely present firm numbers. Instead, they sell your information to insurance agents and companies. It’s up to those agents to try to close the sale.

And they’re relentless.

My Insurance Shopping Nightmare

I tried getting quotes recently. I’d barely clicked “submit” when my phone started ringing. It didn’t stop for 2 days. My voice mail clearly says I’m an insurance agent. You’d think they would quickly figure out that I wasn’t going to buy from them. But they kept calling back. And the emails! I gave them credit for persistence even as I cursed their repeated interruptions.

Think that’s unusual? Google insurance quote scams.

Of course, not all insurance quote sites are the same. Some provide an estimated price at the end of your session. But most of those still need more information from you to produce a policy. That can change the price.

Independent Agents: good insurance takes time

Independent insurance agents also offer several insurance options at the same time. They are locally owned businesses. There are about 35,000 in the US.

Call or visit an IA and you’ll spend 10 minutes answering the questions they need to quote. Then, the agent compares rates and coverage and presents a recommendation.

Instead of just taking your order, good independent agents use their local market and insurance knowledge to recommend the right solution. It may take a bit more time than the aggregator’s app, but that can be a great investment if  it helps you avoid an expensive mistake.

Some independent agents are more aggressive than others. Some even buy leads from aggregators. A few (like us) offer online insurance quotes 24/7 on their website. Most don’t share your personal information with anyone else.

It’s smart to shop your insurance

Savvy consumers know to compare insurance prices. You can call several “one company stores”; give your information to an online aggregator; or choose a local independent agent that you trust. If you’re in Southern Maine, Noyes Hall & Allen Insurance might be the agent you trust. Find out. Call us at 207-799-5541, get insurance quotes online, or stop by our South Portland office. We’re independent and committed to you.

Why Isn’t it Cheaper to Buy Higher Property Insurance Deductibles?

Posted on by Bob O'Brien

Recently, a very smart guy asked on Twitter:

“why does it cost $19 a year to reduce my deductible from $1,500 to $1,000, but I only save $25 a year to increase it from $1,500 to $5,000? Shouldn’t deductible affect premium linearly?”

A wise guy responded with the snark that insurance often inspires:

Insurance Can Seem Illogical

Insurance is a big budget item. It costs a lot to protect your home, condo, car and other stuff (we won’t even start on medical insurance).

Insurance seems even more expensive because most of us don’t have claims very often. The average person has 3 or 4 auto accidents in their driving lifetime, and a home insurance claim every 12 years.

Insurance Is Mostly Math – and Math is Logical

The key concept of insurance is that everyone pays a fixed amount each year to avoid paying a huge and uncertain amount if something terrible happens. The money paid by the many goes to the few who have losses.

The typical fire claim is about $45,000. Liability claims average about $22,000, and water damage $9,000. Any of those would be a financial catastrophe for many Americans. Better to pay a fraction of that each year in predicable installments.

Insurance rates aren’t random. Insurance companies submit their rate requests to state insurance departments for approval. Those requests are accompanied by data about loss payments and current projections produced by math nerds called actuaries. The math can be heavy, and the results hard to understand.

Why Aren’t Insurance Deductible Savings Greater?

You might think that increasing your deductible by $1,000 should save twice as much as a $500 increase. That’s because you’re thinking about yourself, and your experience. The insurance company thinks about everyone’s claims, not just yours.

Most Claims are Small

While the average insurance claim is big, most claims are small. For every $100,000 fire claim, there are dozens of $1,500 ones. Think about it: every larger claim exceeds a smaller deductible, but not every claim reaches the larger one.

Insurance Deductible Example

Here’s an example of 3 deductible scenarios using 8 typical claims:

What happens when the deductibles increase to $2,500?

The insurance company sees that they pay 24% more on policies with $1,000 deductibles compared to $2,500 deductibles, so they offer a corresponding discount in their rates.

What if the deductibles were $10,000 instead of $2,500?

An individual or business owner might look at those figures and say “I’m taking a lot more risk with a jumbo deductible, so I should get a big discount”.

But the insurance company pays only 19% less, despite the $10,000 deductibles vs. $2500. The insurance company’s risk of claims payments isn’t linear, and so neither are the deductible savings. That’s why you don’t save as much when you buy a much larger deductible.

Logical, no?

Need Insurance Deductible Advice?

Do you live or own a business in Southern Maine? Have questions about your personal or business insurance?  Contact a Noyes Hall & Allen Insurance agent in South Portland at 207-799-5541. We offer a choice of several of Maine’s top insurance companies. We can help you choose the most cost-effective property insurance deductible. We’re independent and committed to you.

2017 Auto Insurance Winners & Losers – and Why it May Not Matter

Posted on by Bob O'Brien

The National Association of Insurance Commissioners (NAIC) released its annual market share report last week. It ranks US insurance companies by total sales. Some household names grew substantially. Other familiar brands lost big. Should Maine insurance consumers care? Should it affect your buying decision?

US Auto Insurance – a $230 Billion Industry

There’s plenty of competition for your insurance dollars. That’s why GEICO spends more than $1 billion a year on advertising, more than any other auto insurer. Was their big spending worth it? GEICO grew by more than $2 billion in premium last year. That’s more than twice the industry’s 2.5% growth in 2017.

Which Car Insurers Won and Lost in 2017?

Besides GEICO, Progressive grew by more than $1 billion in auto premium. USAA, Auto-owners and AAA rounded out the top 5. Allstate was the biggest loser. They shed almost $1 billion in auto insurance sales. Nationwide and Farmers weren’t far behind (ahead?). State Farm and Hartford rounded out the bottom 5, each losing almost $400 million of auto insurance premium.

Does it Matter Who Won?

Yes, and no. Growing companies can invest in new systems and even more advertising. Shrinking ones must cut costs. They might lay off claims adjusters or close offices to reduce expenses.

The winners and losers in the NAIC report have one thing in common. They’re all large insurers that write business countrywide. But many Maine consumers prefer to insure with smaller, regional insurers. Companies like Concord Group, Hanover and MMG Insurance have big market shares in Maine. New England insurers like these offer local claims and underwriting. They sell through local agents who provide advice and advocacy to their clients. They fly beneath the NAIC’s national radar.

Related: GEICO vs. Agent or Broker – Insurance Buying Tips

When Too Much Growth is Bad

Growth is good. But if an insurer grows too fast, bad things can happen:

  • Bad Service – an insurance company adding lots of new customers usually hires lots of sales people. If they don’t increase their claims and service staff by the same percentage, customer service can deteriorate. That can mean slower claim settlements, longer telephone hold times and inexperienced agents to give you advice.
  • Rate Increases – There are 2 easy ways to sell more insurance in the short run: sell it cheaper than the next guy; or relax standards to let more business in. Then it catches up. Pretty soon, they realize they haven’t charged enough premium to pay claims and expenses. They have to increase everyone’s rates to pay claims.

Is the Best Insurance Company One You’ve Never Heard Of? 

In Maine, many dependable, financially sound insurance companies don’t advertise. They have competitive rates. Their premiums don’t rise and fall dramatically. They settle claims fast and fairly using local adjusters.

How do you find these insurance companies? Contact a local independent agent like Noyes Hall & Allen in South Portland. We offer a choice from several top insurers and help you find the best fit and value. Want to get insurance quotes yourself? Get up to 5 Maine auto insurance quotes in 10 minutes from our web site. If you live outside southern Maine, look in your area for an independent agent like us. We’re independent and committed to you.

4 Insurance Secrets Top-Selling Realtors Don’t Share

Posted on by Bob O'Brien

 

Top real estate agents know secret hacks can make the difference between making a sale and losing one. Present a personal letter from the buyer to the seller with the offer. Quality staging and photography sell houses. An early conversation with sellers can help avoid cold feet later.

Knowing about home insurance can drive sales, too. That’s why the top-earning realtors learn these insurance secrets and use them to sell more homes.

“There’s a Lid for Every Pot”

Almost every home is insurable. There are different types of lenders, right? Same with insurance companies. No single insurer will cover every home. Some prefer to insure luxury homes. Others like mobile homes. Some don’t insure homes on the ocean. Others do. Your client who buys a “fixer-upper” may use the specialty market until their project’s done, but coverage IS available for almost any home you sell.

A Good Buyer Can Insure a Difficult Home

Knob & tube wiring. An old roof. Electrical fuses. An unfinished deck. These are a few of insurance companies’ unfavorite things. You’ve heard about that “blacklist”. Buyers can’t insure homes with these issues. There’s some truth in that. But insurance companies are more flexible than you think.

Insurers underwrite people AND properties. A solid buyer with a credible plan to quickly fix property issues can still find good coverage at a great price. Need 30 days to get the work done? Insurance companies may allow it if an insurance agent they trust represents the client.

Insurance is More than a Binder

A lot happens between contract and closing. It’s easy for realtors and buyers to see “proof of insurance” as something to check off the list. Find a good price. Get your binder. Move on.

Not so fast.

What happens AFTER the closing? Will the price go up? Will the company cancel the policy after inspection? Will there be enough insurance to rebuild after a fire? Does their insurance dovetail with their condo association master policy? Will they have the right coverage to repair storm damage?  Recommend the wrong agent, and your referrals can dry up.

Speed is important. But insurance is more than a binder.

Your Insurance Referral Partner Makes a Difference

Which insurance agent do you refer your buyers to? Do they:

  • Offer a choice from many insurance companies?
  • Respond to you, your buyer and the lenders?
  • Thoroughly review the property and recommend the right coverage?
  • Advocate for your buyer to the insurance companies?
  • Adapt to changes between contract and closing?
  • Promise to be there for your buyer AFTER the closing?

Looking for a referral partner who knows the insurance market? One who works for your buyer as hard as you do, and owns and manages their own local independent business? One where your buyers can get quotes on their own from 5 insurance companies in 10 minutes? Contact Noyes Hall & Allen Insurance in South Portland. Since 1933, we’ve been independent and committed to you.