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For the last few years, my insurance agency has received numerous quote requests from customers that were non-renewed or did not agree with their premium increase. My agency classified these policyholders into 2 different groups: 1:  Policy holders that accepted the higher premiums and purchased a policy with no gap in coverage 2:  Policyholders that…

In Illinois, condominium associations are legally required to maintain certain types of insurance coverage to protect the property, unit owners, and the association itself. These requirements are primarily found in the Illinois Condominium Property Act (ICPA) — specifically 765 ILCS 605/12 — and are also often detailed in each condominium’s Declaration and Bylaws. Here’s a…

What homeowners need to know about their insurance policies Homeowners may need additional education about their insurance policies — particularly as many consumers seem misinformed about severe weather damages. When asked what weather-related disasters are covered by insurance, 47% of consumers wrongly assume that a flood claim would be covered under homeowners insurance. Homeowners insurance policies…

Commercial umbrella insurance covers large, unexpected events that can have devastating impacts on your business, brand reputation and financial stability. While standard liability policies can help protect a company from a broad range of situations, there are certain times when losses may exceed what primary insurance can fully cover. From damaging multimillion-dollar lawsuits to auto…

4 Key Factors Impacting the U.S. Commercial Property Insurance Markets When it comes to property insurance, several factors are affecting market dynamics. By: Peggy Fogarty | April 15, 2023 Topics: Catastrophe | Climate Change | COVID-19 | Critical Risks | Insurance Industry | Loss Control | Property Volatile times are making an impact on the U.S. property insurance market. Both internal and external factors are affecting market dynamics and adding…

This past year,  My agency has received numerous requests to quote Condominium insurance as many carriers have stopped writing this risk or have set stricter underwriting guidelines. I quantify the Condominium Association Risk into 2 categories: 1. These associations have been non-renewed by their insurance carrier because of         claims and/or non-compliance with…

One way in which cold weather can hurt your business is by causing serious property damage. In fact, 15% of all small business property and liability claims result from water damage and freezing damage, according to claims data from The Hartford. Winter also can threaten your business with increased liability risks. For example, a customer…

   ‘Tis the season to be jolly, even when it comes to cyber insurance lingo! Imagine third-party cyber insurance as the festive elf on the shelf for your tech business – always there to sprinkle a little magic and help when the holiday cyber grinches strike! So, you’re the Santa of the tech world, recommending…

Why Homeowners Insurance Premiums Are Rising and What You Can Do       Many people can expect their homeowners insurance rates to go up this year — along with the cost of materials and supplies — in this economy. Several factors are behind the rising rates. Severe weather events continue to cause serious damage and costly insurance claims.…

Obtaining insurance coverage is one of the most important aspects of starting a business. In fact, having the proper insurance coverage in place is necessary before even purchasing any equipment or inventory. While commercial property insurance coverage can help protect a business from physical property damage due to an unforeseen event or natural disaster, certain…