Real Estate 411 - Protecting Your Property through Diversity in Insurance Coverage
Protection for your real estate comes in as many packages as your properties. Townhomes, farms and ranches, condos, single residential homes, duplexes - you name it, the diversity of properties in the Dallas Fort Worth Metroplex and North Texas farms and ranches require diversity in insurance coverage as well!
Diversity is one of the things that make us thrive as a society. However, being a diverse society means that our “needs and wants” also vary greatly from person to person, and this shapes the lifestyles that we pursue. In pursuing these lifestyles, people’s exposure to risk also differs from person to person.
The person who lives downtown in a high-rise condo needs different coverage than a person who lives on a farm. The person who lives next to a golf course needs different coverage than someone who lives on lake-front property. New homes need different coverage than older homes. And when you get in to the world of commercial insurance, exposures get ever more diverse! Think about all of the exposures of a construction company versus the exposures of a hair salon.
Because of all of these differing exposures that the public faces, many insurance companies have decided to specialize in certain niches, and have subsequently designed policies specifically created with a certain group in mind. For instance, some carriers specialize in farm and ranch insurance. Their underwriters know all about insuring livestock, crops, farm equipment, structures on the property, and other exposures that may be specific to a person living or working on a farm. Their policy is specific as to the needs of the insured and provides better coverage than a standard policy.
When selecting coverage for your real property, be very careful about the limits you insure it for. It may appear to make good economic sense, but in reality your purchase price does not reflect the replacement cost for damages or total replacement of your home, business, and/or personal property. Always make sure to have the correct limits in place to cover you in the event of a total loss.
There are two types of insurance agencies in the marketplace today.
Direct writers are agents that work directly for the insurance carrier, and they only quote and issue for that one carrier. Independent agents are those that do not work directly with one particular carrier, but instead choose to represent multiple carriers. This gives them the flexibility to be able to shop the market for the right product that meets a client’s needs. If multiple carriers are a good fit for a certain risk, then the agent can shop for the best priced policy. Also, if one carrier says they do not want a certain risk, independent agents can shop for another carrier. When it comes time for renewal, if the renewal rate increases too much, an independent agent can move the policy to another carrier that may have better rates that year.
Independent agents can offer a wider variety of products and therefore can entertain a wider diversity of clientele than a direct writer. At Judge Fite Insurance Agency, we know that our clientele is a diverse group. We are confident that we have better solutions for you that will meet your needs at the best possible price in the marketplace. Judge Fite Insurance Agency works with over 40 insurance carriers to offer a variety of products to fit everyone’s lifestyle. Now that's diversity in coverage!
To get a quote on your home, auto, or business, or if you would like to have your existing coverage reviewed, please contact Judge Fite Insurance at 214-446-2572 and ask for Linda!