At National Advisors Group, we work with our clients to make sure that they have the right amount of coverage to meet their needs. While all too often homeowners find themselves underinsured and thus terribly exposed to serious financial liability in the future, there are also cases where homeowners become significantly over insured over time.
This is the story of a current National Advisors Group client:
Stanley Evans (name changed for privacy purposes) bought a house in a new state in 2010 and decided to get homeowners insurance through the same carrier he had used at his previous home. He contacted the carrier who assigned Mr. Evans to a local broker near his new home.
Like many homeowners, Mr. Evans had his homeowner’s insurance and property taxes paid by his mortgage company via an escrow account so he could combine these expenses with his mortgage expense into one convenient monthly payment. Each year his monthly payment rose slightly due to small property tax and home insurance increases but the amounts each year were small. He also refinanced in the past couple of years, so his mortgage payment changed, and these small increases were noticed even less.
A few years passed and Mr. Evans decided to contact National Advisors Group and get a no cost full Personal Risk Review. He was shocked with what he found. He was both underinsured and over insured at the same time.
Mr. Evans’ National Advisors Group agent worked with the carrier to have the home re-assessed and was able to get the homeowners premium lowered to a more appropriate level, which mostly offset the purchase of Mr. Evans’ new Umbrella policy. Mr. Evans ended up with the right amount of coverage, eliminating the unnecessarily high homeowner’s insurance payments while at the same time protecting his family and assets more completely with his Umbrella policy.