As many of you have already experienced, the renewal process for your liability insurance has been much more difficult than in years past. We have found out what is going on, and in brief, due to some claims, changes in the climate with mental health in the news, and changes in underwriting criteria, many carriers are being more picky about what they want to insure. This means that it is also taking more than 30 days to get a quote back from your carrier.
This means that you need to give your broker more time to shop your insurance with the carriers, to get you the best coverage and price.
PLEASE TAKE THIS SERIOUSLY. You should be in contact with the agent that handles your insurance 45-60 days before your policy renews. Please follow these few steps to help yourself not feel rushed at the end of your policy term:
- Call your agent 45-60 before your policy renews to see if there is anything you need to get to them for your quote
- Check your email regularly for updates
- COMPLETE and RETURN the applications that they send to you in a timely manner, meaning as soon as possible
- Send your most recent DSHS inspection, including the letter of deficiencies in its totality to them with your application.
If you do not do this, you may not get a renewal quote in time and your policy may lapse in coverage, putting you at risk of a fine with the state or an uncovered loss.
Thank you to our partners at Rice Insurance for sharing this important update!
