Reliance Insurance Agencies’ Post

In Dec 2023 more than 80% of the property insurance market is currently shut down. On top of that, CA's top 12 insurers are paused or restricting new business. #ComplexitySimplified #InsuranceMarket #myCALteam https://hubs.li/Q02qYPy50

If you're a property owner, you may have seen the term 'index linking'. Our guide is here to help you understand what it is and how it might effect your insurance. https://lnkd.in/dZtZVhRC

THE SILENT INSURANCE PHENOMENON COSTING COMPANIES ££££S Many property owners focus on insurance when it is due for renewal and then understandably file the information for the rest of the year. An insurance policy should be there for you when you need it, and provide peace of mind in the background the rest of the time. But what if when you do need to make a claim, it’s only partially successful? This is the situation more and more companies are finding themselves in: an incident happens, they claim for it, and their claim only partially pays out. Particularly where a building is concerned, policyholders are finding themselves on the line for extraordinary sums after discovering – too late – that they are underinsured. https://lnkd.in/dHrVkShi #Underinsurance #Business #Insurance #TowergateInsurance

FOS reveals a "concerning" rise in the number of complaints about home and business building insurance, as figures reach a 10-year high. https://lnkd.in/euCw9x8G #insurance #complaints #ukgiinsight

One of the most common issues I see with commercial property insurance policies is the undervaluation of buildings. Check out our blog post to learn more about the danger of undervaluation and things you can do to periodically review your property replacement cost valuations to make sure they are up to date. https://lnkd.in/eB7czbB6

Businesses beware of the peril of being underinsured. Getting a survey may incur a cost and increasing your rebuild value to the correct amount will ultimately increase your premium. But these costs are nothing compared to impact of being underinsured in the event of a claim. Be smart and don’t take the risk, make sure you are insured for the correct amount and avoid the devsdting impact of being underinsured. #buildinginsurance #rebuildsurvey #underinsurance #insuranceindustry

Navigating insurance claims can be a complex and daunting process for property managers, especially when faced with the financial burden and time constraints property damage adds to your normal duties. Public adjusters can play a crucial role in simplifying this ordeal by providing a solution for property managers throughout the insurance claim process. When utilizing the benefits of a public adjuster, property managers can streamline their insurance claims and ensure a smoother and more efficient resolution for their property damage claims. Read on to find out how having an insurance claim solution can benefit #propertymanagers https://lnkd.in/evrNx--g

🤔 Are you confident your commercial property insurance provides enough coverage? That's why understanding coinsurance is crucial. Our latest blog post breaks down this complex topic, offering expert advice to ensure your assets are fully protected. Check it out below 👇 #PropertyInsurance #Coinsurance #AssetProtection #ExpertInsights #InsuranceInsights #CommercialProperty #insurance #commercialinsurance #riskadviors #riskmanagement

In "The Changing Landscape of Commercial Property Insurance," we explore the current trends in property insurance and how they are impacting investors, property owners, and businesses alike. With the insurance market evolving rapidly, it is crucial for individuals and organizations to stay informed about the latest developments in order to protect their assets effectively. #Commercialpropertyinsurance #Insuranceindustry #Insurancepolicies #Riskmanagement

Throwing the spotlight on underinsurance, this report in Insurance Post reveals a recent improvement but overall, high levels are persisting. The report shows the average gap between the sums insured and what is actually needed leaves significant values uninsured. At Woodgate & Clark, we find that underinsurance can be a particular issue in High Net Worth claims. Insurers and brokers work hard to convey the risks, encouraging policyholders to notify their insurance provider if there is a change to the value of their home's contents and/or the property itself, during the lifetime of the policy, not just at renewal https://lnkd.in/eNwDRu6m #highnetworth #underinsurance #property