Risks to discuss with your agent

These days, your agent functions as guide, advocate, and liaison across insurance processes. Those include the ever important but often overwhelming nuances of risk management and the best insurance to buy. As such, it’s important to know the access you have to your agent and the range of ways they can offer support when it comes to buying coverage and critical decision-making. Here, we speak with Berkley One VP, Risk Management Amanda McComas, VP, National Relationships Alex Horowitz, and Assistant VP and Casualty Claims Manager Bryan Raup about how your agent can help identify the most important risks and topics to discuss.

Home Insurability

Before any new home purchase, it’s important to contact your agent to confirm the home’s insurance needs.

“Your agent can help you assess your home’s exposure to wildfires, coastal exposure, and severe storms, and can help find carriers that can insure those risks,” says Horowitz.

“Once you know the city or town in which you are looking for a home, it’s time to speak with an agent. They can share insights on the region and any risks it might carry. Speaking with an agent about insurability early and often can help significantly.”

One reason agents are instrumental in helping assess insurability lies in their regional knowledge. “A big benefit to working with an independent agent is in their local expertise—it’s the agent’s job to really understand their marketplace and what’s necessary,” says McComas. “Also, the agent can help homeowners view a home’s insurability, and required upkeep, the way carriers do—agents spot loss prevention issues and help find solutions to make the insuring process a smooth one.”

Liability Exposures

When it comes to liability exposures, Raup notes a couple of risks that are on the rise in terms of frequency and severity— the first being pedestrian auto accidents.

“A growing number of individuals own a truck or SUV now, which can cause more severe pedestrian accidents,” says Raup, who notes that when there were more sedans on the road, accidents were less frequent and less severe. He also brings up the risks that technology poses for all parties.

“We always think about distracted drivers—on their cell phones, looking at the radio—but there are also distracted pedestrians. Nowadays, more people are distracted as pedestrians, looking down at their phones, not paying attention. This results in accidents.”

With the prevalence of such cases and the issue of insurance affordability for many as of late, Raup advises speaking with your agent about excess underinsured and uninsured motorist coverage. “When auto premiums are high, it’s tough for folks to afford insurance—leaving many uninsured and others carrying the minimum liability limits,” he says. “Your agent can explain excess underinsured and uninsured motorist coverage—which can help protect you if you are the victim of an auto accident involving an uninsured or underinsured motorist.”

The second risk bearing the potential for high severity, Raup notes, is dog bites.

Raup notes that agents keep abreast of what is going on. “So-called “nuclear verdicts”, which are verdicts that greatly exceed what might have been awarded historically, are also becoming more prevalent in incidents such as vehicle accidents and dog bites,” says Raup.

Considering the frequency and severity of these risks, Raup suggests speaking with your agent. They are in a great position to discuss the extent to which an insured is exposed and what limits of liability insurance might be needed.

Your First Meeting

Your agent will ask you to come prepared to the first meeting with a wide variety of information, including your prior insurance, and information about your lifestyle and insurable assets. Your agent knows what the carriers they work with are looking for and will help you assess your risks and qualifications so that you have choices – that more carriers will want to offer insurance terms.”

“Your agent will explain what information will establish your eligibility for credits, such as steps you and your family have taken to prevent losses in your home, including the installation of water shutoff devices, alarm systems, and permanent backup generators,” McComas adds.

“If you live in an area that is prone to catastrophes like windstorms, wildfires, and earthquakes, showing anything you’ve done to help fortify your home against such events are relevant details for your agent to work with.”

Most of all, remember that an agent is there for you and your needs. “An agent’s main guiding principle is to put the best interest of the client at the center of what they do—to ensure they’re doing right by the client and helping to find the best solutions for them,” says Horowitz, who notes the benefits of maintaining these relationships over time, as well. “When you work with an agent for a number of years, they have an opportunity to understand who you are and what your long-term insurance goals are.”

McComas agrees. “Agents are in the unique position of being able to advise on several types of insurance and your limits in each—they understand efficiency,” she says. “And rather than trying to figure things out on your own, it’s helpful to know you have someone at your side, handling several moving pieces on your behalf.”

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Berkley One is a Berkley Company and a provider of customizable insurance solutions for modern families. We can help you protect the things you love. Learn more about our insurance offerings—including solutions for homes, condos, rentals, autos including collector vehicles, liability, fine art, jewelry, collectibles, recreational marine and more here.