What types of insurance

Question

Looking over my insurance polices I’ve noticed that I pay for “Escape of water from sump” says it covers sewer line backup or interior drains outside of flood water… the cost is tremendous does anyone else carry this? 1 property I carry it on is a 1 story with basement the other is a 2 story with basement I’m thinking of dropping it on the 1 story… my other properties don’t have it at all…

Jody Sperling · Answer

Looking at your individual coverages is a great way to save money on insurance, and I'd always tell people to find money elsewhere rather than go underinsured.

My P&C license just expired, but I was in the industry for some time. Insurance is important, more so than "protecting your properties in an LLC."

What I always say is this: If you want to save money on insurance, bind with a company that isn't spending tons on television and digital advertising. You can be sure you're not getting the best coverages at the best price if your carrier is Nationwide, Farmers, Allstate or the like. They may lure you in with a great cost on year one, but they always, always hike prices each year following.

Find an independent broker and ask for three comparable quotes to discuss. Don't guide them on who to look for. If they bring back all name brands, thank them for their time and walk away. Alternatively, you can ask independent brokers what carriers they work with and decide if the list is broad enough to merit spending the time working with them.

I'm a fan of Global Green agencies, as they tend to be smaller, but benefit from the "co-op" style setup. The Global Green umbrella gives its producers access to pretty much every carrier under the sun, but they aren't so busy with million dollar clients that you get lost in the shuffle.

Best of luck!

Ben Guttman · Answer

First of all, Jody is spot on! GO indy and get options and don't pay for Emu and Lizard ads LOL

As for Sewer Backup Coverage...if you have a sump pump/finished basement it's well worth it as we see these claims all the time. Storm....power goes out.... lotsa water