Thursday, June 4, 2015

How to Get the Best Property Insurance Rates – Tips Shared by Randi Glazer

Property insurance is a key component to anyone who owns property, whether it is for a residential property, a business property or personal property.  It is important to be protected.  Randi Glazer, an experienced underwriter and insurance consultant, shares some tips on ensuring you obtain the best property insurance rates.  There are so many things to consider and to prepare for your insurance underwriter to be sure you get the best rate for your policy.

Randi Glazer suggests preparing key data such as spreadsheets, statements of value, and risk factors and provide this information to your underwriter. Randi feels that this helps to give the underwriter a better understanding of what risks you’re looking to insure, what your goals are and what you expect from the underwriter as far as setting the rates and determining level of risk.

When it comes to business property, Randi Glazer knows some key factors to establishing with the underwriter that will help them to find the best rate.  The more information you can give underwriters about any major risk factors the better.  Randi says to note the construction of your building or buildings.  Wood construction is obviously going to be rated differently that concrete construction. Also, it is helpful to describe your business operations.  Randi believes that explaining what your company does and how you’re different will help an underwriter to be excited to work on your account. You also should include contingency plans in the renewal package. The more prepared you are to manage a potential loss event, the better you look to an underwriter.

Randi knows that a big factor underwriters will always consider is catastrophe exposure.  Catastrophes such as earthquake, flood or windstorm are events that should be disclosed if you’ve had a loss history involving these.  Being transparent isn’t necessarily a bad thing as Randi feels it gives you an opportunity to talk about the things you’ve done to reduce chances that you’ll have future losses. Modeling companies like RMS take the data that was given to the underwriter, including your statement of values and crunches the numbers.

Randi says the more information underwriters can input, the better the results will be which is what will ultimately influence the rate you can expect to pay. The result of that number crunching influences the rate you can expect to pay for your coverage.  Randi Glazer has extensive experience in underwriting and insurance coverage.  She feels these tips can help to get the best rates possible for your property insurance needs.

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