Why You Should Consider An Independent Insurance Agency

Independent insurance agencies have a lot to offer. This is especially true for established professionals and business owners. But how do you know if going through an independent agent is the right move for you?

Independent Insurance Agents Can Specialize

With home values starting around $500,000, everyone may not qualify for private client coverage. And others may not be willing to pay the price for white-glove service and have little need for a bottle-by-bottle wine schedule. But an independent insurance agent is adept at figuring out where you fit.

“You could break it down to people who have significant assets, need a specialized insurance program.  It’s about the coverage and personalized service.  We develop the best plan available for their assets and they hold us accountable to make sure we give them the service they expect and deserve. That is the balance we try and maintain here,” says Curt Rager, CEO, and President of Autumn Insurance and Benefits.  

What affluent clients do need is a risk advisor. An independent insurance agent understands how to make sure they are protected. They’ll use their superpowers of ease, choice, and advice. They also need an insurance carrier with a breadth of products and the depth of coverage to give them peace of mind.

Many consumers with multiple assets are those insured by captive carriers, not realizing that the lower internal limits of their current policies leave them inadequately protected. This is a rich (pun intended) opportunity for Autumn to educate the community.

What Independent Insurance Agencies Can Offer

According to Safeco, one one of Autumn Insurance’s independent partners, when quoting affluent customers, here are five key coverages that need to be offered:

1) Extended dwelling coverage. This is a must. As the pandemic is showing, the cost to rebuild a home can vary wildly and without warning. Shortages of materials, labor, and more mean that 25% or even 50% may not be enough coverage to rebuild a home, especially when you consider luxury finishes, such as granite countertops and solid wood doors. 

2) Replacement cost coverage. This needs to be considered on everything possible, from personal property to their autos, boats, and RVs. Affluent consumers want to protect the things they work so hard for. And because an independent insurance agency offers policies with replacement costs, it shows that we recognize the importance.

3) Original equipment manufacturer (OEM) parts and glass. People who drive a Porsche, Land Rover, or similar luxury vehicles generally want repairs to include genuine OEM parts, including an OEM windshield. However, few carriers outside the private client market offer OEM glass coverage.

4) Worldwide protection. Many affluent consumers travel extensively. Ensuring they have protection no matter where they wander will offer valuable peace of mind, including everything from worldwide vehicle rental coverage to the worldwide liability protection of an umbrella policy.

5) An umbrella policy. The assets and income of the affluent make them targets for lawsuits. Additionally, their future income needs protection. Offer an umbrella policy that covers risks such as electronic libel, directors’ and officers’ activities, rented watercraft, and the cost of legal defense outside the limit of liability.

Autumn Insurance Can Help

While some carriers have fled this market, independent insurance agencies like Autumn Insurance go to great lengths to properly protect our clients’ assets. We offer an entire suite of products designed for our clients in this lifestyle. Contact us at any time. Or call us today for a no-obligation consultation at 248-478-1177.

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