I have a client who has done a bunch of work on their home and it is now in excess of $1.4M estimated cost to rebuild. Currently with Safeco but client would like options. Washington State. They have a pool (fenced) and 4 horses on the property (4 people live in the home). However, they do not have a centralized fire/burglar system - they only have a Ring doorbell system that goes to their phones. No central alarm system has been disqualifying to other carriers I have approached - is anyone aware of a carrier that does not have that requirement on a high value home?
high value home insurance question
- Thread starter ShannonO
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- 2,195
Many nonadmitted insurers that cost twice and insure far less - don't require a centrally monitored alarm. Suggest that to them.
All joking aside, most HNW insurers are going to require the central alarm on a more expensive home and you should want them to have one too. It is a classic example of a risk management strategy that is not insurance and is in their best interest. Often the reticence is that the client does not understand the value of them.
If its the cost, check out SimpliSafe and confirm the insurer will accept their cert. Make sure they choose the fire monitoring as well.
Lastly doesn't Safeco have a somewhat HNW product? Crest?
All joking aside, most HNW insurers are going to require the central alarm on a more expensive home and you should want them to have one too. It is a classic example of a risk management strategy that is not insurance and is in their best interest. Often the reticence is that the client does not understand the value of them.
If its the cost, check out SimpliSafe and confirm the insurer will accept their cert. Make sure they choose the fire monitoring as well.
Lastly doesn't Safeco have a somewhat HNW product? Crest?
- Thread starter
- #3
Safeco has no problem with the risk as is, but the client just feels they can get a better rate (because as we know, all clients want to pay basically nothing for "full" coverage). I actually was shocked to find out they didn't have a centrally monitored system with all the upgrades to the home & outbuildings, so it is on my list to discuss with them at our upcoming meeting. I just wanted to tell them I had looked at options and could not find anything not just that I represent but also carriers I don't represent.
- 2,263
You will find out that there is no alarm set up on the attractive nuisance in their back yard and that their liability coverage is not sufficient for a drowning.
- 2,195
The client "just feels they can get a better rate" with a HNW Insurer?
There are lots of reasons to go with HNW insurers - but saving premium dollars is not one I have heard much, [with the exception of the $5MM personal umbrella policy.]
Do they have any employees? Is the house held in a Trust? How does the insurer deal with the Equine Risk? Are all the outbuildings noted and covered? What is their net worth?
IMO - its time to rotate the discussion from Premium Outlays to their Risks. They have a pool, they have horses, they own a house worth north of $1.4MM. If you do not have this discussion with them - the next agent will.
Best of Luck
There are lots of reasons to go with HNW insurers - but saving premium dollars is not one I have heard much, [with the exception of the $5MM personal umbrella policy.]
Do they have any employees? Is the house held in a Trust? How does the insurer deal with the Equine Risk? Are all the outbuildings noted and covered? What is their net worth?
IMO - its time to rotate the discussion from Premium Outlays to their Risks. They have a pool, they have horses, they own a house worth north of $1.4MM. If you do not have this discussion with them - the next agent will.
Best of Luck
Wait, can someone explain this to me?
I have like a thousand smoke alarms around my house (a few hardwired) but not a burglar system?
Is this dependent on your state? I live in NV so our burglar systems are in our nightstands.
My agent never suggested that I do this.
- Thread starter
- #7
I actually have had multiple conversations with this client over the years well before they doubled the size of their house and made upgrades about their risks and increasing coverages - that is not my question. My question is solely whether or not anyone is aware of a carrier that doesn't require a centrally monitored fire/burglar system. My hunch is there is not but I'm trying to ascertain that information before I tell my client that's the state of the current market at a time that I'm also telling them they need to increase coverages to offset their risk.
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