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Another Helpful post.
Client (Insured):”Why did my rate go up 50%? Is it because I insure only my home and not a package? (Heard that one yet?!) I can’t have my mortgage payments changing because the insurance industry can’t get control of the Colorado hail situation and I get a new roof every other year!”
Agent: “I understand your frustration. I would like to send you a few links that might help you realized what is happening to the industry as a whole, not just Colorado. The first link details the 30 largest roofers in America, 4 of which are here in Colorado. The second link details and tracks storms across the nations. The radio this week on 630 AM called Colorado the hail capitol of the US. And the the last link details the losses that hit Colorado in the last 10 years has totaled over $3 billion. With your home’s WP at $720, and your new roof replaced every 5 years at $20,000, I ask, can you make that math work?”
http://cms.bnpmedia.com/uploaded/RC/Home/Files/PDFs/top100.pdf This link is telling from a number of perspectives. Four of the nation’s 30 largest roofing contractors are here in Colorado. Those four roofing contractors have a combined total revenue in 2011 of $131,064,082 and just over 330 staff members.
If I were an agent and my clients were wondering why the homeowners policy is creeping up every year, I would be armed with a few points of data. The two links would be the foundation of my response. (Armed to defend insurance carriers? No! Armed to supply my clients with quality information before they shop me for a captive? Yes!)
This link shows all of the nation’s large storms, broken down by All Reports, Tornadoes, Wind Damage, and Large hail. Storm Prediction Center Annual Report Summary - 2011 (Highlight the titles over the map of the US: All Reports, Tornadoes, Wind Damage, Large Hail.)
Other links:
Hail Damage and Statistics
Both links shared today are very informative and I encourage you to use them in your monthly communications with your clients. Do you have a monthly communication with your clients?
Client (Insured):”Why did my rate go up 50%? Is it because I insure only my home and not a package? (Heard that one yet?!) I can’t have my mortgage payments changing because the insurance industry can’t get control of the Colorado hail situation and I get a new roof every other year!”
Agent: “I understand your frustration. I would like to send you a few links that might help you realized what is happening to the industry as a whole, not just Colorado. The first link details the 30 largest roofers in America, 4 of which are here in Colorado. The second link details and tracks storms across the nations. The radio this week on 630 AM called Colorado the hail capitol of the US. And the the last link details the losses that hit Colorado in the last 10 years has totaled over $3 billion. With your home’s WP at $720, and your new roof replaced every 5 years at $20,000, I ask, can you make that math work?”
http://cms.bnpmedia.com/uploaded/RC/Home/Files/PDFs/top100.pdf This link is telling from a number of perspectives. Four of the nation’s 30 largest roofing contractors are here in Colorado. Those four roofing contractors have a combined total revenue in 2011 of $131,064,082 and just over 330 staff members.
If I were an agent and my clients were wondering why the homeowners policy is creeping up every year, I would be armed with a few points of data. The two links would be the foundation of my response. (Armed to defend insurance carriers? No! Armed to supply my clients with quality information before they shop me for a captive? Yes!)
This link shows all of the nation’s large storms, broken down by All Reports, Tornadoes, Wind Damage, and Large hail. Storm Prediction Center Annual Report Summary - 2011 (Highlight the titles over the map of the US: All Reports, Tornadoes, Wind Damage, Large Hail.)
Other links:
Hail Damage and Statistics
Both links shared today are very informative and I encourage you to use them in your monthly communications with your clients. Do you have a monthly communication with your clients?
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