Being an independent agent means we contract with many insurance companies to bring options to the consumer. When a customer asks us to place their insurance, the choice of company is based on the priority of the customer at the time the insurance is written. The priority could be price, coverage, payment plans or simply expediency. So the coverage is placed in the best company that satisfies that specific customer need at that time.
As time moves forward, customer priorities change. That quick policy you picked up to satisfy the mortgage lender when you first bought your home, may not cover the renovations you are now planning. Or you have just lost your job, and need to reconfigure your expenses which directly affects your insurance. Or the young family who now needs to insure the twins who have just gotten their licenses.
Changes seem to be happening exponentially on the company side of things as well. For example unprecedented claims which led to severe company losses on accident forgiveness coverage have forced a carrier to stop offering the coverage. Or because a company has grown too quickly in the coastal market, they are being forced by the Division of Insurance to purchase more reinsurance, so the rates go up.
A company change may effect a customer priority, and a change in priority may demand a company change. To review every policy every year is not feasible for all involved – the client, the agency and the company – there are just not enough resources available to accomplish this. But if your priorities change, please communicate with us. Researching the best and up to date options takes time, and even the best of technology does not always make that happen quickly. So if options need to be reviewed, please allow time for this to be done properly.
As Dick Lumpkin used to say “Take care of the customer and the business will take care of itself.” All of us at Eldredge & Lumpkin still work hard towards that goal.