In a tough insurance market, not only are the premiums high, but it is also difficult to get coverage yourself. Insurance companies always take precautions to manage risk, but the mounting challenges of 2020 have made things even more difficult.
It’s tough out there, but if you own a home, business, or fleet of vehicles, your insurance is mandatory. How do you crack the tough market?
Call Wade McCulloch and Tanya Fletcher.
The two work at Hub International in Victoria, McCulloch in Commercial Accounts and Fletcher in Private Accounts. Together they can manage your entire portfolio to ensure that there are no service gaps and that you can find great coverage – even in a tough market.
“In the past few years, some insurance companies have tried to get out of certain industries, types of business, and properties,” says McCulloch.
“They’re trying to reduce the risks,” adds Fletcher, showing how synchronized the two brokers are. They explain that even with insurance options dwindling, the right broker can not only find insurance, but can also help you shape your assets during the negotiations to get better coverage.
Hub International is a global insurance provider, but its services are local. This means that customers get the best of both worlds: personal support as well as international connections and clout. McCulloch and Fletcher work together across insurance policies so that you get seamless service for all of your personal and business endeavors.
“If you have inventory outside of Canada, we can match you with another local broker. For example, if you own a property in Florida, we can connect you with a colleague there under the same service roof for seamless support, ”says Fletcher.
Here in BC, Strata has seen rate increases sharply in recent years and is a great example of McCulloch and Fletcher’s teamwork.
“Nowadays it is a challenge for buildings to get insurance coverage, but I help my clients by making strong arguments on paper and giving owners practical advice on how to manage risk,” says McCulloch.
Fletcher sees the other side of condominium insurance in helping unit owners, and their shared insights give broader support to clients.
“Future homeowners are now asking about the deductible and other details of Strata’s insurance policy, which is important for brokers and owners.”
In personal insurance, says Fletcher, the biggest hurdle in recent years has been water coverage.
“There has been a big shift. There’s a new way of thinking and we’ve seen a huge surge in premiums, ”she says. “You can’t change the location of your home or the risk of flooding, but Hub can provide maintenance advice that will help with premiums and coverage.”