Can you tell us about yourself & your approach to general insurance? He gave great insight into what to look for with general insurance for your home & business, as well as what you should speak with your insurance broker about–& how often to reach out with updates. down the street from us in Fort Langley, to discuss general insurance. We had the opportunity to sit down with Jonathan Luiten (BA, CAIB, CIP), President of Valiant Insurance Brokers Inc. In our industry, you can be licensed for 2 things: general insurance or life & benefits. & that’s the stuff that you guys take care of & are involved in. & then outside of general insurance is health & life insurance. So general insurance covers pretty much everything that has to do with possessions. The McDonald’s famous hot coffee lawsuit is a classic example. So if you own a business & you sell t-shirts, then you can also have liability insurance for people buying your T-shirts & them having an allergic reaction to the material. All your physical, tangible things & then the liability associated with owning those things. I’m always asked, “what do you do?” & I go, I sell insurance for everything but life & travel. It’s coverage for the things that you own, your material, items, your contents, your building, your home, your condo, your car, everything. So fire insurance, property damage, theft, falling objects, snow, load, windstorm, hail. General insurance provides coverage for fire & liability coverage for your everyday risk. People go, “Oh wow, I’m not paying enough insurance” Renewing over & over without review will result in a policy that won't respond properly if you would have a loss.Ĭan you let us know what general insurance is & what it covers? They’re paying $2K for a $1M home coverage, but your home is evaluated at a $2M replacement cost. The other half the time, their risk is completely undervalued. Often, we give them rate decreases between 5-20% & better their coverages. So people are saying, how can I get more value if this is the premium? We’ve been seeing people who haven’t shopped in a long time, so when they walk in, we do a market evaluation. Then, we've had the forest fire & flooding issues. We've been in a hard market since 2018/2017 that's more targeted & less radical in terms of the increases that people are seeing a 8-10% rate increase in areas like home insurance, which has to do with water damage losses increasing. However, they also need to meet catastrophe fund requirements that the government-related Financial Institutes Commission oversees. Rates have been increasing for a few years we’ve been in a hard market which occurs when insurance companies’ return on equity investments aren’t great, losses are high & they aren't collecting enough premiums because their business is just like any other. People who are tired of not understanding what they’re paying so much money for. What are the main things that people are coming to you for when they’re looking for home/business insurance?
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