Insurance Agent/Broker

A Day in the life of a Insurance Agent/Broker

The people involved in the insurance industry profess that they provide security for a living, since their product is financial protection in the event of a crisis or emergency. This protection is always in demand, and the insurance industry is thus one of the nation’s largest employers, with over two million workers. Seventy percent of them are involved in administrative or sales posts in three main areas: Life, health, and property and liability. The life insurance agent collects monthly or yearly payments from a policyholder; if the policyholder dies while covered by the policy, the designated members of his family receive a substantial sum of money. Sometimes life insurance agents arrange for more creative benefits, such as college tuition payments for children. Ensuring proper coverage for hospital and doctor visits is the domain of the health insurer, who most likely works for groups of employers rather than soliciting clients among the general public. Some health insurers are employed by the government to enforce Medicaid policies. Finally, property and liability agents insure instances of damage done both to and by their policyholders. They must also be fluent in the world of health insurance since they cover workmen’s compensation; an employee injured at work will deal with this agent rather than a health insurance agent. Agents work for one insurance agency, whereas brokers work independently and sell policies through many agencies. Beyond this distinction, however, agents and brokers fill many of the same functions. Each meets with potential clients and advises them on the most appropriate coverage. When claims are made, they have to settle the claim equitably for both the client and the agency. Agents and brokers can be salaried employees of an agency or, more likely, work partly or fully on commission on the premiums they sell. Because most agents work on commission, they must spend quite a bit of time networking and finding new customers. Some large agencies cover all areas under one of the three divisions, while smaller ones specialize in one area, car insurance, for instance. Besides keeping up with customers and courting new ones, insurance agents and brokers have administrative tasks to do, such as keeping records of sales. Lucky and successful agents will have a staff to handle these matters.

Paying Your Dues

Life and health insurance agents and brokers must be licensed by their state, which means passing an insurance examination. Agents who sell investment-oriented policies must also be licensed by the National Association of Securities Dealers or the Securities and Exchange Commission. While a college degree is not necessary for these positions, many agencies are seeking college-educated applicants, and a degree is an especially good idea if you want to advance to managerial positions. Some agencies even offer training programs for undergraduates, in the hope that students will work part time while in school and become full members of the company upon graduation. Some of these programs even provide tuition reimbursement for students employed with their agencies.

Associated Careers

Occasionally insurance agents have dual professions-some property insurance agents are also real estate agents, for example. Field representatives attempt to generate new business for agents and brokers. They conduct and attend insurance conferences in order to remain fluent in the latest topics in insurance. At times field representatives will educate insurers about advancements in the field. The most prestigious title in the insurance industry is held by the underwriter, who has the stressful task of reading applications that are submitted by agents to determine whether the agency should accept the risk a particular client presents. Underwriters depend on studies done by actuaries that determine levels of risk. Insurance adjusters are also players in the industry. When an accident occurs, an adjuster visits the site to assess the damage and determine the funds the insurer will award.

Landlord Insurance

There are many different types of landlord insurance, all designed to protect the landlord against loss of earnings and any damage they may incur to their property or contents as a result of renting it out. The cover usually comes under three main categories: building insurance, contents insurance and landlords liability insurance.

There will also be differences between landlords insurance that is designed for buy-to-let properties and individuals, commercial properties or those who have a portfolio of properties. If you do have a number of properties it's likely that you'll receive a discount when it comes to buying your insurance.

Why Do You Need Landlords Insurance?

Since you are using your property as an extra source of income you will need to ensure that it is adequately protected. Since you are taking money for your property, your normal home insurance policy will no longer be valid. You are now going to need a residential or commercial landlord policy to protect your building, contents and earnings as a landlord.

If you have a good landlords insurance policy in place then you will be able to relax in the knowledge that any damage caused to the property will be repaired under your cover. You will never have to worry about incurring large costs that you can't afford.

Types of Landlord Insurance The first kind of insurance you will need to take out is buildings insurance where you will be required to estimate the cost of rebuilding your home should you encounter a total loss. It is important to insure your building for its true value, as you could find yourself losing out if you don't.

Contents insurance can also be taken out. This covers only the contents that are owned by the landlords, and the tenant will need to take out their own contents insurance. This will include your furniture etc. if you are renting out your property furnished.

Other landlord insurance may also cover factors such as your tenant not paying rent. Many of these different types of cover are often included on one landlords insurance package, with contents insurance as an added extra for a small fee. You may also be able to get landlords liability insurance, though this may come as a separate policy.

How Much Will My Landlords Insurance Cost?

There are a number of factors that will determine how much your landlords insurance costs. All insurers will asses you differently, but in general they will take into account factors such as:

- The cost of the building to be rebuilt in the event of total loss.

- The location of the property.

- How many claims have been made in the past.

- How old the property is.

- The type of property.

- The type of tenants living in the property.

LandlordBuddy.co.USA is here to help by providing you with useful landlord insurance information and allowing you to compare landlord insurance and landlord insurance plans.

Why Landlords Should Get Landlord Insurance

Landlords insurance covers you for any loss or damage to your property. For a fixed monthly fee, you can ensure that you are protecting your investment and that you will be able to meet the costs for any work that needs to be done as a result of damages.

The prices of landlords insurance will vary from insurer to insurer, but depending on what you want covered will be a substantial cost each month - the majority of which goes towards protecting the building itself. It is understandable that you may question whether this is a worthwhile investment, which is why we have put together this guide to help you make your decision.

Standard Landlords Insurance Cover

As a general rule there will be different levels of cover when it comes to landlords insurance. You will usually find that an insurer offers a 'standard' option which is basic in comparison to other policies. The major benefit of choosing this kind of cover is that the monthly price isn't huge, but you will still be protected against some of the most important risks that you may encounter as a landlord.

Even basic landlords insurance will usually cover damage to your fixtures and fittings that can happen during a tenancy. If your property is not furnished then you may find that the security deposit paid by your tenant upon moving in is enough to cover any damage to these items.

However, landlords insurance usually goes above and beyond this basic level. For a start, if you are furnished then you will have more at risk when it comes to the potential level of damages that could occur.

Secondly, most insurance packages will cover your building - which is the most important element of the property! The chances are that most mortgage lenders will want you to carry this kind of insurance as a protection against yours and their investment.

More Comprehensive Landlord Cover

Whilst the most basic landlords insurance packages may only insure against damage such as fire, storms, water and so on, more comprehensive insurance plans will protect you from malicious acts committed by your tenants to the property and building.

On top of this general protection, one of the most worthwhile kinds of insurance to have is that where you will be covered from loss of rent. After all, as well as being an investment, your property is now providing you with an income. Should this income cease then it may make it hard for you to continue paying your mortgage, putting you in a difficult financial situation.

Many landlords insurance policies will cover loss of rent should your property remain empty between tenancies. It will also pay for the rent you are losing while taking a tenant to court, or while you are waiting for repairs to be completed. This has obvious advantages and, even if you could pay for repairs yourself, this is the only way you are guaranteed to earn rent. Without insurance you would have to lose earnings for those months.

Points to Bear in Mind

It is important to remember that different levels of insurance will come with different limits as to how much they will pay out. You will also be expected to pay an excess charge on many items. This is why it's so important to read the small print and find an insurance policy that really suits you.

In answering the question of whether you need insurance for your property you should remember that contents insurance will not cover the contents of your tenants. You may also already have adequate cover from your security deposit. However, when it comes to building insurance and cover for loss of rent, landlords insurance can prove extremely worthwhile not only due to the money it will save you, but also for the peace of mind it affords.

Property Affiliate Program USA

Eventually, with the development of the Internet facilities it's becoming easier and easier to be involved into any affiliate marketing program. An affiliate marketing program is actually an additional (sometimes even main) job to many people. The major feature of such programs is that they do not restrict people in social status, age, sex, or any other characteristic. Besides that, a lot of affiliate programs are free of charge. Really, there is sense in it since another goal of the affiliate marketing program is to draw in more consumers, persuade them to purchase something, thus, to make profit of it. The more affiliate partners participate in this process, the grosser income will be.

Considering this, property affiliate program USA pretends to be one of the most requested businesses. Even retired people have an opportunity to be accepted into any property affiliate program USA and get side income. Such programs usually have some tiers (at least two of them). The 1st tier means that a partner has not got any special agreements with the affiliate program provider. However, 2d tier suggests development of the services provided by the affiliate partner through inviting other partners into this network; hence, larger profit.

Property affiliate program USA implies the principle of leading people to the main web site. In such a way, partners receive money for clicks and sells. If you open your administrator panel, you'll see completed sells and pending sells. Such affiliate marketing guide helps to control traffic and incomes.

Affiliate partners may be involved into all sectors of the property market: USA property for sale, for lease, for rent and for purchase, also, residential and commercial property sectors. Once you're looking for other online marketing businesses, you're offered to learn more at affiliate marketing guide.

Property Insurance Claims by Landlords

USA landlord insurance policyholders have to deal with a wide range of problems that arise from a buy to let property. Some of these problems are simple and can be rectified easily and some can be costly. If the problem is covered by the property owner’s landlords insurance policy then the landlord does have the option to claim against the property insurance.

Below is a list of common claims made by USA landlord insurance customers. Some of these risks can be reduced by the landlord that puts in risk management solutions to limit the likelihood of a claim occurring. Most landlords know that making a claim on their let property insurance can increase the renewal premiums and landlords that have made numerous claims within a short time frame may even find it difficult to obtain cover.

Escape of Water Claims

Probably the most common type of claim for rented properties is the escape of water claims. This obviously leads to distressed tenants and wastes a lot of time for the landlord in trying to correct this issue. The landlord has to call the insurance companies claims line and report the claim. Call a plumber and have the immediate problem of the leak fixed. A lot of time and effort on the landlords part that can easily be reduced by taking some simple measures.

The landlord should ensure that the tenant knows where the stopcock is located to turn the water off. Also water tanks, ballcocks in tanks and overflow pipes should be check periodically for wear and tear and replaced if needed. Another issue that arises is burst pipes due to freezing in the winter months. Again try to maintain a minimum temperature of 15 degrees throughout the property and lag any external pipes.

Accidental damage by tenants

Damage to landlord’s contents in a rental property also features high on the list of claims made by residential USA landlords. Usually accidental damage claims are made for damage to carpets and sofa sets etc. Unfortunately these types of claims are very hard to avoid as most tenants will not deliberately cause damage to their landlords contents.

The only thing a landlord can do is make sure that they vet the potential tenant thoroughly by following up on their references. Letting a property to shared students will more likely result in accidental claims then letting a property to a single professional. Most landlord insurance policies tend to exclude accidental damage cover where the property is rented to DSS or student tenants.

By choosing the type of furniture provided to the tenant can help reduce these types of claims. Laminate flooring in the kitchen and bathroom can easily be cleaned and is not prone to staining easily.

Storm damage claims to a let property building

Most landlords building insurance policies cover damage caused to the main structure of the let property by storm conditions. Even though landlords cannot prevent the storms from happening, they can however take some precautions in minimising or preventing the resulting damage caused by a severe storm.

Repairing the roof and then periodically getting it check for any loose or damaged tiles can save the landlord a lot of time and money. Also if the roof if flat and is made of felt on timber, then most let property insurance policies will contain a flat roof endorsement that the roof must be checked and recommendations made by the roofer must be carried out within a specific time frame.

Landlords insurance online

Landlords are usually busy people. If you are looking for advice and guidance on the risks you face as a landlord and how to cover some of them with insurance, then probably the last thing you feel inclined to do is start trudging around the high-street. The good news is that today, wearing through the sole of your shoes isn’t necessary. There are specialist insurance providers offering landlords insurance online – and they are easy to find.

What services do they offer? The first thing they can do is to help you understand is the nature of your rental business from a risk and exposures point of view. That may sound blindingly obvious and perhaps even unnecessary. Surely nobody understands your business and its risks better than you do?

That may be true but it may not be. Landlords insurance is a specialised and sometimes complicated area that involves insurance technicalities as well as legal issues.

Adequate protection

Adiquate landlords insurance protection, to give some illustrations of this: although most landlords understand that their property should be insured against natural disasters and accidents, perhaps rather fewer appreciate that they are legally accountable for accidents to tenants or the visitors of tenants, that take place on their property. Some landlords may not fully appreciate that contents such as furnishings may need to be explicitly covered by a policy or that they need to be sure their policy also covers the property when it is standing empty between rentals or while under refurbishment.

It’s also the case that some of the traditional hazards landlords have often accepted as ‘part of life’ such as tenants that maliciously damage the property or that vanish leaving large rent arrears, can also be covered by insurance.

Once the specialist provider has understood the risks you face they can then use their expertise to find the product that is right for you and at the best price possible. The best way to start this process is through looking around at the websites of the specialist providers of landlords insurance online. Their sites usually contain a mine of useful information and a follow-up phone call can clarify the specifics of what they can do for you in your particular situation.

Let property insurance

Let property insurance caters obviously for the landlords market and offers cover for both domestic and commercial property. It offers a number of advantages not found in a home insurance policy such as loss of rent and malicious damage. It can also be used on a much wider range of construction and property types. If you are tempted to not disclose to your insurer that your property is let DONT. It would be better to be uninsured as in the event of a claim you would not be covered in addition non disclsoure could prevent you frpom gaining insurance in the future.

1. Business property insurance

2. Buy to let insurance

3. Let property insurance

4. Commercial property insurance

Easily the most common type of policy is the buy to let insurance.

USAinsurancenet is one of the biggest specialist insurance brokers in the USA. Not only can we offer you excellent cover but we also offer an efficient service in the event of a claim. Regardless of property or tenant type you have we offer competitive landlord insurance and first class service for the level of cover you require.

Why choose USAinsurancenet for your let property insurance?

If you are looking to purchase in the near future we will have a plan to suit your needs regardless of whether there is an existing tenant, currently unoccupied or requiring renovation we can help

Our advisors are experienced at offering you the best landlords insurance and advice no matter how long you have been a landlord.

We work with USA leading insurance companies, ensuring that you not only have the best cover but also obtain a excellent quote.

Best landlord insurance

A quick scan of the market will show that there are more providers of specialist landlord insurance out there than many people think. More detailed and possibly more comprehensive than standard home and contents cover, a landlord insurance policy can guard against some of the problems of having tenants, as well as some of the problems of having a property left empty. But there is no one policy which is the best landlord insurance deal for everybody, and depending on your property and your needs, it may take a bit of homework to find out which deal suits you.

However, there is no shortage of information and finding a policy which fits what you are after and is affordable is not an impossible task. Firstly it may help to try and decide exactly what kind of cover you are after. For example, you might only want buildings cover, or you may plan to have some of your belongings in the property, perhaps if you are looking to let it furnished.

Then there are other concerns, such as do you want a form of protection if tenants fail to pay up, or perhaps are looking for a landlord liability element to your policy.

Extra cover may be needed

Then there are listed buildings or buildings with particularly unusual features which may need an extra element of cover. There may be buildings which are more at risk as to flooding or subsidence, so you may also want protection for this.

Of course a property which you are looking to rent out is just as vulnerable to fire, theft, or vandalism as any other, and as you probably have a considerable sum of money tied up in it, so getting the best landlord insurance is important. If you are at all uncertain about what it is you really need, or are at all unsure or about how best to arrange quotes, you can always turn to a specialist landlord insurance broker who can act as a middleman and search the marketplace to find the best deal.

It is very important to ensure that your Landlords House Insurance policy completely covers your needs. For example ensuring that the Buildings Sum insured is adequate, ensuring that you have Home emergency cover if you are an absent landlord and that you consider things like loss of rent and potential legal expenses if the tenant does not pay.

The best landlord insurance policy could be the deal which emerges after you have done your homework and checked your requirements with a number of providers. Sadly there is not one definitive deal which is suited to every landlord and you may or may not feel you can afford some useful extras like liability cover or protection against the chances of subsidence, which may be extra on some deals.

Building insurance for landlord

 Any business wishes to minimise its risks and landlords are no exception to this. For landlords, there is always the possibility that their building will suffer damage – perhaps even rendering it uninhabitable for a period. To avoid this being a major financial blow, good building insurance for landlord is often seen as being critically important.

 Building insurance for landlord can be a complicated subject and specialist advice from an expert provider of landlord insurance may be required. That’s because there are a number of factors that the landlord needs to consider. These include whether the building is used for commercial or residential letting (or both)? Does it stand empty for periods of time? Is it in use or under renovations/restoration?

 It is then necessary to consider what the risks are. Property can be damaged in natural or man-made accidents. Sadly, tenants and other third parties can also maliciously damage a rented property and today it is also necessary to think about the risks of terrorism.

 All of these factors can affect the type of policy required and the cost. At the same time as thinking about building insurance for landlord, it may also be advisable to consider what exactly is ‘the building’.  There can sometimes be grey areas between what is the building, a fixture/fitting and the landlord’s personal property/goods. It may therefore be sensible to consider a policy that covers both.

Landlord insurance

 There are a number of specialist and expert providers of landlord insurance. They will consider the individual circumstances of a landlord and make recommendations as to the insurance that will best suit their needs.

 Many landlords take out building insurance as part of a package of buy to let insurance that covers a broad range of risks including such things as third party liability cover. There is considerable flexibility here and single or multi-tenanted properties can be covered (commercial or residential) as can primary or secondary first homes being rented out. It is even possible to find policies that will allow a single flat in a block to be covered.

 The costs of this insurance is usually passed back to the tenant as part of their rent and this can avoid the sometimes difficult task of trying to persuade renters to consider their own insurance on the property.

 For landlords, it may be worth keeping in mind that normal ‘primary home’ buildings insurance will not usually cover a property being rented out even if only part of the building is so used. This is not something that will be amusing to discover for the first time following a claim and many insurance companies will take a dim view of any false declaration of use – it could make it difficult or impossible for the landlord to obtain future insurance on a property.