How Much Does your Agent Actually Know?
Does your current insurance agent really know you and more importantly what they are insuring? Of course they do, you say…but do they? Sure, it’s property, liability, a condo association, or a homeowner’s association… but is it just that?
You, the property manager, know it is more than just that. It’s pools, clubhouses, common elements, lakes, bylaws and dare we say it, the Illinois Condominium Property Act!
Sure…your current agent probably knows all that too, but do they really know how to apply all that to the proper coverages for your property or properties? You sure hope they do! You are the trusted professional that the association has hired to run their properties and make sure they are run properly. You, that trusted professional, reach out to other trusted professionals; attorneys, contractors, vendors, other services providers, insurance agents – the list goes on and on.
Your job is to ensure that these people are experts in their respected fields, and you trust that what they are providing is the best for you and the properties you are representing. Again, as the trusted professional the association has hired to look out for them and their best interests. But is it really your job to know if what is being provided is the best?
Kind of sort of. You can tell if the landscaping is being done correct, or the snow is being removed on time or even if the attorney is providing you the best service by appealing your taxes and you see a decrease in the amount of taxes needing to be paid. With that said, will you know if what the insurance agent is providing, is the best and even more so, the appropriate coverages for your property? Chances are this is one of the areas you are trusting that professional.
You are not a licensed insurance producer, nor should you be. You have your own licensing to worry about and plenty of other things to worry about! It is the agent’s job to ensure that what is being provided is the best. It is their job to help you understand that and make sure you know why they are providing what they are.
Does the agent understand ordinance and law? Do they understand the specific risks your property might face? Do they understand the bi-laws and how that impacts the coverages needed? You don’t want to find out the hard way when you have to file a claim and you don’t have enough insurance to cover the claim or worse, it’s flat out denied.
Remember, cheaper is not always better. Let us help you find out if you have the appropriate coverages. We understand what you are managing and want to be your part of your trusted team of professionals.