In a hard insurance market not only are premiums high, coverage itself is difficult to get. Insurance companies always take precautions to manage risk, but the compounding challenges of 2020 have made things even harder.
It’s tough out there, but if you own a home, business or vehicle fleet your insurance is mandatory. So how do you crack the hard market?
Call Wade McCulloch and Tanya Fletcher.
The pair work at Hub International in Victoria, McCulloch in Commercial Accounts and Fletcher in Personal Accounts. Together they can manage your whole portfolio to ensure there are no gaps in service, and find you great coverage — even in a hard market.
“In recent years some insurance companies have been trying to get out of certain industries, business types, and homes,” McCulloch says.
“They’re trying to reduce exposures,” Fletcher adds, showing just how synchronized the two brokers are. They explain that even as insurance options are shrinking, the right broker can not only find you insurance but also help you frame your assets during negotiations to get better coverage.
Hub International is a global insurance provider but their services are local. That means clients get the best of both worlds: personal attention plus international connections and clout. McCulloch and Fletcher work together across insurance types, so you get seamless service for all your personal and commercial ventures.
“If you have holdings outside of Canada we can also match you with another local broker. If you own property in Florida for example, we’d be able to connect you to a colleague there under the same umbrella of services for seamless support,” Fletcher says.
Here in BC, strata insurance has seen big rate increases in recent years, and offers a great example of McCulloch and Fletcher’s teamwork.
“It’s challenging for buildings to secure insurance these days, but I help my clients both by creating a convincing argument on paper and offering owners practical tips to manage risk,” McCulloch says.
Fletcher sees the other side of condo insurance policies when helping unit owners, and their shared insights give clients broader support.
“Prospective unit owners are now asking to see the deductible and other details of the strata’s insurance policy, which is important for realtors and owners to consider.”
In personal insurance, Fletcher says the biggest hurdle in recent years has been water coverage.
“There’s been a big shift. There’s a new mindset and we’ve seen a huge increase in premiums,” she says. “You can’t change your home’s location or flood risk, but Hub can provide advice on maintenance that will help with premiums and coverage.”