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RiskWell Has Expanded Again

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Nevada and Utah are now live!

Nevada and Utah announcement

Our RiskWell team is excited to announce that we are now able to write insurance business in the states of Nevada and Utah. This brings our total number of licensed states to 22.

Our expansion philosophy has always been that we will go where our current and future clients need us to know. This current expansion was fueled by a couple of real estate investor groups who we are working with to provide real estate investor insurance for their holdings and the holdings of their partners.

Here’s a list of the states we are currently licensed in, moving west to east: Hawaii, Alaska, Nevada, Arizona, Utah, Colorado, New Mexico, Texas, South Dakota, Oklahoma, Missouri, Arkansas, Louisiana, Indiana, Ohio, Tennessee, Kentucky, Mississippi, Alabama, Florida, Georgia and South Carolina.

To request your no-cost consultation for your investment portfolio, business or family’s needs, click here or call our office at 469-678-8001.

Milestone: 3,000 Investment Properties Insured

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3,000 investment properties insured

Our team hit a major milestone this week. 3,000 investment properties insured! Our specialty is working with rental portfolios of 10+ properties and multifamily properties/apartment buildings.

The RiskWell team is proud to be the go-to insurance partner for over 100 professional full-time investors. Also, several hard money lenders trust us to be their official insurance partner for their clients’ needs.

Our team is quite simply the best equipped insurance office for real estate investors in DFW. We have the experience, the relationships, the products and the technology to deliver the best-in-class experience that our clients deserve.

Yes, that’s a bold, confident statement. Maybe it’s bragging a little. Our results for our clients speak for themselves. Our 150+ Five Star Google Reviews from our clients say a lot, too.

Request your no-cost insurance review at this quick and easy online request form: www.riskwell.com/real-estate-investor-quote/

Should I get insurance on my wholetail property?

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Every real estate deal walks a thin line from start to finish. Many things can happen to tank the deal, or kill the profits. I have hundreds of conversations a year with full-time professional real estate investors. One of the facts that I see repeatedly that amazes me is how many investors are skipping the insurance policy on their wholetail or “Deep clean and list” deals.

In the below video, I talk about some things to be aware of in your wholetail and quick turn deals. The good news is that the cost to benefit conversation is heavily tilted in your favor. Properly insuring a wholetail with our office will cost no more than a couple hundred bucks. On the other hand, failing to insure your property, even if you only own it for a few short days or weeks, could be disastrous.

Check out this video, and sound off below in the comments:

The Unintended Consequences Of Buying Insurance Online

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I’ve heard it said that in any buying decision process, there are always three qualities you can choose from. Fast speed, low cost and high quality. Or, put another way: Fast, Cheap and Good. The challenge is that you only get to pick two of the three.

The attraction of taking the fast and easy way out is strong. Buying online or calling the 1-800 number can seem like a great way to just check the box and move on about your life.

However, there are a few points you may not have considered that we’ll briefly talk about now. Without further ado, here are 3 things to consider before you buy that policy online.

1. When you buy online, you give yourself the responsibility of being an expert

[Read more…]

Our new Client Service Center is now live!

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You hate the back and forth email game. You like it even less when you’re emailing about your insurance program.

To that end, we’re very excited to roll out our new Client Service Center. This is where all service and claims requests should be submitted moving forward. We have designed custom request forms for each type of policy that we deliver to businesses and people. Each form will ask you all of the relevant questions, so we can get your request reviewed and process as quickly as possible.

If you’ve ever been frustrated by a lack of communication, and having to wonder where your request is in the process, then you will will love the automated updates feature. When we make progress on your service request, you will be notified in real-time.

We’d love your feedback on the new Client Service Center. We are committed to continually working to improve your client experience, using every possible tool at our disposal.

Check out this quick video that shows you all the new bells and whistles!

We’re proud to be one of the most friendly and innovative insurance brokerages anywhere in DFW.

If there’s something you wish your insurance broker could do, we’d love to hear the suggestion. You just might be the inspiration for our next big upgrade.

Want to see how we can help you? –> Click here to request your consultation now. <—

Better Solutions, Better Advice, #BetterCallJames

How To Avoid Major Headaches With Your Jewelry Insurance

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3 Big Reasons To Avoid Insuring Jewelry On Your Homeowners Policy

For anyone who’s ever purchased homeowner’s insurance, you’re probably familiar with one of the questions the agent or broker will usually ask you. “Do you have any jewelry or personal valuables?” Then they’ll recommend that you put those items on a Personal Articles Floater, sometimes called a “jewelry rider.” What you may not know, and what that agent or broker will likely never tell you is that there are some serious possible drawbacks to insuring your jewelry on your Homeowners Insurance policy.

1. You have to file a Homeowners Insurance claim to get any coverage

When you insure your jewelry on a Homeowners Insurance policy floater/rider, that coverage doesn’t exist on its own. In order to ever file a claim for damage, theft, loss, etc., you have to file a claim on your Homeowners policy. Even if you are fortunate enough to have a $0.00 deductible option on your jewelry rider, you still have the hassle of a full blown Homeowners claim. Virtually all insurance companies give good discounts for being “claims free” for a number of years, usually 3-5, depending on the carrier.

When you file that jewelry claim on your Homeowners policy, guess what you lose? That claims free discount. For several years. So, even if you don’t pay a deductible on your jewelry claim, it likely will cost you several hundred dollars in extra premium for the next 3-5 years.

2. The coverage might not be nearly as broad as you expect

Depending on your Homeowners Insurance policy, there may be big holes in coverage for your jewelry. This is because, with most insurance carriers, floaters and riders are what’s called “Follow Form”, meaning that they will follow the coverage and exclusions/limitations of the policy they’re attached to. So, if a cause of loss is not covered on the policy, then it’s not covered for your jewelry. This is particularly important with regards to “mysterious disappearance” claims (AKA, “I lost it.) Many insurance companies won’t provide coverage for your personal property if you can’t prove a covered cause of loss (theft, damage due to fire, water, etc.)

3. Possession and location could be a problem

Homeowners Insurance companies like to know exactly where the things are that they are insuring. Many policies have limitations on coverage for items that are kept away from the location listed on the policy. This can create challenges and coverage limitations if the person who possesses the jewelry in question (like an engagement ring for a fiance who lives elsewhere.) Many times, if you tell the insurance company the facts of the situation, they will explicitly tell you that the jewelry needs to be insured on the policy of the person who possesses it.

Our Recommendation: Secure a stand-alone jewelry and valuables policy

We recommend that our clients choose to instead insure all of their jewelry, watches and personal valuables on a stand-alone policy from a reputable company. There are a few that specialize in this coverage. Our favorite, which we are proud to represent, is Jewelers Mutual, who has been in business since 1913. They are the recognized leader in jewelry insurance. Some of the benefits that come with their jewelry policy are as follows:

  • Global coverage for loss, damage, theft and mysterious disappearance
  • Zero out of pocket for claims AND full coverage for the purchase price or appraised value of your item(s)
  • Competitive pricing across the board
  • A fast and responsive claims process

Our team is ready to help with all of your jewelry and valuables insurance needs. If you’d like to schedule a consultation to review these, and all of your other needs, please click here and pick a day/time that works for you.

If you’d like to skip directly to getting a quote for your jewelry or valuables, please click here to visit our Treasure page.

Lastly, you’re always welcome to call our office and get personal help for whatever you need. Our goal is always to deliver value and solutions, never to be pushy or salesy.

When it comes to your jewelry and valuables insurance, Don’t Play Games, #BetterCallJames

 

5 Best Practices For Hiring Contractors

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Whether you’re a consumer or real estate investor who needs to hire a contractor (general or for a specific trade), or you’re a contractor yourself who needs to hire a subcontractor to perform work on your behalf, utilizing good judgment and a little extra effort up front can go a long way to avoiding a major headache later.

Here are 5 steps you can start using immediately to better protect yourself, your family and your operation.

1. Their Insurance Is Essential

Only use an insured (and bonded, when necessary) contractor. It’s always possible to find someone who will do the job for less than a reputable, responsible contractor. It’s simply not worth
the risk. When you choose to use an uninsured contractor, you are also choosing to be held responsible (and possibly legally liable) for their actions and any damage they cause. Also, demand
confirmation in writing from the contractors that all of the subs used for the contract either have their own insurance, or are listed by name on your contractor’s policy.

2. Call To Verify

If you followed step 1, then the contractor gave you a Certificate of Insurance. At the top right of that document is the name and contact number for the agent who wrote the policy for the contractor. Call that person, and ask them to verify coverage. Give them the contractor’s name and the policy number listed on the certificate. Virtually no one does this part, and it is critical. Unverified coverage is the same as no coverage.

3. Are They Registered?

Only use contractors who are legitimate businesses, registered with the state and county. Check the name of the contractor’s legal entity against the State Comptroller’s entity search to ensure
they are active and in good standing. It can be extremely difficult to hold an individual or sole proprietor responsible for damages like you can a legitimate business (LLC, Inc., LP, etc.)

4. Additional Insured Status

Require the contractor to add you as an additional insured party on their insurance policy. This will provide you extensive protections if the contractor is responsible for any bodily injury or
property damage liability to any third party. Specifically, ask for the AI status for both Ongoing Operations and Completed Operations. These both used to be on the same document, the CG 2010 11/85 document, but virtually no insurance companies will give that any more. Look for the contractor to provide you a CG 2010 certificate (for Ongoing Operations) and a CG 2037 certificate (for Completed Operations) so that you are fully protected against claims that may arise against your contractor.

5. Hold Harmless and Waiver of Subrogation

Require a Hold Harmless agreement and Waiver of Subrogation to be provided by the contractor, and written in your favor. Have your attorney review these two documents before hiring the contractor, as they are critically important protections that prevent damaged third parties from seeking recovery of their losses from you. If you don’t take this last step, you are opening yourself up to the possibility that you may be caught up in a lawsuit against the contractor. Also, without a Waiver of Subrogation, the contractor’s insurance company may come after you to recover their damages if they determine that your actions or lack of action contributed to the claim they paid out.

Bonus: Always, always use a written contract

We are amazed how often we see people hiring a contractor or subcontractor on a handshake or verbal agreement. While it is admirable to be trusting of people, it is also virtually impossible to hold someone accountable for work performed on a verbal or handshake agreement. Further, most insurance companies are totally unwilling to pay out claims for damages caused in the absence of a written contract and scope of work. Yes, it is some extra hassle, but making the commitment to always work under the protection of a written and signed contract is always a good idea.

If you have questions or want to get additional risk management advice, feel free to call us at 469-678-8001. If you are a contractor who would like to request a no-cost review of your insurance program, click here and complete the quick and easy form.

5 Rules Every Landlord Should Live By

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I’m pretty confident that if you asked anyone who has ever owned a rental property you would get an overwhelming response that it’s not as lucrative or easy as they thought it would be. In fact, owning a rental property can be a major pain, and end up costing you a ton of money!

I certainly don’t mean to be a “Debbie Downer”, and I know that if it’s done right it can be lucrative, but from an insurance agent’s perspective, I don’t see a lot of people doing it right.

So you’re probably thinking, “Well Chris, you are an insurance agent. What do you know about real estate or rental properties? Why should I take advice from you?”

I’m not a real estate agent, and I don’t own a rental property. However, several of my friends/family/clients/co-workers own rentals, and because I insure a bunch of their properties, I’ve had a first hand account of the process, and I’ve learned what to do, and what not to do.

[Read more…]

Life Is Risky. RiskWell.

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