We see so many ads on TV today exhorting us to call the 800 number and get an auto insurance quote.  Save money they all say.  But it’s what they aren’t saying that should be screaming the loudest in your ears.  Because what they aren’t saying should warn you not to call them.

Ok, so what is it they are leaving out of the call me now messages?  In short, you don’t hear them asking you to call them to save money on your homeowners insurance.  And if you live in NC, that is an important distinction.  Because in NC, you see, insurance companies are pretty reluctant to write homeowners insurance due to the way the legislature has preloaded the system to protect those with beach properties at the expense of everyone else.  If want to read about how this problem developed, please read my blogs on the homeowners insurance crisis Part I and Part II.  To better understand how it all turned out, read my blog on house bill 1305.  The bill passed by the way.

So what does this mean for you?  Well, I can tell you that when someone calls our office and wants us to quote or write only their home insurance, we are left with a diminished marketplace for their protection.   Most insurance companies in NC will now not write a homeowners policy without the auto insurance policy to support it.  Of course, those that have just their home insurance in place with an insurance company are pretty safe for now.  I have not heard of many cases of mass cancellations of standalone homeowners policies in NC at this time.  But there has been some activity that comes in the form of consent to rate letters.  To learn more about that, read my blog on consent to rate letters in NC.

So this diminished marketplace means higher rates on homeowners policies that are being moved around without the auto policy for support.  So, if you take the advice of the ads on TV, and move your auto insurance to a new company to save money, the homeowners policy that you now leave behind, unsupported by your auto policy, might be non renewed at the end of the policy term or you may see dramatically higher rates on that policy at the next renewal.

The hard market for homeowners insurance in our state means that you as an insurance consumer must play your cards carefully when making changes.   If your home and auto insurance are with the same company now, then you should be careful to keep these policies together until the homeowners insurance market in NC softens.  Separating them can end up costing you a lot more money and grief over time.  And it’s not likely that the auto insurance company that is screaming for you to save money on your auto insurance by calling them is going to let you in on that secret.   For the most part they would love to take your very profitable (for them)  auto insurance and leave behind your more problematic homeowners insurance. 

At Clinard Insurance Group in Winston Salem, NC, we take pride in working hard to help every insurance buyer become a better informed consumer.  We still have open markets for standalone homeowners insurance but they are closing up over time as the market continues to harden in this area.  If you need help with your home insurance, your auto insurance, your business insurance or even your life insurance, I hope you will feel free to call us, toll free, at 877-687-7557 or visit us on the web at www.ClinardInsurance.com.

If you have a business with employees in NC, then chances are you are have at least a passing familiarity with work comp insurance and how it is set up.  In my conversations with lots of different types of business owners all across North Carolina, I have found that many wrongly assume that workers compensation rates are the same from one company to the next.  Nothing could be further from the truth.  This article will go over the rating process and how the rates are established and what this means for you, the business owner and insurance consumer.

Let’s start with the easy part, the policy coverage itself.  In NC, all workers compensation policies have the same coverage form.  The coverage is statutory, which means that it follows the current NC workers compensation statutes.  Therefore, with the exception of a few items, all policies are basically the same.  The rates however, are not the same. 

Each insurance company has to file their rates with the NC Rate Bureau for each different classification of labor that they write.  And while company A may love to insure landscapers and their rate would reflect that, company B may not want to write this class of business, so their rates might be higher for that classification. 

So what does this mean for you?  Well, if you own a business in NC and are buying workers compensation insurance, then you should take some time to understand the marketplace and make sure that you have purchased your coverage from a company that is eager to write your business and has the rates to reflect that eagerness.  Also, in the past it may have been wise to always place your workers compensation insurance with the same company that handles your general liability insurance, your business auto insurance or your commercial property insurance.  The workers compensation marketplace in North Carolina has changed quite a bit over the past 15 years and now there are many insurance companies out there that write only workers compensation insurance.  We call these monoline work comp companies and they are a good choice for lots of NC business owners because the are not only able to offer very competitive rates on the classes of business that they want to write, but also, they often have loss control and back to work programs that are more effective and more helpful to small businesses.

At Clinard Insurance Group in Winston Salem, NC, we specialize in helping small businesses all across NC with their workers compensation insurance policies.  We have created special insurance programs for plumbers insurance, HVAC insurance, carpenters insurance, painters insurance, restaurant insurance, floor and tile installers’ insurance, landscapers insurance and electricians insurance.  If you need help with your workers compensation insurance or any other insurance policies, please feel free to call us, toll free, at 877-687-7557 or visit us on the web at www.ClinardInsurance.com.