Don't Let High Deductibles Leave Your Clients Exposed: Understanding Windstorm and Hail Buy Back Coverage
As an insurance agent or broker, you are constantly seeking ways to provide comprehensive coverage and valuable solutions for your clients. In regions prone to severe weather, particularly windstorms and hail, high deductibles can be a significant pain point for property owners and a potential hurdle in securing coverage. Daniel Barraclough, Underwriter at Breckenridge Insurance, an Accretive company, dives into how wind deductible buy backs (WDBB) and hail damage deductible options can be powerful tools in your arsenal, offering clients peace of mind and giving you a competitive edge.
As an insurance agent or broker, you are constantly seeking ways to provide comprehensive coverage and valuable solutions for your clients. In regions prone to severe weather, particularly windstorms and hail, high deductibles can be a significant pain point for property owners and a potential hurdle in securing coverage. Daniel Barraclough, Underwriter at Breckenridge Insurance, an Accretive company, dives into how wind deductible buy backs (WDBB) and hail damage deductible options can be powerful tools in your arsenal, offering clients peace of mind and giving you a competitive edge.
Demystifying Wind and Hail Deductible Buy Back
Let's face it, unless you're actively working with it, wind and hail deductible buy back coverage might seem like a niche product. However, understanding its fundamental purpose is key. In essence, WDBB is a separate policy designed to lower the often-substantial wind and/or hail deductible on a primary property insurance policy.
A WDBB policy allows the insured to "buy down" their deductible to a more manageable level. Similarly, a hail damage deductible buy back works to reduce the financial impact of a significant hail event. Agents can easily reach out for a separate WDBB quote to complement the main property policy.
The Tangible Benefits for Your Clients
Beyond simply lowering the out-of-pocket expense, wind and hail deductible buy back coverage offers several compelling advantages for your clients:
- Financial Reassurance: Knowing they have a lower deductible provides significant peace of mind. If a windstorm or severe hail event occurs, the financial burden is considerably lessened. This acts as a crucial security blanket for the insured.
- Meeting Lender Requirements: As the demand for lower deductibles by lenders steadily increases, a windstorm insurance deductible buy back may be required to close a deal and ensure your client meets these stipulations without having to seek an entirely new, potentially more expensive, primary policy. Their interests being to protect the payments of mortgages on the property if the client has a significant storm loss.
- Improved Cash Flow: For businesses, a large deductible can severely impact cash flow after a loss. A WDBB policy helps mitigate this financial strain, allowing for quicker recovery and business continuity. With the increasing frequency and volatility of storms across the country this is smart risk management practice.
Untapped Opportunities for Agents
While WDBB policy might not be top-of-mind for every agent or broker, several factors present significant opportunities:
- Addressing a Growing Need: The trend of increasing windstorm insurance deductible amounts, coupled with lender demands, creates a natural opening for agents to introduce this valuable coverage.
- Broad Applicability: Do not think WDBB is just for coastal properties. It is relevant in various regions prone to wind and hail. This key coverage is applicable to a wide range of commercial properties, from retail shops and offices to schools, agricultural buildings, and manufacturing plants — virtually anything with property coverage and a significant deductible.
- Proactive Client Solutions: Instead of waiting for a lender to mandate a lower deductible or a client to experience a loss, proactively discussing wind damage insurance buy back options positions you as a forward-thinking advisor. For agents, this is a fantastic opportunity to review their current policy and identify potential gaps or areas for improved financial protection.
The Accretive AdvantageAcross Accretive, our specialists are committed to making the process of helping clients secure proper coverage as easy as possible. Partnering with experienced underwriters at Breckenridge, offers a streamlined and efficient approach to securing wind deductible buy back and hail damage deductible coverage for your clients. Key benefits of partnering with us include:- Quick Quote Turnaround: We understand the need for speed. Expect quotes back within 24-48 hours for smaller risks, and within days for larger properties or portfolios.
- Flexible Solutions: We can tailor coverage based on your client's needs, whether it's a percentage buy down or a flat dollar amount. There are also no minimum premiums and no restrictions on the Total Insured Value (TIV).
- Dedicated Support: We are committed to helping you understand and present this valuable coverage to your clients.
Getting a Quote is Simple
To explore wind and hail deductible buy back options for your clients, appointed agents will need to provide the following information for the fastest turnaround:- Accord form
- Statement of Values (SOV)
- Loss Runs
- The desired buy-down amount
- (Ideally) The age of the roof
- The primary property insurance quote
Be a Proactive Property Protector
Don't let high deductibles be a barrier to your clients’ ongoing success. With wind deductible buy back and hail damage deductible options, you can offer your clients greater financial security and solidify your position as a trusted advisor. Reach out to get started today.
