Anybody Home?

It may sound depressing to some people, but our country’s economic woes can equal insurance opportunities. There, I said it. Shoot me! But you know you have all been thinking it! Vacancies are just one of the many areas where a professional insurance agent can improve their bottom line due to the current economic conditions we all read about every day. Sure, things may be picking up in some areas of the country, but we all know there are still vacancies out there.

In an effort to help you successfully write more Vacancy business, for a limited time (until 1/31/11) Jimcor has reduced our rates online and is offering additional commission!

In 2008 foreclosures increased 81%. Since 2006 foreclosure rates are up 225%!

Commercial and personal property forms do not really provide definitions for the terms vacant or vacancy. They also do not define unoccupied or unoccupancy under “Definitions”. There may be some clarification under the “Loss Condition” of certain forms.

How does Webster’s Dictionary see it?
Vacant/Vacancy: Deprived of contents; not filled; empty – as a vacant room
Unoccupied: Having no occupant; vacant; empty

So what are the major issues when a property becomes vacant?
There is a material change in risk
Water damage (freezing)
Vandalism restrictions

The hazards presented by Vacant Property can go on and on. For more information you can view a recent article from the National Underwriter Magazine Vacant Property Presents Unique Hazards.

Jimcor has made available to agents around the country an online program, AU Gold, to quote Vacant Property. With competitive premiums and coverage options, this program has seen tremendous growth over the past several years. For information on Jimcor’s online program contact your local Jimcor underwriter or click here.

Vacancies are only one class of business that agents can take advantage of during these tumultuous times to round-out their portfolio. What other classes of business have you seen that are picking up while the economy may be faltering? Are there marketing opportunities out there that have been more successful than others? How has your agency turned a negative (the economy) into a positive (staying flat or even growth)?

(NOTE Much of the information from this post was obtained from Frank Marmorato's Vacancy CE Class. Frank is the Product Manager for Jimcor Agencies. For more information on this Vacancy CE Class contact Frank at fmarmorato@jimcor.com.)