High Value requirements:
Not all brokers or insurance companies can handle this type of client. If you have a home or referral that has a Coverage A of $750,000 or more, home over 5,000 sq ft, has a net worth of over 3 million dollars and/or is a Director/Officer (D&O), they should/may qualify as a High Valued client and needs the proper coverage/protection. Regarding Goosehead and the relationship with our carriers, we are required to insure three of the four lines (Home, Auto, Personal Lines and Excess Liability $5 million). Besides Home and Auto coverages, we are looking out for their entire portfolio/net worth to properly protect them from liabilities.
The process and expectations:
This process is vastly different from a standard Homeowners policy on the standard market. Once you refer the client to me, I will contact them with a full intake and set expectations. This may take several phone conversations with the client, their wealth manager, CPA, CFO, etc. I will shop the standard market and the high value market. Once things are finished on my end, I will submit that application and proper documentation to the carrier underwriters. At that point, the underwriters can take up to 5 -7 business days to get an approval, a declination, or the need for further information from the client. They will then issue a quote that we can send to the client. This process is lengthy and does require care to properly protect your client and us from E&O’s. The great news is that we carry all carriers for High Valued Homes, and we should find some great options for your clients.
Let me know the best way to reach you, and I will be in touch.