The 2004 hurricane season confirmed that many insured homeowners did not have enough insurance to cover a catastrophic loss. It is estimated that two out of every three homes nationwide are underinsured. In fact, a recent survey revealed that the typical homeowner was underinsured by 27%.
For the past several months, Florida-based Poe Financial Group has been working with an ITV software developer, along with various county appraisers’ offices, to develop an automated solution to assist their agency base with insurance to value. Poe is now prepared to expand this program for their contracted agents and their clients. Poe will be reviewing the dwelling coverage for HO3 and DP3 values automatically.
The first round of renewal policies to receive this benefit will be those
that have addresses in Palm Beach County.
“Insuring to value is a vital component in providing our policyholders
with the best possible coverage for their homes. Many homeowners are unaware that they may be in a vulnerable insurance position. In partnering with our agents, we have an obligation to protect our customers from potentially significant out-of-pocket losses that can result from being underinsured. The entire process is fully automated, minimizing the up-front work for our agents,” said Brien Burkett, manager of Poe’s ITV program.
For more information, visit Poe Financial Group at
http://www.poefinancialgroup.com .
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