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R&R Insurance Blog

Featured Client | WI Badger Fans Buy a Third Home (and a Tailgating Bus) Near Camp Randall

Posted by the knowledge brokers

To illustrate the benefits of rebalancing an insurance program to strengthen wealth protection and better manage expenses, the following example presents a before-and-after comparison for one of our valued clients.

iStock-460476115.jpgDave and Nicole are a couple in their early 50’s, with two grown children and one still at home.  They have four autos, two homes in Oconomowoc, WI along with a boat, a jet ski, a converted school bus used for tailgating and a moped.  Dave is a business owner and Nicole also works for the business.  They recently purchased a rental property in Madison, WI, and will act as property managers each fall when they spend their weekends cheering on the Wisconsin Badger football team. 

As their previous captive agent recently retired without an adequate perpetuation plan in place, their relationship with their insurance provider was non-existent.  This led to a lack of consistent coverage reviews and resulted in some major coverage deficiencies:  unfortunately a recently constructed detached garage, along with their boat and jet ski, were uninsured.  Dave and Nicole significantly reduced their risk exposure while decreasing their total premium 30% by rebalancing their program as follows:

Savings Opportunities:

  • Incorporate substantial “prior carrier” discount provided to direct insurance policyholders.
  • Combine all policies into one program, with one bill, and save on service fees by paying in full.
  • Extend liability from the primary home to the two other locations.

Coverage Improvements:

  • Acquire 30% more replacement cost coverage for their primary and secondary homes.
  • Add Original Equipment Manufacturer (OEM) parts coverage to their 2016 Mercedes.
  • Increase Other Structures coverage in order to fully protect the newly constructed garage.
  • Include coverage for both the boat and jet ski, and incorporate them onto their $2,000,000 umbrella.
  • Add Identity Theft and Sewer/Drain Backup coverage to their homes.
  • Add Full Glass Coverage and increase Rental Reimbursement Coverage on their autos.
  • Include Deductible Dividends and Waiver of Deductible program features.

Contact a Private Client Executive, to learn more about properly protecting your most valuable assets.

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*Client names have been changed to maintain anonymity.

Topics: Featured Client, Private Client Group