Russ Rymer - Madison Insurance Group

08/17/2024

Why Are Insurance Costs Rising?

Insurance costs are on the rise, and while it may feel frustrating, I want to share some facts about the industry as a whole and what we see when putting together programs so you can better understand what’s happening and make informed decisions about your policies. As always, I am happy to help anyone (customer or not) with any issue or questions they have.

1. Inflation and Property Values: Since 2020, inflation has significantly reduced the dollar’s purchasing power. This means that the value of your $200,000 property may now be closer to $400,000. Because most insurance policies are written on a replacement cost basis, the increase in your property’s value means your coverage needs to increase as well. This adjustment leads to higher premiums simply because you’re insuring a higher value.

2. Increased Claims: The frequency and severity of natural disasters have been increasing. From freezing pipes in Texas and the Southeast to tornadoes and named coastal storms, insurance companies have seen a surge in claims. The Insurance Journal reports that the property and casualty (P&C) industry has been losing billions every year. The S&P Global Market Intelligence projects a combined ratio of 99.2 for the U.S. P/C insurance industry in 2024, indicating a possible return to underwriting profit for the first time since 2021. Even so, this “profit” is just projected and to be a slim 0.08%.

3. Reinsurance and Reserves: Insurance companies don’t just insure you; they also have to insure themselves through reinsurance to protect against catastrophic losses. Additionally, state regulators and rating agencies require insurers to maintain a certain percentage of reserves to ensure they can pay claims. These factors add to the cost pressures that insurance companies face, which ultimately trickle down to policyholders.

Here’s a graph that shows historical data and future projections for the insurance industry, illustrating the financial challenges the industry has faced and what may lie ahead.

08/28/2023

🏠👨‍👩‍👧‍👦 **Introducing Comprehensive Family Insurance Solutions** 👨‍👩‍👧‍👦🏠

🌟 Are you ready to take charge of your family's future? Look no further than Russ Rymer at Madison Insurance Group! 🌟

🛡️ **Health Insurance:**
Keep your loved ones safe and sound with our tailored health insurance plans. Say goodbye to worries about medical bills and hello to quality healthcare for your little adventurers!

💼 **Life Insurance:**
Your family's dreams deserve to be protected. Our customizable life insurance options ensure a secure future for your children, giving you peace of mind, no matter what life brings.

🏠 **Homeowners/Renters Insurance:**
Shield your nest from the unexpected with our reliable home insurance coverage. Enjoy tranquility knowing your haven and cherished belongings are safeguarded against life's surprises.

🚗 **Auto Insurance:**
Drive with confidence, knowing you're protected on the road. Our auto insurance plans cover your family's vehicles, ensuring you have a worry-free commute and seamless school runs.

🌐 **Disability Insurance:**
Your income is your family's foundation. Safeguard it against the unforeseen with our disability insurance, ensuring financial stability even in challenging times.

At Madison Insurance Group, we understand the unique needs of modern families like yours. Our friendly team, led by Russ Rymer, is here to guide you through the insurance maze, offering personalized advice and solutions that fit your every need and budget.

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📞 Call Russ Rymer at 865-963-1224 or visit our website at TNAutoCoverage.com to schedule a consultation. Let's build a brighter, worry-free future for your family, together!

08/07/2023

I feel like some of you need this after these storms.

Step-by-Step Guide for Handling a Property Insurance Claim:

1. Ensure Safety: Prioritize your safety and your family’s. If necessary, evacuate to a safe place, considering potential gas or electrical hazards, and ensure everyone’s well-being.
2. Contact Authorities: In case of an emergency, promptly seek help from local authorities and follow their guidance.
3. Document Damage: Thoroughly capture photos and videos of the damage to your home and belongings. These records are vital for your claim.
4. Prevent Further Damage: Take immediate steps, if safe, to prevent further harm, such as covering broken windows or securing damaged areas.
5. Insurance Notification and Claim Reporting: Contact your homeowner’s insurance company to report the damage and initiate the claims process. Share documented evidence of the damage for their assessment.
6. Temporary Repairs: If safe and feasible, conduct or hire temporary repairs to prevent additional damage. Keep all receipts as evidence.
7. Insurance Adjuster: Collaborate with the insurance adjuster who will assess the damage. Present the comprehensive documentation you’ve collected, and discuss potential permanent repairs. Maintain open communication to stay aligned.
8. Obtain Estimates: Obtain repair estimates from reputable contractors. These estimates contribute to the evaluation of your claim.
9. Claim Review: Your insurance company will review your claim, considering site visits and repair estimates. They’ll provide coverage details and settlement information. Discuss payment timelines and amounts to initiate repairs.
10. Repairs: Once your claim is approved, proceed with permanent repairs using authorized contractors. Prioritize getting the work done safely and efficiently.
11. Additional Living Expenses: If unable to reside in your property during any part of the claim process, inquire about potential additional living expenses coverage. This may include temporary housing costs or other necessary accommodations.
12. Follow Up: Maintain consistent communication with your insurance company throughout the process. Keep detailed records of all correspondence and updates.

Navigating a property insurance claim can be complex, but following these steps and maintaining clear communication and expectations for everyone (You, Your Agent and Insurance Adjuster) can help streamline the process and make sure you get the optimal result.

01/05/2023

I know some of you guys have experienced damage the past couple of days with the freezing temperatures, and the crazy wind storm. Here is a general outline of the steps you can take to handle a property claim:

Remember that they claim it’s just the insurance companies contractual responsibility to handle the financial burden of a covered incident. This is still your property and there are certain things you can do to make the process smooth as possible when dealing with a third-party.

1. Take inventory of the damage and document it with photos or video. This will help you provide an accurate record of the damage to your insurance company.

2. Contact your insurance company to report the claim. Have your policy number and any other relevant information handy when you call. Typically all companies have an 800 number to call 24/7 for claims intake. Then you should be assigned an adjuster and claim number.

3. Follow the instructions provided by the adjuster. This may include getting estimates for repairs, scheduling an inspection of the damage, and filling out any necessary paperwork. Also they will expect you to mitigate damage as much as possible before, repairs are made. This is where specialty restoration contractors do a good job of coming out initially and getting a drying process in place or tarp a roof prior to making repairs. 

4. Keep track of all communication with your insurance company and any other parties involved in the claim, such as repair contractors. This is important to keep you protected in case someone doesn’t follow through with expectations.

5. Make necessary repairs or arrangements to have the repairs made. Your insurance company may provide you with a list of approved repair contractors or usually they allow you to choose your own as long as the pricing is in line with other estimates. We typically recommend getting 3 estimates so you can show the adjuster what multiple contractors say but we realize sometimes this isn’t impossible 

6. Keep receipts for any expenses related to the claim, such as temporary housing and all info related to the repairs.

7. Typically an insurance company will issue an initial check for what they call actual cash value of the claim. This includes depreciation for old items, etc. Even if you have a replacement cost policy, this will be the initial check and they will provide the dofference for replacement cost once you prove the cost to replace that item with receipts or documentation. 

Be sure to review your insurance policy and understand what is covered and what is not. If you have any questions about your coverage, don't hesitate to ask your Agent for clarification. They can speak with the adjuster as well to better understand a coverage position and can help keep everyone on the same page.  Sometimes it feels like insurance companies don’t really talk English to customers and insurance speak can mean different things and even hint at possible coverage to take advantage of.

I hope this helps! Let me know if you have any other questions if you are a customer or not. I’m happy to help anyone.

01/15/2021

Don’t go to several companies all over town to shop for insurance. Shopping for coverage is made easy with Madison Insurance Group... As an independent insurance agent we shop multiple markets and work in the best interest of our clients to find the best company for them.

Just go to TNAutoCoverage.com and complete the quote form. We will shop over 20 home and auto insurance companies to get the best possible price and coverage.

Quote over 20 home and auto insurance companies in Tennessee to find the best price available. TN auto and homeowners Insurance - MIG in Knoxville

12/07/2020

Up to date information RE: COVID and employers exposure to WC claims.

This updated article addresses stakeholder questions regarding COVID-19 and the impact it may have on the workers compensation industry.

11/12/2020

03/17/2020

ATTENTION: Restaurants and other retail businesses affected by COVID-19. If you are having trouble with your current agent or insurance company reducing sales or covering a minimum amount of sales give me a call. We can write a minimum policy with property etc to satisfy lien-holders and cover bare minimums for you. Once this passes we can always increase sales back to normal projected amounts.

We don’t recommend going without coverage and we are available to help in this crisis. Please call me directly and we can tailor a solution to every concern. We are here to help you through this. 865-963-1224 is my personal cell.

02/17/2020

If you own a restaurant or bar and have a claim can you wait 3-4 days before the insurance will begin to pay for business income losses? If you are looking for a lower premium and best in class claims handling we have a program for you. Call Russ Rymer today 865-963-1224

10/21/2019

‪Business insurance made easy. Top tier Bar and Restaurant coverage available for you at a fraction of the price. How can we help? TNBusinessCoverage.com‬

09/24/2019

Restaurant insurance coverage... Is your restaurant protected?

We can help with leading class coverage and best available pricing in the marketplace. Call 865-963-1224 or email me at [email protected]

09/06/2019

We have a new insurance company specializing in Restaurants and Bars!

If you own or know someone who owns a restaurant or bar please get in touch with me! No doubt this company will beat anyone’s price & coverage.

Stop by TNBusinessCoverage.com for my contact info.

Generate a free Tennessee Business Insurance quote for Auto, General Liability, Work Comp, Bonds and Property with MIG