Welcome to an insightful exploration of the homeowner’s insurance industry, a domain that is rapidly transforming and affecting countless individuals. Today, I aim to simplify the complexities of insurance and provide you with the crucial knowledge you need.

The State of the Industry In recent years, the insurance landscape has shifted significantly. Companies are non-renewing policies at an unprecedented rate, and homeowners in some areas, like Florida, are facing soaring insurance costs. In Florida alone, the average homeowner’s policy now exceeds $12,000 annually. This context is vital to understanding the broader trend of increasing costs and diminishing coverage options. Catastrophic events are becoming more frequent, with destructive fires occurring in unexpected places, such as Los Angeles and Boulder, Colorado. These events, exacerbated by high winds and urban settings, have challenged the traditional risk assessments and coverage practices of insurance companies.

The Reality of Risk Assessment. Insurance companies rely on intricate metrics to assess risk. These include factors such as proximity to fire stations (formerly known as protection classes) and access to water. In some regions, especially mountainous areas or locations with sparse water access, insurers are withdrawing coverage. It’s important to remember that these decisions are not influenced by personal history but rather by broader risk calculations.

Adapting to Change If you find yourself with a non-renewed policy, understand that it’s a response to these shifting risks. Agents are committed to helping you navigate these changes and find alternative solutions. Trust them to work diligently on your behalf or to guide you to someone who can.

The Economic Impact The economics underpinning insurance have also transformed. Many companies are now paying out more in claims than they take in as premiums—a trend that is unsustainable long-term. In Idaho, for example, the payout ratio recently reached $1.30 for every dollar collected in premiums. This is partly due to rising repair costs and the aging housing stock, amplifying the overall financial burden.

The Importance of Coverage Insurance is unlike a savings account; you don’t invest in premiums expecting a payout. Instead, it’s a safeguard against unforeseen, covered events that could threaten your financial stability. Despite frustrations over premium increases, having this safety net ensures you can rebuild and recover if disaster strikes.

Navigating Through Change This is undoubtedly a challenging period for the insurance sector. Last year, I conducted over a hundred reviews with clients to elucidate why rates are climbing and to explore ways to mitigate these increases. These conversations are crucial, and if you haven’t reviewed your policies recently, now might be a good time to ensure you have the appropriate coverage. In conclusion, I encourage you to leverage your agent’s expertise. If necessary, reach out for a policy review or contact your agent for guidance. They’re here to support and protect your interests. If you have any questions feel free to reach out. Be safe and informed. — Thank you for reading, Matt Dietz

The post Simply Explaining Insurance #300- Your homeowners policy is non renewing appeared first on Dietz Agency.

Show Notes

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In this insightful episode of Agency Launch, Matt recounts a story that delves into the nuances of handling referrals and the art of providing value, even when you don’t win the business. He walks us through a promising referral from a commercial broker, involving a high-premium client with complex insurance needs. As Matt tackles the quote, he encounters a challenge—an 18-year-old with a hefty claim and ticket that throws a wrench into the works. Despite being unable to offer a competitive rate due to the daughter’s driving record, Matt turns the situation into a teachable moment.

Our host seizes the opportunity to conduct an impromptu review with the client, offering actionable advice to potentially save thousands on his policies. From increasing deductibles to exploring payment options and safe driving apps, Matt lays out a strategy that not only helps the client but also cements his reputation as a thoughtful and thorough agent. He even crafts an email for the client to send to his current agent, ensuring his advice is easy to follow.

Matt’s dedication to service shines as he reflects on the importance of nurturing relationships and being memorable, even when the sale isn’t made. He encourages listeners to bring value to every interaction and to view prospects as long-term opportunities. For those eager to enhance their own client communication, Matt offers a special resource for managing home renewal conversations amidst rate increases—just text “email” to 208-213-8809.

And for agents seeking to elevate their game, Matt’s master program at agencylaunch.net is ready to guide you. Tune in to this episode of Agency Launch to learn how to leave a lasting impression, provide exceptional service, and potentially turn lost sales into future wins.

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Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message

Show notes created by https://headliner.app

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? Episode Chapters

(00:00) Introduction to handling referrals and providing value

(02:50) The high-premium referral scenario and initial excitement

(05:15) Encountering challenges with the client’s teen driver

(07:40) Matt’s strategy for providing value despite not winning the business

(09:30) Advice on policy adjustments to save money

(11:25) Crafting an actionable email for the client’s current agent

(13:00) The importance of nurturing relationships and long-term prospects

(15:10) Resources for managing home renewals and the master program at agencylaunch.net

(17:00) Closing thoughts on memorable service and future opportunities

The post Simply Explaining Insurance #299- The Art of Losing Gracefully appeared first on Dietz Agency.

Show Notes

? Show Notes

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The heart of the episode beats with Matt’s passionate discourse on the affordability and necessity of life insurance. He demystifies the process, explaining recent industry advancements that make acquiring life insurance faster and easier, such as accelerated underwriting. Matt emphasizes that today is always the cheapest day to buy life insurance, outlining how age impacts cost and the importance of securing coverage early in life.

He also shares effective strategies for agents to initiate life insurance conversations with clients, leveraging life events like home purchases, marriage, and childbirth as natural triggers. With a current campaign targeting clients without life insurance, Matt demonstrates how to showcase the value and affordability of policies, even illustrating how a policy can cost as little as $4 a month after home and auto discounts.

To wrap up, Matt extends an invitation to his text community for additional resources to assist homeowners in understanding and managing policy renewals during rate increases. He also shares a success story from his master program at agencylaunch.net, where he helped an agent secure a substantial bonus, showcasing the potential financial rewards of dedicated coaching and strategy implementation.

Tune in to this episode of Agency Launch for actionable advice, free resources, and the inspiration to take your agency to new heights.

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Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message

Show notes created by https://headliner.app

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? Episode Chapters

(00:00) Introduction to commercial insurance sales resource

(02:20) Brightco jewelry insurance carrier benefits and appointment process

(04:40) The simplicity and affordability of life insurance

(07:15) Strategies for discussing life insurance with clients

(09:50) Matt’s current campaign for life insurance awareness among clients

(12:30) Invitation to Matt’s text community and success stories from his coaching program

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Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message

Show notes created by https://headliner.app

The post Simply Explaining Insurance #298- Life Insurance Uncomplicated: Cheaper Today Than Tomorrow appeared first on Dietz Agency.

Show Notes

? Show Notes

This episode delves into a real-life scenario where Matt demonstrates the significance of an agent’s intervention in preventing a non-productive audit for a valued client. By actively engaging with both the client and the auditing company, Matt exemplifies the kind of dedication and problem-solving that saves clients time, stress, and potential financial headaches. His proactive approach not only resolves issues efficiently but also reinforces the value of having a reliable agent.

Matt’s narrative is a testament to the agent’s role in navigating complex situations and ensuring clients receive the service they deserve. It’s a reminder that sometimes, paying more for a policy with an agent who will go the extra mile is worth every penny.

For agents seeking to enhance their service quality and client relationships, Matt encourages action. He also extends an invitation to text “email” to 208-213-8809 for a powerful email template aiding in client communication during rate increases.

For personalized assistance and to see if you’re a good fit for the Agency Launch program, visit agencylaunch.net. Matt celebrates the success of one of his agents, inspiring listeners to strive for similar achievements.

Tune in to gain practical advice, learn about valuable resources, and be motivated by success stories within the insurance industry. Remember, it’s not just about policies; it’s about people.

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Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message

Show notes created by https://headliner.app

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? Episode Chapters

(00:00) Introduction to new resources for selling commercial insurance

(02:30) Introducing Brightco, the online jewelry insurance provider

(04:45) The role of an agent in preventing non-productive audits

(07:10) Matt’s hands-on approach to resolving client issues

(09:50) The value of agent intervention in complex insurance matters

(12:30) How agents can enhance their service and client relationships

(14:55) Text “email” for an email template to help with rate increases

(16:20) An invitation to explore agencylaunch.net for personalized help

(18:35) Celebrating an agent’s success story and encouraging others to excel

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Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message

Show notes created by https://headliner.app

My Website

Agency Launch training.

Agency Launch Podcast.

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #297- The True Value of an Agent’s Intervention appeared first on Dietz Agency.

Show Notes

? Show Notes

In this value-packed episode of Agency Launch, join our host Matt as he unveils a treasure trove of strategies to combat the rising tide of homeowners’ insurance premiums. With the insurance landscape shifting beneath our feet, Matt pilots a proactive approach that’s already yielding positive results. He generously offers a free template that’s been battle-tested to prompt policy reviews and retain clients amidst daunting rate hikes. Discover the magic word that’s opening doors to meaningful audits and the personal touch of a BombBomb video that’s warming hearts and preserving client relationships.

But that’s not all—Matt doesn’t stop at homeowners’ insurance. He dives into the realm of auto policies, advocating for higher deductibles and telling compelling stories that resonate with clients, helping them understand the value of their coverage choices. He shares a success story that’s sure to inspire, detailing how he saved a client $1,200 by making smart adjustments to deductibles and payment methods.

And for those looking to expand their product offerings, Matt drops a hot tip about a free resource to help sell commercial insurance, specifically workers’ comp—a golden opportunity for those eager to pivot and grow their business.

Finally, Matt extends an invitation to both clients and agents: for clients to schedule policy reviews, and for agents to step up their game and embrace their duty to inform and support their clientele. This episode is a masterclass in client communication, retention strategies, and the relentless pursuit of excellence in the insurance industry.

Text “email” to 208-213-8809 for the client-saving email template, and text “commercial” for the free resource on selling workers’ comp. For an immersive learning experience on running a successful agency, visit agencylaunch.net and consider joining the master program.

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? Episode Chapters

(00:00) Introduction to tackling premium increases and client retention

(02:15) The successful email strategy for initiating policy reviews

(04:00) Personalizing client interactions with video suggestions

(05:45) Adjusting deductibles to save clients money

(07:30) The importance of storytelling in client consultations

(09:50) Success stories of significant premium savings

(11:20) A call to action for clients to schedule reviews

(12:35) Encouragement for agents to be proactive and transparent

(14:10) Free resources for selling commercial insurance and workers’ comp

(16:00) Matt’s invitation to join his master program for agency growth

(18:15) Closing thoughts on the importance of client service and education

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Send in a voice message: https://podcasters.spotify.com/pod/show/agencylaunch/message

Show notes created by https://headliner.app

The post Simply Explaining Insurance #296- Saving Clients Money in a Premium Spike Era appeared first on Dietz Agency.

Dive into the world of jewelry insurance with Matt Dietz and Dustin Lemmick as they unravel its complexities in this enlightening episode. Dustin, the founder and CEO of Brightco, sheds light on the pain points of jewelry insurance and how his company’s tech-driven approach is revolutionizing the industry. Listen in as they swap roles, asking each other insightful questions that reveal the inner workings of insurance sales, customer service, and the importance of empathy in claims. This episode promises a wealth of knowledge that will leave you more informed than 99% of people on Jewelry Insurance.

Episode summary created by https://headliner.app

(00:00) Free resource for you that will help you sell commercial insurance

(01:10) This is a great deep dive episode on jewelry insurance

(02:03) Matt Deets is a 19 year insurance agent and podcast host

(03:03) Dustin Lemeck is the third generation jeweler and founder of Brightco

(04:57) With jewelry and watch insurance, I noticed a handful of pain points

(09:40) Matt Miller: The insurance industry right now is very challenging

(12:58) With rising replacement costs, are incident rates and claim rates also subsequently increasing

(17:31) How do you guys at Brightco keep your pricing so competitive

(20:00) If your loss rate is really low, can you pass those savings on to clients

(25:43) Matt, why are agents debundling for their policyholders

(32:41) Some companies are trying to control costs by cutting agent commissions

(34:29) Brico uses algorithms to reprice items every year through insurance

(41:07) Matt Bright: What role does customer service play in a client’s experience

(47:59) Let’s do feedback on insurance differentiation for agents

(48:28) Brightco has been in business since 2017, but brought first product in 2019

(56:16) Matt: If you want to get appointed with Brightco and sell their product

Get Appointed at Brite.com

My Website

Agency Launch training.

Agency Launch Podcast.

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #295- Dustin and Matt teach you all about Jewelry Insurance appeared first on Dietz Agency.

Show Notes

Settle in for a candid narrative in today’s episode of Agency Launch that delves into the harsh realities of the insurance business. We share a cautionary tale of a commercial client facing the consequences of non-payment, resulting in a canceled $44,000 policy. Learn from this story as we explore the intricacies of policy reinstatement, the insurance company’s reluctance to take back risks, and the ripple effects of financial mismanagement. Discover the challenges of piecing together a new policy amid claim histories and market hesitations, and understand why punctuality in payments is not just good practice but a business lifeline. This episode is a stark reminder of the domino effect one missed payment can have and the importance of having financial safeguards in place. Join us as we dissect this real-life scenario, offering insights and advice to help you steer clear of similar pitfalls. And remember, sometimes the best lessons come from the toughest stories.

For more insights and resources, text “email” to 208-213-8809 to receive a useful tool for explaining homeowner policy renewals to your clients. Visit agencylaunch.net for support with your agency operations, and remember, we’re just a call away if you need us. Stay informed, stay prepared, and stay safe with Agency Launch.

Show notes created by https://headliner.app

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Episode Chapters

(00:00) A commercial client’s insurance policy was canceled because he didn’t pay

(06:12) Matt Dietz: Finding monoline auto is really tough right now

My Website

Agency Launch training.

Agency Launch Podcast.

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #294- A Cautionary Tale of Non-Payment and Lost Coverage appeared first on Dietz Agency.

With spring upon us, Let’s shift focus to a seasonal concern: flood insurance. Many homeowners are unaware that their standard policies don’t cover water damage from external sources. I recount my experience with clients in Idaho, where despite a low risk of flooding, I emphasize the importance of being prepared. He debunks common myths and shares FEMA’s guidelines on when flood insurance kicks in, providing clarity on a topic shrouded in confusion.

Matt’s approachable style and his knack for simplifying the intricate details of insurance make this podcast a must-listen for industry professionals and homeowners alike. His practical advice, from how to handle steep renewals to understanding the nuances of flood insurance, is invaluable.

So, if you’re looking for a way to demystify insurance and learn from an expert who knows the ins and outs of the industry, tune into this episode, you’ll walk away with a wealth of knowledge and the confidence to tackle your insurance needs head-on.

Listen to the episode now and take the first step towards mastering the world of insurance with Matt Dietz as your guide.

My Website

Agency Launch training.

Agency Launch Podcast.

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #293- Flood insurance appeared first on Dietz Agency.

My Website

Agency Launch training.

Agency Launch Podcast.

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #292- IUL Vs. Financial products appeared first on Dietz Agency.

My Website

Agency Launch training.

Agency Launch Podcast.

Music by Roger Clyne and the Peacemakers

Simply Explaining Insurance on ITunes

Simply Explaining Insurance on Spotify.

On Stitcher

On Android use Podcast Addict and search for Simply Explaining Insurance.

The post Simply Explaining Insurance #291- When your term life policy is up appeared first on Dietz Agency.