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When people see the initials CPR, they usually think of health problems, specifically a heart attack and cardiopulmonary resuscitation. At Strassman Insurance, CPR stands for Customer Protection Review.
Few agencies provide this service for their customers, but it is important to reach out to all clients at least once a year, sometimes twice, to provide the service and protection they deserve.
An auto policy CPR should review all of the coverages to determine whether assets are adequately protected. The agent should also go over coverages that are available but that the client has not chosen and explain the gaps, if any, in protection. Good agents should educate their clients so those clients can make informed decisions about their risks. While reviewing the coverages, the agent should explain which assets are protected by law in Florida and which ones are up for grabs and at risk of litigation.
A CPR for homeowners’ policies should target several areas of concern, including current market conditions. People often wonder why their homes are covered for more than they are worth at a time when values are depressed. The answer is that homes are covered for replacement cost, not market value. Replacement cost is what the insurance company would be on the hook for in the event of a total loss.
Other areas to cover in a home CPR include adequate coverage for jewelry and flood and whether to include water and sewer backup coverage. The agent also should run what’s called a replacement cost estimator, or RCE, on every policy to determine whether the home is over- or underinsured. Finally, the CPR should include a search for available discounts – everyone’s favorite part of the process. A big discount to look for is the wind mitigation discount. This gives the homeowner a huge reduction for any roof that was installed after 2002 that complies with the 2001 FBC (Florida Building Code) requirement.
Policyholders who have auto and homeowners’ insurance should scrutinize their agency to be sure they’re getting the quality of service they deserve. So many aspects of coverage need to be reviewed annually, with professional guidance, to be sure that coverage suits your individual needs and life situation. Take a step back and evaluate your position. A reputable agent should be willing to perform a CPR to evaluate your policies and determine whether your coverage fits your needs.
Steven Strassman is the owner of Strassman Insurance in Lake Mary, an agency he has owned for 14 years. The firm offers a range of insurance and financial products, from home, auto and renters’ insurance to commercial policies, life insurance, disability policies, annuities and college education plans. A graduate of Embry-Riddle Aeronautical University in Daytona Beach, Strassman has inspired his children to follow in his business footsteps: son Brad is the agency’s IT manager and daughter Jackie is in the insurance business in Gainesville.
