Episode 64: US Insurance Roller Coaster with Jamie Peacock
Summary
Holy insurance premiums! With all the disasters going on in the world, it is no wonder that all things cost more and more and MORE! Insurance premiums are going up, the insurance costs for landlords and tenants are rising, and the roller coaster keeps rolling on. In today's episode, Jamie Peacock from Insurance Associates in Hawaii helps untangle what exactly is going on in the insurance industry, how the recent disasters are affecting US locations (including Hawaii). He also answers questions about landlord versus tenant insurance claims that many of you have been asking.
Listen to full episode :
Meet Our Guest!
As an owner of small businesses himself, Jamie is all too familiar with the challenges associated with finding the right insurance programs in Hawaii. The insurance marketplace is constantly changing and he is dedicated to helping you understand exactly how you need to be covered to reduce your liabilities for your business and properly protect your business and personal assets.
Having earned a Bachelor's degree from Mount Union College in 2004, Jamie first began his insurance career in 2006, holding Property, Casualty, Life, Health and Disability licenses in the state of Ohio. He attended Westfield's premier agent training program in 2007. He worked as an insurance agent for a large firm for 4 years focusing his efforts on commercial insurance placement for small to medium sized businesses as well as Homeowners and Life insurance for business owners, key employees and their families.
He worked as Regional Vice President for the Fringe Benefit Group from 2009-2012. During this time he specialized in helping construction companies navigate the compliance complexities of insurance and benefit placement on state and federally funded Davis-Bacon prevailing wage work projects.
As an agent with Insurance Associates, he has access to hundreds of insurance markets for all different types of insurance programs
This week’s blog post:
Welcome back to our blog, where we dive deep into the intricacies of being a landlord, navigating the ever-changing landscape of insurance, and bringing you insights from industry experts. Today, we're dissecting Episode 64: US Insurance Roller Coaster with Jamie Peacock from our podcast, "My Life as a Landlord."
The Insurance Landscape: An Overview
In this episode, Jamie Peacock, a seasoned insurance agent with over a decade in the industry, sheds light on the current state of insurance in the U.S., emphasizing the unpredictable nature of the market. Jamie's journey from Cleveland, Ohio, to revamping his career in Hawaii during the pandemic, offers a unique perspective on insurance's dynamic nature.
Understanding Insurance in Disastrous Times
The recent spike in natural disasters has significantly impacted insurance, with reinsurance costs soaring. This domino effect increases premiums for policyholders, a theme Jamie eloquently unpacks, likening insurance to a marketplace governed by supply and demand.
Landlords and Tenants: Navigating Coverage
A significant portion of our discussion focuses on the often-confusing realm of landlord and tenant insurance. Jamie breaks down the differences between various policies, offering clarity on what each covers and how landlords can protect their investments and themselves from potential liabilities.
Wear and Tear vs. Willful Damage
A hot topic among landlords, understanding the distinction between wear and tear and willful damage is crucial. Jamie provides invaluable insights into how insurance companies view these issues, offering advice on how landlords can approach claims and protect their properties.
The Hawaii Insurance Scene
With Jamie's expertise in the Hawaii market, we delve into how recent disasters, particularly wildfires, have reshaped the insurance landscape on the islands. He discusses the challenges and adjustments within the industry, including skyrocketing premiums and the critical importance of accurate property valuation.
The Takeaway: Staying Informed and Prepared
Our conversation with Jamie Peacock underscores the importance of staying informed about the insurance market's fluctuations and being proactive in discussions with insurance agents. As landlords, understanding and adapting to these changes is key to safeguarding our properties and financial well-being.
Call to Action: Engage with Your Insurance Agent
In line with our tradition of actionable advice, this episode encourages landlords to have candid conversations with their insurance agents. Understanding your local market's nuances can make a significant difference in how effectively you protect your rental investments.
Thank you for joining us on this insightful journey through the complexities of insurance with Jamie Peacock. For more details, resources, and to connect with Jamie, check out the full podcast episode.