Several challenges are being experienced by companies, especially during this time of the pandemic. However, the founder and chief executive officer of IOA are hopeful that the problems being encountered by the real estate industry will soon come to a stop. Heath Ritenour is optimistic because he is quite knowledgeable and has vast experience in various insurance lines and risk management. Based on research done by Heath, homeowners fail because they have limited understanding concerning insurance coverage which is a significant problem facing US-based homeowners.
Heath Ritenour advises homeowners that these policies shouldn’t be perceived as wholesome products. Several factors are considered when applying for insurance coverage. According to Heath Ritenour, this type of policy is integral as it ensures the safety of your home and property. They provide the security of homes is not guaranteed. In case of any disasters like fire outbreaks, the insurance will cover the expenses and damages.
Financial organizations, lenders, and banks also advocate for the importance of having an insurance cover for all homeowners. These institutions and groups advocate for this because it protects homes and any damages and eliminates the homeowners from this problem. Each policyholder has a different coverage amount, and they differ from one homeowner to the other. The cost of reconstructing your house, its age, and location impact the type of insurance policy you have. For instance, a home with a higher maintenance cost will have an expensive insurance policy.
Heath Ritenour, therefore, makes it clear to us that insurance coverages come in different varieties. Each level has cons and pros. The industry provides for insurance agents who can advise you appropriately on the type of insurance cover to take. The following components should also be considered: rates, coverage details, and coverage limits.
Original source to learn more: https://bmmagazine.co.uk/business/heath-ritenour/