Heath Ritenour, the Chairman and CEO of IOA, is optimistic about the recovery the real estate industry is experiencing amid the pandemic. With extensive experience and knowledge on risk management, various lines of insurance, and specialty market coverage, Heath feels that most homeowners in the US do not have a complete understanding of the home insurance covers they take.
He explains that insurance policies are not a wholesome product but are based on numerous factors, which thus raises the different types of insurance covers available. Heath Ritenour explains that insurance policy serves as a form of protection to homeowners by assuring them that their investment, in the form of their homes, will be repaired or replaced in the event of a covered risk such as fire or a natural disaster. In essence, the insurer works to return the insured homeowner to the level they were before the occurrence of the insured risk.
Heath Ritenour also explains that the concept of protection against total losses is why lenders also ask for proof of insurance from homeowners. He states the reasoning behind this requirement is to ensure that the lenders have protection against their investment if the homeowner’s house is lost or damaged. Heath also explains that the coverage amount will vary from one policyholder to another based on several factors. He states that if the homeowner’s house costs higher to rebuild in the current market compared to the actual market value of the house, the insurance policy will be higher than the home’s current value.
Ritenour outlines different coverage levels available for policyholders. He states that each of the levels has its advantages and disadvantages. He thus advises the homeowners to seek information from the insurance agents to have a full glimpse of what they are getting into. For every policy, Heath advises that there are different components and which vary for each policyholder. These are coverage limits, coverage details, and rates. He, therefore, emphasizes the need for homeowners to ensure they have full information before buying an insurance policy.
Learn more about Heath: https://bmmagazine.co.uk/business/heath-ritenour/