What Homeowners Should Know About Insurance | Robert Reade

0:00 So basically my goal as a realer is I work really hard with buyers and sellers to help them find something and define
0:07 any risk that could come their way. You know, we go through um plumbing, we go through roofs, we talk about any
0:14 updates, mechanicals, and so forth, but I feel like what's not often talked about is um liability, financial risk,
0:22 um things that can protect them and hurt them in the long run. So that's why we're here today. And I've got Robert
0:29 Reade here with me from William Raveis Insurance. Robert, thank you for coming. Of course. Thank you.
0:34 Sure. Um, so before we get into it, can you tell me a little bit about your background? Okay. Um, name's Robert Reade. I'm with
0:42 William Raveis. I've been with Raveis Insurance now for 14 years. I was with a
0:47 competitor for 18 years prior to that. So, I've worked with the real estate,
0:52 mortgage, and insurance now going on about about 30 years. insurance business
0:57 for 40 years. I was an underwriter prior to that. Very nice. Very nice. Um, so before we
1:04 actually started this, we were talking about a few things and I kind of want to go back to one of them and that is claims. I find with a lot of people that
1:11 I work with when something happens like particularly this bad this past winter with the ice dams and everything,
1:17 they're nervous to file claims um because they're afraid they could lose coverage or have some kind of problem.
1:23 Can you walk me through when it's the right time to do that and when it's not, when it's too risky, and when it's really worth it?
1:29 Sure. Sure. And one of the main things is your deductible. In other words, this
1:34 Amont you're self-insuring that you're responsible for prior to the carrier picking up a claim.
1:41 So many people with home insurance have a,000 deductible, a $2,500 deductible.
1:47 So, you want to know what your deductible is before you go to file a claim because in some cases, if you go
1:53 to file a claim and it falls under your deductible, it still counts as a claim, but there's no payout because you've
2:00 self-insured that amount of the loss. Uh, carriers are more concerned with frequency of claims rather than severity
2:07 of claims. Uh, anyone can have a claim. That's what insurance is for. where they're concerned is when they get
2:14 several small claims, three or four. Nor most carriers look at a five year period
2:19 of time as a responsibility period. Uh some are now going to seven years. Same as with
2:25 the driving history. So it does have an impact. It depends on if it's your claim or if
2:33 you're selling your house, will it count towards the buyer purchasing the home? In some cases, it can.
2:40 Yeah. Mhm. Are there times when you've said to a client who's called you, something's happened, I think I should
2:47 file, and you just said, "No, don't." Yeah. And that's normally deductible. That's normally under the deductible
2:53 type claims. Or if it's something that's taken a long time to occur. A good example is window sills. If
3:00 you've noticed window sills sometimes rot, that would not be a covered claim. So, if you call saying, "Hey, I've noticed
3:06 that I'm getting window uh water into my house from my window sills. I'd like to
3:12 put in a claim for that." Ensuing damage could be covered. So, the inside sheetrock could be covered or whatever
3:18 it damaged, but the actual fixing of the window sill is not covered. That's really interesting.
3:24 So, we would advise not to put in that claim unless you have a huge amount. Right. Right. Additional damage.
3:29 Right. Uh something that you mentioned in in all of that is self-insuring and
3:34 that is something that I'm actually hearing more of my clients doing um just to maintain deductibles and keep costs
3:41 down. When do you find that that is something that's really going to help
3:47 them versus something that could hurt them? So what what I normally do is when I send someone a quote for insurance,
3:53 I'll provide multiple deductible options. So you as a client can say,
3:59 does this make sense for me to go to a higher deductible? Am I saving enough money that if I have a claim in five
4:06 years, I would have paid the difference? If it's more than really seven, eight years, I don't really suggest going to a
4:13 higher deductible if the savings isn't there. Mhm. With that being said, if if you're at
4:20 the same time, if you can subsidize a large loss and you're in that situation to do it, then you will save money. And
4:27 if you're not going to put in a claim unless it's a large loss, in fact, I had a client move from a $100,000 deductible
4:35 to a $250,000 deductible. Savings was $1,000, which personally I would never
4:41 do, right? But for them, they would never put in a claim under $250,000.
4:46 They're using it as a catastrophic. So in that case, they saved $1,000, right?
4:52 Um that was on a $4.5 million house, right? So in some cases, you'll find that
4:58 someone will save $300 and then go from a three 500 deductible to a,000.
5:04 That would make sense if they have that savings within a year or two, right? So that's really where it comes down to
5:10 the self- insurance. If you had a claim, can you actually cover the deductible?
5:15 Can you cover the Right? And deductibles are handled differently in home insurance because you can subsidize some of that deductible
5:21 yourself by doing the painting. Whereas with car insurance, we don't really know how to work on body car
5:27 body. So therefore, we it's all up to the car place to fix it. Oh yeah, that's interesting. So there
5:33 are ways to subsidize your deductible with home insurance, right? Y very interesting. Um my next will
5:40 another thing we talked about was um flood insurance. Um we spoke a little bit about that before. Um I had told you
5:47 that I have uh a client who's buying a house right now and they were told that
5:52 the house is in a flood zone. Uh there's no certificate of elevation um and there's no documentation to prove
5:59 otherwise. So they got a survey done and it turns out it's not in a flood zone or it looks like it's not in a flood zone.
6:05 How often do you see kind of these risk designation maps either incorrect or
6:12 misunderstood or whatever it would be? So flood insurance is interesting. Back in 1960s the uh insurance carrier said
6:20 we're no longer going to cover the peril of flood. So the government stepped in, created the national flood insurance
6:27 program. 1967 it kicked out. Army Corps of Engineers used to come and just survey large blocks of area to come up
6:34 with that flood zone. So you'd have different elevations within that area. So by hiring a surveyor to come and
6:41 determine if your structure, your actual building structure is in that special flood hazard area.
6:48 If they determine it is, you're required to carry flood even if you elevate your home. Mhm.
6:54 If it's not in a special flood hazard area, then in that case, you can purchase flood insurance if you want. No
7:00 requirement by the mortgage company to do it though. Um, so it it depends on your area, uh,
7:08 types of foundations. Um, government finally made their first change about
7:14 five years ago and went to a what they call risk rating 2.0. Mhm. Elevation certificates supposedly are no
7:21 longer needed. Oh, it still helps us. Yeah. But the FEMA says they're no longer
7:27 needed. Um, still new construction would require them, right? Um, most homes in Westport, Fairfield
7:36 prior to the 19 late 1970s had no requirements for elevation building.
7:41 Mhm. It wasn't until they decided that FEMA said if you don't participate with the
7:48 elevations, you won't get government money in case of disasters. So that's why a lot of communities
7:54 participate. Every community in Connecticut does participate in the National Flood Insurance. Every property
8:01 in Connecticut is in a flood zone. So every home, every building can purchase
8:06 flood insurance. It's just you're required to if your flood zone starts with an A like Apple or a V like Victor.
8:14 Victor is velocity. Those are those oceanfront homes you see that are up on stilts, right?
8:19 Or they're next to the house with the basement up on stilts, right? Yep. Y
8:25 yeah. Okay. I was a little surprised earlier when you told me that every house in Connecticut is in a flood zone.
8:32 Yeah. They've they've mapped all the properties. So in your particular case,
8:37 the person with the survey would request go through for a LOMA, a letter of map
8:42 amendment or letter of map change, right? By showing the structure is not in that
8:47 special flood hazard area, A or V. In Massachusetts, it'd be an A zone.
8:53 Um they would have to petition the basically FEMA to get that removed from
8:59 that requirement, that mortgage company's requirement of it. thing is when the maps change, you have to
9:05 resubmit for that because many times they're changing the elevations, right?
9:10 So, everyone who received a LMA or a letter of map change, considering the Fairfield County maps are changing soon,
9:18 they've already submitted them, so they're in town hall with what the new areas are, right?
9:23 Um, they can double check. Got it. Okay. And how often do they did you mention this? How often do they
9:29 change? So, last time Fairfield was changed was 2013. Okay. Was that right around Sandy?
9:35 Well, had nothing to do with Sandy. It was actually the the And same with Irene. Irene was a year before that, but
9:42 never really hit Fairfield. More hit New Haven and New London counties. But, uh, all the figures were based off
9:49 of Katrina, believe it or not. Oh, really? For the 2013. Yeah. No. And so what
9:54 they've done since with with Sandy, with some of the other hurricanes that have come, I think we've only had one other
10:00 one uh come through Connecticut, is they take satellite imagery. So they see exactly where the high tides
10:07 and the water comes comparable to the neighborhoods. So now they should be able to actually individually either
10:15 move homes in or out of that special flood hazard area. That's really interesting.
10:20 That's good to know. Um, I want to ask you about construction and um, I'm
10:27 actually doing some work in my house right now and I know that there's different levels of doing work in a
10:32 home, more cosmetic stuff to something, you know, really overwhelming and a gut
10:38 project or something. When do you tell homeowners uh, the conversation with an
10:44 insurer should happen with your construction? Oh, so so th this one's a little unusual
10:49 because if we're aware that it's going on, which we should be, right? Um, in some cases, depending on the
10:56 length and the extent, it's a different type of policy. I see. So, in some cases, the renovations
11:02 require no one to be living at the residence. In fact, there's a example of that
11:08 with that Christmas fire years ago. Yes. M and the claim was denied because the
11:13 people were living in the home and under a renovation that that extent of a renovation policy no one was supposed to
11:19 be at the home right you know so so there's a lot of factors that come into play we get a lot of
11:25 people purchasing homes and then immediately they're sanding floors they're painting cosmetic is absolutely
11:31 fine our carriers are aware of that right you know uh because we do 100% new home
11:37 purchases so they're aware of that right um it's when you start gutting the kitchen, you know, other than pulling
11:44 the cabinets off. If you're literally gutting the kitchen, gutting the bathrooms, you know, that's when we look at that
11:50 renovation type policy, right? And that's that's just an extra layer of protection if
11:55 a completely different type of policy. Yeah. Yeah. It takes into account that it's, you know, no one's living there,
12:01 it's being worked on. So, there are cases where we do just do remodeling where it's small things being
12:07 done and you can reside there. Right. Right. Yeah. Right. Right. Um, another thing I wanted
12:13 to ask you about is this comes up everywhere, AI. Um, I know there's so much smart technology right now in
12:20 homes. You've got the leak detectors, you've got smart thermostats, rings, Nests, you name it. Security systems.
12:27 I'm assuming all of that layered protection moves the needle with insurers in terms of
12:32 it. It hasn't caught up. Not yet. No. AI is sort of new for insurance. the
12:38 agent the carriers are trying it out now. There's one or two uh large
12:43 agencies that that I think are trying it out as well. I know we we at Raveis are
12:49 doing it additionally. Um but
12:54 where we're using it more would be in the identification of additional risks.
12:59 you know, um having it review an inspection and saying what could be the extent of this
13:06 in 3 years if things continue as they're going. So that's how they're starting to
13:12 use it. Um I actually used it by taking your questions you sent me those five or six
13:18 and just literally copying it and sticking it in and just to see what the answers were and then Right. And yeah, they came back right in
13:26 line with where most of the things I would have said [laughter] because I was specific to New England.
13:31 Right. Right. Right. Do you think there's going to come a time where AI
13:36 will be primarily used? And if so, do you think that that homeowners might
13:42 think that's a benefit to me or maybe that's too much surveillance?
13:47 I mean, we're getting into that with the Ring cameras now, the doorbells, and you know, with the whole uh Arizona
13:55 situation in Guthrie. Oh, wait. Oh, right, right, right. You know, um where they're now saying,
14:00 "Wait, maybe that's too much surveillance that you can pull that off the cloud, right?"
14:06 You know, right. So, I I don't know. I I really don't know. It's It's going to be
14:13 I have six more years. Yeah. I'm glad I'm at this end of my career because I I
14:18 think the AI will certainly help because again you can ask or you can as long as you have the right questions I think it
14:25 works out right. Yeah. I was actually um watching something the other day and someone was
14:30 talking about how they are doing a deal and they're working both sides of the deal for the buyer and the seller and
14:36 they said both buyer and seller called them and said I'm backing out and their reasoning being that they both went on
14:43 AI. The seller said, "Here's what's happening." And AI said, "Um, you're
14:48 you're being underpaid. You're not getting what you should." And the buyer went on and basically said, "Here's what I'm buying and here's what I'm paying."
14:54 And AI basically said, "You're paying too much." Um, so he was like, "It's a great tool for people, but you just got
15:01 to be wary of, you know, how accurate." It doesn't it doesn't bring that I just
15:06 want to buy it, right? Exactly. Emotion into it. No, not at all. I think it just kind of is like almost comforting.
15:12 All thoughts. I'm going to buy this house. Right. Right. Um so a lot of people I
15:18 work with aren't just going to be living in the house. A lot of them are investors and um I see Airbnbs
15:23 everywhere. VBOS, you know, these um quick and constant turnovers versus a long-term renter. When someone calls you
15:30 and says, "I'm buying a house or I just bought a house and here's how I will be using it." What's the first thing you tell them?
15:36 So we first ask how will it be used? Is it the primary investment secondary? So
15:41 the Airbnbs is sort of new. The carriers are starting to add endorsements for
15:47 home sharing, which as long as you're residing there, you it is a home share type situation,
15:53 whether it's a long-term or short term, as long as it's not annual. Um, so there's a couple carriers that
16:00 specialize in that. I know Airbnb offers insurance coverage for their owners or
16:06 for the people who participate in Airbnb, but I don't believe it's as broad as some of the true insurance
16:12 policies from what I've understood. We don't really run across them that often, believe it or not. Really? No. I'll find
16:20 people doing one month rentals of their homes, their primaries, two-month rentals. Most my carriers will allow up
16:26 to 60 days rental under a regular homeowners policy. you know, as long as it's not multiple people like week after
16:32 week, right? Uh so that's normally what I find with a lot of my clients rather than
16:38 the few that have bought for 100% Airbnb, right? You know, those we have a carrier we
16:45 called proper insurance, you know, that we place them through, right? But as as the insurance normally takes
16:52 two to three years, it lags behind everything, right? That's why we saw our rate increases increase 2, three years
16:58 after the pandemic because they were just catching up with claims and supply chain issues.
17:05 Um, so it it it's normally a lag for the insurance for the AI for whatever it
17:11 happens to be. It's going to follow it right down the road. Got it. Yeah, that's interesting. Um,
17:16 and if you have an investor who is going to be renting it out to someone long term, you know, I know they're looking a
17:22 lot of um, cash flow, cap rates, all that stuff. Are there any numbers that
17:27 they're not thinking of when they're looking at it from an insurance perspective that could change those numbers?
17:32 Um, college rentals a tough thing nowadays. A lot of Fairfield down in the
17:38 Fairfield area. Oh, yeah. A lot of college rentals for the universities, those are very tough. A lot of those
17:43 homes I don't think are correctly insured because most insurance companies that have those college rentals have stopped
17:50 that market, right? Uh and it's more of a Lloyd's type of product now that we have available other
17:56 than the one story, no decks, no porches for anyone to fall off of, right?
18:01 You know, I have that as a standard market. All the rest is Lloyd's, right? Um but we a couple of the
18:08 carriers have recently pulled out of that investment market just annual investment market. They're finding their
18:14 claims are just too high. So we had three or four recently pull out. Uh which puts pressure on the remaining
18:22 carriers because more business is coming to them and people aren't being as picky providing them good business. So there's
18:29 sort of like a waterfall effect. as bad business gets into a carrier, the rates start going up, right,
18:35 for everyone. So that's where we have to that's where when there's a shrinking insurance market, you really have to be
18:41 careful that you don't dilute the good carriers that are out there. Right. Right. Oh, that's so smart. I
18:47 know a lot of people are really thinking about investing in a home near a college around here. Yeah.
18:53 To rent out for um Oh, yeah. That's good to know. That's great to know, actually. Um,
18:58 not exciting when it's a three-story home coming to the insurance agent, though. Well, to that point, to your point, I
19:04 actually, speaking of exciting, I love your enthusiasm about this because I find insurance is one of those things that's just a tricky conversation to
19:10 have. So, um, but I know what you mean. Um, so we've talked a little bit about protecting the home, protecting the
19:16 building. I want to talk a little bit about people who are looking to protect what they are building long term. Um,
19:23 just their overall wealth and assets, generational wealth. How can they use insurance to protect them from that
19:28 standpoint? Yep. So, what's known as an excess liability policy or also known as an
19:34 umbrella policy, that is a 100% just liability. Some carriers have added
19:39 uninsured motorists into it, but it's really traditionally a liability policy.
19:44 It does have a requirement as you would think almost a deductible for your home
19:49 policy and for your auto policy or if you own boats, snowmobiles, other properties. The liability limit on those
19:57 policies have to be at a specific limit, at least 300,000 of liability for a
20:02 home. Uh some companies may require 500,000. Um and for the automobile, it's normally
20:09 either a 250,000 per person, 500,000 per accident or a single limit of 300,000. That
20:17 becomes your in essence trigger. Once you've been sued basically for that
20:23 amount, your umbrella steps in in million-doll increments, right? Most carriers offer 1 to5 million, but
20:29 higher limits are available, right, if needed, right? And do you see a lot of people going for that and have that additional
20:36 coverage? Yeah, we always suggest it because auto insurance is your greatest exposure.
20:41 You're driving, you could hit a piece of ice, slide, hit someone, disable them, right? You know, that's your auto insurance.
20:48 Um, and that could If if your limits ex are 250,000,
20:53 a disabled person, depending on their occupation, could exceed that, right? And the payout, right? In which case,
20:58 you're now looking at your own personal assets coming into play, right? You know, on the market, plus you're
21:05 hiring an attorney to protect your assets above the 250,000. umbrella policy with most my carriers
21:12 for a million for two cars in a home. It's about anywhere from $180 to $240 a
21:18 year. Right. It's just you have to have that underlying auto policy at that 250 500
21:24 limits. Yeah. Which sometimes people can't afford. Right. Right. You know, so so everything comes down to
21:29 affordability and trying to figure out a way to have someone if they do need an umbrella policy, how can they get one?
21:35 Right. Yeah. Right. Um, so one of my last questions
21:41 is, um, and hopefully this is the fun part. I always say one of the things I love about my job is I get to go walk
21:47 through really exciting places and see homes. And I think every home tells a story, whether it's like, you know, a
21:52 private dock, a cool pool house, you know, beautiful landscaping, something that makes you stop and go, "Wow." And
21:58 then there's also the unexpected stuff. Um, I was actually visiting with some clients recently. I sold them a house
22:04 right before the pandemic. And they were showing me their third floor, which they just finished off a few years ago. It
22:09 was really nice. And we got to this one section where there was a bookcase, just a built-in bookcase, and I didn't think
22:15 anything of it. And my client reached up. It was a door. Opened it up and you go through and there was this great
22:21 playroom on the other side. So I I always feel like you get to see these cool things, these unexpected things,
22:26 different ways people live. I'm wondering what's kind of your hidden door? the most interesting claim or the
22:32 interesting thing you've ever been asked to ensure. There's got to be something.
22:37 [clears throat] Well, different one. So, claim would be uh a denied claim. Actually, back to
22:45 Aquinet, the hairspray. Oh, right. Yeah. Top came off. Wife threw it in the
22:51 toilet, put the seat down, took it out after it finished. Husband came in a
22:57 little while later, sat down. This was when people smoked in their house and threw a match. Oh my gosh.
23:03 And blasted him off the toilet against the wall, broke his cheek and nose. And they put in a medical claim, but medical
23:10 claims are for others. So So that was one of my strangest ones.
23:15 Funniest. I was expecting that. I'm sorry. Um most interesting building I would say
23:20 probably the castle in Connecticut that's for sale now. Oh yeah. I'm sure it's got a lot of
23:25 stuff going on, right? Yeah. Yeah. And what's the most interesting thing about that? Is it just something the condition
23:31 of it or just the elements of it? It's worth googling castle for sale in Connecticut if you've never seen it.
23:38 It's it's I have seen it. I've seen pictures of it. Yeah. I haven't seen it in person, but yeah. Very cool. Very
23:43 nice. Is there anything you would advise someone? Um because as I'm speaking to
23:48 you, I'm thinking about my own policy and my own coverage and thinking I should go home and maybe just brush up
23:54 on it. Is there anything you would tell someone if you're going to go look at your policy, make sure it has this or
24:00 make sure it doesn't have this? Well, I would never say doesn't have it. Uh, I would say water backup is a big
24:09 coverage. That's water backup or sump pump. Um, so if you have a sump pump in
24:14 your basement or a drain in your lowest part of your house, the only way there's coverage is if
24:20 water backs up through that is if you have a water backup coverage. So that's a separate policy in many CA or a
24:27 separate endorsement in many cases. It is expensive. Um, but that would be one of the
24:32 coverages I would certainly say you want to make sure you have. Two of the newer coverages that somewhat come into play
24:38 is equipment breakdown and service line coverage. This would be service line coverage. I
24:44 think to me more important than the equipment breakdown because service line
24:50 is going to fix that pipe or provide money towards that pipe that goes from the outside of the house to the street.
24:56 Right. Right. Uh so that's for public. Right. If you're on septic, a lot of them do not cover the septic system the same
25:03 way. It's to the public utilities. Okay. Y um and that would be electrical, sewer,
25:09 plumbing, uh water, right? So, it picks up that additional area. Equipment
25:14 breakdown would be your furnace, hot water heater, but unlike a home warranty, which just
25:19 has a small service fee. You have a five in most cases a $500 deductible for the equipment breakdown.
25:26 So, for a large furnace, that would make sense. for your dishwasher if it goes. I
25:32 would not think that that makes sense to put in a claim. Right. Of course. Yeah. Do you find that most homeowners think this stuff is
25:39 automatically included? At Raveis, we include it automatically. So, so for us, we do it. But no, if if
25:47 someone's looking to keep their costs down, you know, and they go to shop their insurance, they're going to strip
25:52 off endorsements that will help the person if they have a claim, but otherwise may look frivolous
25:59 on there, unless they have a claim. Got it. Yeah. Okay. So, one of the biggest things right now
26:04 if you're listing a home or getting ready to list is some of the insurance issues you run into right now. So at
26:12 Raveis we have about 23 carriers we normally use. About half of them will not insure a
26:17 roof over 15 years of age. I'm hearing that. Yeah. So I the other half will go much older
26:23 than that as long as the roof is in good condition. But keep in mind half of them right off the bat are saying we're not
26:29 going to even offer a rate even if that's an architectural shingle. As long slate's a different subject, but
26:36 architectural shingles um they're looking at them the same way. Um, again, we have carriers, especially
26:43 the regional type carriers like New England-based companies that are familiar with this area.
26:49 So, at Raveis, we've been writing more, I think, of the regional carriers than the national ones that have got hit with
26:54 California, Florida, those areas, right? And the claims coming in from those areas, right?
27:00 But right now, roof um roof condition, trees connecting with a house,
27:07 you know, those are two of the biggest things right now. Um there's a lot of other things
27:12 carriers have concerns with, right? And carriers are inspecting homes and they're using drones to see roof
27:19 conditions. So in a couple states, I know in Massachusetts right now, I think there's a lawsuit from a couple people who are
27:26 being cancelled from aerial views of their roof. Yes. Y so that'll be yeah that'll be
27:32 something ongoing that I'm sure I'll come over to Connecticut because I know they use it and they use satellite
27:38 imagery also to identify uh swimming pools, trampolines.
27:44 Yeah, I actually have a friend who said she was just canceled because a drone went over and they found a slide going into her pool.
27:50 Yeah. Now most of the diving boards the carriers are fine with again uh certain breeds of dogs
27:56 Oh yeah, have always been issues. the Pit Bulls, the Rottweilers, the Dobermans, Aikas.
28:01 Um, funny enough, a couple of the hurting dogs because they nip the kids as they move along. Um,
28:08 you know, so we have carriers that most of them do have dog breeds, but what we
28:14 found in the last four or five years, more and more of them are aren't are not charging for them or not even concerned
28:22 with them, right? They're just looking at them as an exposure. Yeah. Like any other exposure. So, right now,
28:27 five of my carriers have no dog list whatsoever. Okay. So, that's a big change I've seen
28:34 coming. Right. Yeah. Right. That's important to know. Yeah. I I you know, dogs and roofs, I feel
28:39 like when I look at houses with people, that's one of the first things they ask, not about the dogs, but the roof. What is the age of the roof?
28:44 How old are the mechanicals? And then they're thinking about it, you know, just from that insurance perspective. Correct. Oh, and the other thing is if
28:51 it is an old roof and if you're listing a home or you're getting ready to sell your home or get ready to purchase a
28:57 home and it's and the roof's an issue, most our carriers will allow us with a
29:03 contract, a signed contract if that roof is going to be replaced immediately. Most my carriers will allow us to write
29:11 it. Right. But it's got to be done immediately. Right. Right. Yeah. Oh, that's great. Yeah. Most carriers actually if they
29:16 come out they inspect if they're going to cancel a policy in the first they have the first 60 days to actually
29:24 identify a house identify if they want to cancel it they have to give 20 days plus 5 days
29:31 mailing so they also give you time to fix whatever it is right um so you know they they do try there's
29:38 just some homes we can't right you know and that's where there's Lloyds of London type of products where we have
29:44 to place them where things can be excluded. Mhm. If they can't be fixed, right? Yeah. Right. Robert, this has been great.
29:50 Thank you so much for coming. Of course. Do you want to tell everyone where they can find you? Oh, yeah. Uh, you could reach me at
29:57 robert.read rea.com and you can reach me at 860-69-5052.
30:06 Thank you. Thank you so much. And hopefully this has made you think or at least it's made me think about my insurance coverage.
30:11 And if it's made other people think about their coverage, great. That's the point. Absolutely. So, thank you again.
30:17 Of course. Enjoy. Thank you.