Whether you handle a small-scale ministry or a large congregation, ensuring your house of worship remains properly protected from potential risks is integral to your operations.
Getting your church property and other contents insured will help you recover from damage, while adequate liability coverage will provide the security you need to navigate today’s litigious society.
Church insurance agents at Integrity Now Insurance understand that insurance can be a complex topic. Why fear when we’re here for expert guidance? We don’t want you to pay too much for inadequate coverage. Here are certain issues that can unnecessarily inflate insurance premiums.
#1- Imprecise Property Valuation
Your ministry building’s value is an important influence on the overall insurance cost. Although it’s advisable to err on the cautious side, ensuring the full rebuilding cost can be claimed, if need be, will lead to a higher valuation figure, which means you’ll have to pay a costlier premium.
Sometimes churches are classified as commercial buildings, so they’re valued the same even though their original value might be significantly less than the premises of a business of equivalent size. This holds even if both are located in the same area. Therefore, a realistic and accurate value of the property’s reinstatement costs has a major effect on the premium.
#2- Not Applying for Credits Fully
Anything that may reduce the insurer’s financial risk leads to a reduced premium. Sprinklers, smoke alarms, and other safety provisions must be stated clearly in the insurance application, with their benefits reflected properly in the final insurance cost.
Experienced church insurance agents can help at Integrity Now Insurance can help you curate a list of all relevant credits you can claim. They will also suggest new policies and items you can install in your ministry to reduce premiums. Give us a call now!
#3- Failing to Consider the Location
The church’s physical location impacts the levels of premium you’ll be paying to get your house of worship insured. Different neighborhoods have varying crime rates, so it’s important to check appropriate details are entered into the policy.
According to the protection rating system, the availability of local safety services, such as fire stations, also has an impact. A house of worship that may be isolated a long way from the nearest emergency services implies a greater risk than those in central regions. Discuss the ratings and protection class levels with the agent to ensure you don’t have to pay higher premiums.
#4- Inaccurate or Outdated Workers’ Comp Basis
Under American law, all workplaces must have appropriate workers’ compensation policies to cover the costs of any injuries and lost wages caused by workplace accidents. While the compliance regulations and limits vary from state to state, you can rely on our agents, who are well-versed in all the areas. They can help you balance unnecessarily inflated and adequate policy costs.
#5- Not Taking Appropriate Corrective Action
Certain aspects of your ministry’s physical condition and repair requirements can increase insurance premiums. Aged gutters, roofs, and other aspects sometimes increase water damage risk, leading to higher insurance costs. Taking corrective action should result in the penalties being removed from the policy, eventually reducing overall costs.
#6- Cookie-Cutter Insurance Policies
Various factors determine how much the ministry would be charged for a policy. So, a standard off-the-shelf policy will not provide the desired value. Church insurance agents at Integrity Now Insurance can connect you to the top insurance carriers specializing in ministry insurance. They can advise you on the best way forward as you get your coverage tailored to your exact needs and on the lowest possible premiums.
We’re dedicated to making the time-consuming and complicated process of streamlining church insurance easier. Get in touch to experience smooth navigation through the policy maze while saving money and leaving ample time to focus on other important work required to spread the word of God.