DEA Meeting: Moore Insurance

Rich Parker introduced Mike Moore; he has known Mike’s family for over 40 years!  Mike has been handling all of his personal insurance for over 4 years and when you call or email Mike, you get a reply quick!  Mike was born in Dallas, graduated from Thomas Jefferson High and Vanderbilt University; he has been married to Chris for 42 years with 3 children and 5 grandchildren.  Mike was a U.S. Navy pilot and has been in the trash business, fire and water restoration, office executive suites, and now Property and Casualty Insurance since 2008.  Mike was the DEA president in 1999 and his grandfather was the DEA president in 1941!  Mike’s bucket list: go to Machu Picchu; Rich has been there, it is just west of Mesquite!

Mike was a member of Alamo Executives when he lived in San Antonio and joined DEA in 1993.  He told his mom about joining the DEA and she got all worked up!  When his Grandfather left his business and went to California, she took over the flower shop and the DEA would not let her remain a member!

Previous member Sam Crocket used to say, “This is the one place where we can say, ‘Greed is good!  We all want more business!'”  Mike listed all the companies in the DEA he has done business with and those who have done business with him; he appreciates the opportunities as well as the good products and services he has received!

Mike reviewed the results from the insurance survey he gave to DEA members in May.  He emphasized the importance of having your home insured for replacement cost!  You also need to be prepared to substantiate what you own in case of a total loss.  At an insurance seminar, an adjuster said “Everything is covered, as long as you can verify.” In our group, 43% said they had no way to substantiate personal belongings. Mike said that people tend to remember the big stuff, but forget the smaller things.  He recommends taking 2 pictures in each room and emailing them to yourself so you have a copy “in the cloud”.  He agreed that a more complete inventory is always better, like a list or a walking video, but a lot of people won’t actually get that done.

Insurance is really risk sharing.  When DEA members set their auto coverage, 50% considered the amount of risk they are willing to take.  An umbrella policy is an excess personal liability policy, and 80% of our members have one.  Some people believe they don’t have enough assets to justify an umbrella policy, but you can cause a car accident and wind up being liable for any damages beyond what your policy will cover!  Most of our members last spoke to their agent at their annual review or their last renewal; it is important to review your policies with an agent!

Moore Insurance operates under a managing agent in Houston; they are a full-line independent agent.  Not only can they provide coverage through Nationwide, but also Travelers, Hartford, Safeco, Liberty Mutual, Allstate, and more!

Many policies now include equipment breakdown coverage!  It is sort of like a home warranty, but not exactly.  It is a separate endorsement that many insurance companies are putting on homeowners and commercial policies.  For example, if your air conditioning compressor failed, there is a separate deductible, but the repair or replacement of that would be covered under equipment breakdown!  If you are interested in a company that has equipment breakdown coverage, give Mike a call and he can give you a quote!

An “A” lead is someone who needs or wants an insurance quote.  It is an insurance company strategy to increase rates every year, so you should compare and shop insurance every 3-5 years.  A “B” lead is one of you who needs Mike to review your insurance.  For a “C” lead, if you have a policy with Mike, you can put down a “C” lead every week!

Mike is not having an open house/booksigning this week.  He had a drawing from those who completed the insurance survey for 2-$25 gift certificates to Itsy Bitsy Gifts, a company his daughter runs for embroidery and gifts.  The winners were Bud Terrell, My House Fitness, and Mark McDaniel, Remarkable Affairs Catering!  Congratulations!

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