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Fair & Yeager Insurance Agency Inc. Re-Certified as Five Star Agency

Five Star Insurance Agency Natick, MANatick, MA — Fair & Yeager Insurance Agency Inc. of Natick, MA underwent an intensive review in order to be re-certified as a Five Star Insurance Agency.

The Five Star Award of Distinction is awarded by The Massachusetts Association of Insurance Agents (MAIA) to an independent insurance agency that successfully completes a “fitness review” which examines an agency’s five key imperatives: Customer Focus, Management/Leadership Excellence, Human Resource Excellence, Process & Product Excellence and Future Success.
“There are four things that can make a great agency and they are:  An owner who models the desired behavior and truly cares about the staff, customers and community. A management team that has unique skills and strengths that compliments the owners and that can align everyone in the agency to move forward in the direction that has been set for them. A staff that is a good blend of experienced individuals and younger people who work together with strong skill sets and capabilities and do their best to pursue the desired results, and a passion by everyone to do what is best for their customers, both in services and sales. Fair & Yeager has all of these qualities and is greatly deserving of its Five Star Agency Designation.” said Frank Mancini, President and CEO of MAIA.
“Having the Five Star Agency Designation is important to us.  It has helped us grow and improve and pushes us to continually strive to be better.  Continuous improvement in all areas is what we focus on.  I am lucky that we have the staff that we do because they are always striving to make sure that Fair & Yeager remains a Five Star quality agency to our customers.” said Artie Fair, owner of Fair & Yeager Insurance.
Currently there are only 28 Independent Agencies in Massachusetts and Rhode Island that have received the coveted Five Star Agency Designation.
The Insurance Industry has several large national companies but having a local, trusted advisor who understands your specific needs has great value to it.
There are several advantages of having and knowing your local insurance agent in your area, some of which include:
  • Setting up your insurance policy in person with a local agent will help give you balance of coverage while at the same time give you pricing based upon your individual situation and status.
  • Getting advice on your territory rating that only someone who lives and works in your area would know about.
  • Learn how to save money by getting multiple policy discounts that are available for your situation.
  • Having someone who knows the risks and possible coverages you need specific to your area that should be thought of when obtaining a policy. For example, areas highly affected by flood, theft, etc.
  • Get answers when you need them when events happen – For example, your house has a tree fall on it from lightning and you need to talk to a local agent who can see what the damage looks like right away.
  • Being able to talk to the same person each time you call with a question or need to change something to your insurance policy
  • Supporting your community by supporting a local small business.
You can save money on homeowners insurance if you know how.  Discounts from your insurance company are available for a variety of reasons, ranging from the type of building material used to build your home to how close you live to a fire station.  Here are several ways you can save money on your homeowners policy:
Raise your deductible. The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Typically, deductibles start at $250. Increase your deductible to:
  • $500 and save up to 12% on your premiums.
  • $1,000 and save up to 24%.
  • $2,500 and save up to 30%.
  • $5,000 and save up to 37%.
Just make sure you can afford to pay the higher deductible if something should happen.
Buy your home and auto policies from the same company. Many companies will give a discount if you buy both homeowners and auto coverage from them.
Consider insurance consequences when buying a home. If you’re looking at buying a home, think about the cost of insuring the home. A newer home’s electrical, heating and plumbing systems, and overall structure are likely to be in better condition than those of an older home. This can lead to a discount on your premiums.
Insure your home, not the land. Although your home and its contents are at risk from fire, theft, windstorms and other perils, the land your house sits on is not. Don’t include the value of the land in deciding how much homeowners insurance you need to buy.
Improve security and safety. Items such as deadbolt locks, burglar alarms and smoke detectors often bring discounts of 5% each, depending on the company. Your insurance company may also offer a significant discount of 15% or 20% if you install a sophisticated home-security system. If you’re thinking about buying such a system, check with your insurer to see which systems they recommend and which will earn you a discount.
Stop smoking. Smoking accidents account for more than 23,000 residential fires every year. Some insurers offer to reduce premiums if no one in the home smokes.
Try senior discounts. Insurance companies have found that retired people stay at home more and spot fires sooner than working people. Older people also have more time for maintaining their homes. If you’re at least 55 years old and retired, you might qualify for a discount of as much as 10%.
Stay with an insurer. If you’ve kept your coverage with a company for several years, you may receive special consideration. Several insurers will reduce their premiums by 5% after you’ve been with them for three to five years, and some companies will discount you as much as 10% after six years.
Check your policy annually. You want your policy to reflect the value of your home and belongings. If you review your policy every year, you will be able to make the necessary adjustments. If, for example, you just sold a valuable painting, you won’t need the same amount of coverage. But if you added a garage, you’ll need to increase your coverage.
Look for private insurance first. If you live in a high-risk area (one that is especially vulnerable to coastal storms, fires or crime) and think you’ll be forced to buy homeowners coverage from your state’s high-risk insurance pool, check first with an insurance agent. You may find that you can still buy insurance at a lower price in the private insurance market than from the insurer of last resort.
Make payments electronically. Many companies now charge up to $5 for mailed payments, so have your payments automatically deducted to shave that cost. Sometimes the deductions can come from your credit card, so you don’t have to worry if the money is in your bank account when payment time comes.
Get replacement-cost coverage. Actual-cash-value coverage reimburses you for the cost of your property at the time of the claim, minus the deductible. This can result in a lower claim payout than you expect. If your TV is worth $50, for example, that’s all you’d get to buy a new one. Replacement-cost coverage will reimburse the full value of an item based on the cost of purchasing a new one. The upfront cost is greater, but you are more likely to receive accurate compensation for your possessions.
Please take a moment to look away from the inundation of ads telling you to name your own price or save, save, save on your insurance coverage.  The basic premise of insurance does not change with competition – it is intended to protect you and your assets from an unintended and unexpected loss.
Rather than searching for the “cheapest” insurance, consumers should use the competitive market to enhance their insurance protection, and possibly save premium at the same time.  A few points to follow to accomplish this goal;
1)      Combine your auto and home policies to the same insurance carrier.  Substantial account, loyalty, and loss free discounts can become available to you by doing this.
2)      Make sure your home is insured to its full replacement cost, and increase your homeowners policy property deductible to $1000.00.  The saving for this change is meaningful, and submitting a claim for under $1000 would mean a minimal claim payment, and possible premium increases down the road
3)      Automobile Insurance – increase your Bodily Injury to others (part 5) to $250,000/person $500,000/accident, and your Property Damage (part 4) to at least $100,000.  To offset the premium increase, change your collision deductible to $1000, this results in a measurable discount.  Bodily Injury and Property Damage are coverage’s that protect you when a third party sues you.  To purchase low liability limits is leaving all of your assets exposed to the unforeseen event.
4)      Purchase an Umbrella Liability policy – a $1,000,000 limit which is excess of your auto and home liability limits is a must, and it is fairly inexpensive.
The key point to remember is to take advantage of the competitive market and insure physical loss to your own property with higher deductibles,  use the premium savings to secure proper third party liability limits.
Written by : Arthur B. Fair, III, President Fair & Yeager Insurance Agency 10 Main Street Natick MA 508-653-3131 x107