Most homeowners are confused between an Insurance plan Broker & an Insurance plan Agent. Before going any further, it’s important to manage to differentiate them. A home insurance plan broker is a person who shows three or more insurance companies, while an insurance plan agent usually represents just one company.
Generally, the insurance plan agent is primarily loyal to the insurance company they are representing and you as the insurance policy holder next. A home broker is an impartial agent whose main allegiance goes to you as the insurance policy holder whom they offer homeowners insurance plan quotes.
It’s important to use an insurance plan broker because it’ll save you time, worry & money. A broker is equivalent to an accountant or lawyer who can give you professional guidance through their years of experience & training.
By using a broker doesn’t suggest spending more. Usually, it is cheaper since brokers have a thorough understanding of the insurance plan market & the skill to negotiate premiums for your benefit. They can explain the insurance plan or any special situations that you ought to know. In addition, a broker is needed to help you of fees charged for the services they offered you.
Good Ideas to help you discover a Home Insurance plan Broker:
1. Ask suggestions from family, friends or co-workers. A suggestion is more effective and they’ll be able to suggest you to someone with the cheapest insurance plan quotes.
2. Ask referrals from organizations like the Alliance of Insurance Agents & Brokers to assist you discover a qualified insurance plan broker from their database. Find out their profiles & histories & ask for homeowner’s insurance plan quotes to determine which ones could provide you with the lowest priced rates.
3. Check out from your state insurance plan department if the broker is licensed & find out the status of their license & history. You might ask someone for explanation of their license.
4. Perform a conversation along with your prospective home insurance plan brokers. You ought to work with someone you understand, honest, reliable & loyal to you.
5. Gather everything you’ve obtained including profiles, histories, referrals, licensing & homeowners insurance plan quotes & weigh very carefully the pros & cons of each.
Want to find out more about home owner insurance rate, then visit our site on how to choose the best homeowners insurance company ratings for your needs.
I’ve got great news. I recently saved a lot of money on homeowner’s insurance plan. No I did not switch to Geico. Actually I didn’t switch companies anyway, but I did just cut my annual insurance premium by 50 %!
Here’s the way I did it. I just received my yearly home owner’s insurance policy renewal notice. When we purchased our home four years ago for $318,000 our insurance was $2,500. Over the past 4 years it’s gone up to $2,896.
So when I received my renewal notice I called my local insurance agent and asked what can be done to lower my premium. She suggested 3 options:
1. Decrease my coverage. This is effective because my home has gone down in value and the cost to rebuild its way less than the coverage amount.
2. Increase my deductible. My current deductible is $1,000 and my agent advised increasing it to $2,500.
3. Get a Wind Mitigation Inspection. For a cost of $85 I can have a licensed builder inspect my roof’s age, style, pitch, condition & quality.
We chose #1 and #3. Option #2 would have saved us $120 annually however since I’m currently unemployed we felt convenient sticking with the lower insurance deductible.
The contractor was able to come out the next day. He took pictures of the exterior of our house, inspected the roof and looked in the attic.
My agent just called, less than 1 day after my Wind Mitigation Inspection and guess what our new premium will be? $1,360! This is a savings of $1,536, not just once but each and every year!
If you’d like to reduce your homeowner’s insurance plans cost then call your agent today and get what options are available in your area!