When you acquire insurance you have two main options. One, you can to to a provider and purchase a policy. Two, you can work with an insurance broker to find a policy. While the former choice may seem simplist, there are numerous benefits that come from working with a broker. Here are 5 ways in which working with an insurance broker can be beneficial to you and your insurance needs.
Gives you a better understanding of your insurance
Having an insurance broker at your disposal will help you to understand exactly what your insurance policy entails and how to make it work best for you, while also dispelling any misconceptions you may have about your insurance. Your broker wants to help you, so do not be afraid to ask them any questions about your policy. To an insurance broker there are, as they say, no stupid questions.
Able to compare prices for you
If you’ve heard it once, you’ve heard it a million times; shopping around is one of the most effective ways to find the best possible insurance price. An insurance broker is able to do the shopping around for you, saving you the hustle of seeking out multiple quotes and comparing prices. And, as your broker, they will be knowledgeable about your insurance needs and ensure that not only is the price right, but so is the coverage.
Ensures you get the right coverage for your needs
Like stated above your insurance broker is able to shop around for the right price while still making sure that your insurance needs are met. It is importantly to communicate with your broker of any changes in your lifestyle, or about how the vehicles and properties that are insured are being used. For example, if you plan on using your apartment as a short-term rental, such as Airbnb, be sure to tell your broker. They will be able to ensure that your insurance coverage still meets your needs and can help find you additional coverage if necessary.
Allows you to ask about additional discounts
Whether you are on the hunt for auto or home insurance, you’ll want to find the best deal possible. While shopping around may lead you to find the cheapest prices at a face value, speaking directly to your broker and asking what discounts may be available could lead to even lower premium costs. A good broker will know the products available to you inside and out, and may be able to find you additional discounts while still meeting your insurance needs.
Helps with filing a claim
Having to file an insurance claim can be an extremely stressful time in your life. Not only are you going through the unfortunate experience of a car accident, or a flooded basement, or worse, but you also need to make sure the insurance business is taken care of in an accurate and timely fashion. This is where having an insurance broker is extremely beneficial. One of the jobs of a broker is to take care of your insurance claim so you can focus on being okay after your accident or destruction of property.