Five Tips to Find a Home Insurance Broker

Most homeowners are confused between an Insurance Broker and an Insurance Agent. Before going any further, it is important to be able to differentiate them. A home insurance broker is a person who represents three or more insurance companies, while an insurance agent normally represents a single company.

Basically, the insurance agent is primarily loyal to the insurance company he or she is representing and you as the policyholder next. A home broker is an independent agent whose main allegiance goes to you as the policyholder whom he or she offers homeowners insurance quotes.

It is important to use an insurance broker because it will save you time, worry and money. A broker is the same as an accountant or lawyer who can provide you with professional advice through his or her years of experience and training.

Using a broker does not necessarily mean spending more. Most often, it costs less since brokers have a thorough knowledge of the insurance market and the skill to negotiate premiums on your behalf. He or she will be able to explain the policy or any special situations that you should know. Additionally, a broker is required to advise you of fees charged for the services they provided you.

Tips to help you find a Home Insurance Broker:

1. Ask recommendations from family, friends or colleagues. A recommendation is more effective and they will be able to recommend you to someone with the lowest insurance quotes.

2. Ask referrals from organizations such as the Alliance of Insurance Agents & Brokers to help you find a qualified insurance broker from their database. Check out their profiles and histories and ask for homeowner’s insurance quotes to determine which ones could give you the most affordable rates.

3. Find out from your state insurance department if the broker is licensed and check out the status of their license and history. You could also ask the person for proof of their license.

4. Perform an interview with your prospective home insurance brokers. You should work with someone you feel comfortable with, trustworthy, reliable and loyal to you.

5. Gather all the information you have acquired including profiles, histories, referrals, licensing and homeowners insurance quotes and weigh carefully the pros and cons of each.

Remember that the services of the broker are not representative of the insurance company. His or her job is to navigate the insurance market waters to be able to find you a company that suits your needs and can give you the lowest quotes with the most coverage.

It would be beneficial for you if you establish a close business relationship with a broker who understands your plans, the risks associated with the homeowner’s insurance and the way you like to do business.

As soon as you have decided on the home insurance broker that you prefer, include a review time in the relationship with the broker. This allows both you and your home insurance broker to talk abut issues of concern and determine if the relationship is working.

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