Using an insurance broker will save clients time and money. With their huge network of insurance providers and companies, insurance brokers can get the best price with the best coverage for each of their customers. Brokers work with many different agencies and providers, whereas insurance agents usually work with only one provider. But, both work on a commission basis to get the best deals for their clients and to settle claims. All brokers require training and in most government jurisdictions there is legislation regarding licensing and operations.
While most people look for services from insurance brokers for their home or vehicle needs, there are also other areas where they are helpful. Life and health insurance are two examples, especially for small employers who cannot offer their employees a plan of their own. The company may even provide additional services such as enrolling the workers. Still other insurance brokers supply investment opportunities. And, not to be forgotten is pet insurance for the four-legged members of the family.
Insurance brokers can get the perfect policy for the home. Whether the clients are home owners or renters who require tenant insurance, it is important to get the best coverage they can for the lowest price. But first the clients need to ensure they are working with a reliable insurance broker. They should look on the website for satisfied customer testimonials. They should check with the Better Business Bureau to ensure there are no claims against the broker. Asking for referrals from friends, family and fellow workers can also be a good way to choose a broker. And use online resources too, such as those which compare insurance broker(s) and their rates. Quite often quoting a rival's lower premiums will force a broker to match it.
Next, clients want to be assured the insurance broker is listening to them. He or she should also be helping by suggesting how to reduce risks. A simple example would be the investment of a steering wheel lock, the addition of which will bring down the monthly premium. As well, if they use transit or work from home, they will get a reduced rate when compared to clients who commute many miles to and from work every day. And the broker should give good advice on new vehicle purchases, such as the higher premiums which will result if a luxury car is purchased as compared to a modest sedan.
Insurance brokers who are selling home owner's coverage need to ask a lot of questions. Do clients have security alarms? What type of roof? What is the risk from fire, freezing pipes or floods? The answers to these questions may reduce or increase premiums.
Clients can do a lot to decrease their premiums as well. If they combine their home and vehicle policies with the same company, they often get a discount. If they stay with the same company for many years, their premiums should reflect their loyalty. And, if they maintain a clean driving record without any traffic tickets for speed or driving under the influence of alcohol, they will have lower rates.
Finally, do not be afraid to get quotes from two or three insurance brokers before settling on a policy. Carefully consider the coverage that each will give and the total cost. Protecting personal property is a serious matter!
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