Why Use Brokers for Your Insurance Needs

by Justin on June 25, 2017

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With insurance premiums skyrocketing across the globe, you must do some investigating to get the best rates possible for your needs. If you just settle for what your regular insurance agent recommends, you could be paying hundreds to even thousands extra every year. This can quickly add up to some serious money, even a nice retirement egg. Insurance is something that is mandatory in most places, so there is no getting around it. But why pay extra when you don’t need to?

Don’t let a lack of insurance knowledge cost you your hard earned money. Ask questions of your agent, and if they cannot answer them to your liking, then it may be time to look elsewhere. Even though many people hire a friend for their insurance agent, the agent should not take it personal. It’s business. The business of saving you money. Separating friendship from business is tough for people to do, but it is part of the process of becoming a successful adult.

What Are Insurance Brokers

Insurance brokers are different than insurance agents. An insurance agent works for their company and offers only their company’s insurance plans and rates. Many of them are salaried, and then also receive some sort of commission for bringing in new customers. It happens quite frequently that families all use the same insurance company or even the same agent. Their job is to propose and recommend insurance packages from their company to you, and in the process make their company and themselves a bit of money.

Insurance brokers are not affiliated with a specific insurance company. They negotiate with many insurance companies to attain the best rates for their client that hires them. They only make money from commission. They are not receiving a salary from their parent company.

Brokers sell all types of insurance, whether it be health, homeowner, accident, or life. They can assist you in finding the best rates for your needs across the board. They are also a bit of a lone wolf since they are not responsible for answering to one company, and this is a good thing.

Can I Do It Myself?

Brokers make their living knowing the best rates and the ins and outs of insurance packages. Most of them have years and years of experience. This is how they make their living, so they are good at it and well prepared. They are not tied down to one company, so they will not be pushing insurance on you that is not the best deal possible.

Can you do the research on your own? You can, but most likely you are not an insurance professional. The internet makes it easy to check on average rates for different companies on ordinary policies, but you will be setter suited to have a policy for your specific needs. It’s like the difference between trying to fix your car yourself or hiring a qualified mechanic to do it for you. You may know what is wrong with your vehicle, but wouldn’t you feel a bit better having a professional fix it for you?

The broker will become very familiar with the needs of each of their clients. They will find the right insurance plan at the lowest rate after searching through the different companies. They will know all about possible discounts and deductibles that will get you the lowest rates. As a homeowner, rely on qualified brokers to help you get the best quote on home insurance or any other type of insurance you need. Why get tied down to just one company and possibly have to pay more in the process?

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