Tips for Finding an Insurance Broker or Agent

Posted by Bank Mutual on Apr 01, 2015 05:00:00 AM

Topic: ALL

Husband and wife meeting with insurance broker/agent

A good insurance agent or broker should carefully explore your insurance needs and then help you determine what coverage best protects you from financial loss while helping you take advantage of discounts that minimize your cost.

What can you do to find a quality insurance broker?

  1. Ask friends and family for recommendations.  What was their experience with who they recommend when they were buying insurance, asking questions, or filing a claim?

  2. Decide if you want to deal with an agent or broker.  An agent will be aligned with a specific insurance company and earn a commission from them, while a broker sells policies from several companies and may charge a fee if they aren’t paid a commission. Ask questions to make sure either one has experience in the type of insurance you need. Ask for references.

  3. To check an agent or broker’s license status, inquire about complaints or disciplinary actions, and see how long they have been in business, visit your state insurance regulator’s website. You can find your state’s department here. You can also check anyone you’re considering with the Better Business Bureau.

  4. Not all insurance companies use agents to sell policies.  Some may offer attractively priced policies for purchase online. Always check to ensure these companies are licensed in your state and financially stable.

  5. Never give out personal information such as your Social Security number or bank information until you have checked out the company and agent with your state insurance department.

  6. Get copies of everything you sign and a receipt for your initial payment.  Follow-up in 30 days if you haven’t yet received your policy with coverage and limitation details.

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