How to Find an Insurance Broker

Insurance is a necessary, and often required, purchase for nearly every American. Whether insurance is needed to protect one's car, home, boat, life or business, an insurance broker can be an invaluable asset in obtaining proper coverage, understanding the features of a policy, and buying from the least expensive carrier. Additionally, after the policy is purchased, the broker can act as the liaison between the policy owner and the insurance carrier if a problem or complicated situation arises.

Difficulty: Easy

Instructions

Things You'll Need:

• Appraisals
• Deeds/Titles/Ownership Documents
• Registration Documents
• Personal Financial Statements

1. Get a referral. Most people begin their search for a professional of this type by contacting close friends and relatives. Because almost every American must purchase insurance at some point, there is a high likelihood that someone close will be able to provide contact information for a trusted insurance broker.

2. Contact the brokers. After obtaining contact information for at least three insurance brokers, place calls to their offices and schedule an initial interview with each one.

3. Meet the brokers. Consider the first visit to an insurance broker's office as a job interview. Evaluate the level of professionalism of both the broker and his support staff. Ask as many questions as are necessary to get a feel for what it might be like to be a client of that broker. You might ask the broker for the contact information of some longtime clients who would be willing to provide additional insight into the performance of his office.

4. Schedule a second appointment. After meeting again with all three brokers, examine the information about each of the agencies and decide which one seems to best fit your situation. It is extremely important that you be comfortable with the broker and his agency, because insurance policies can be lengthy contracts and it helps to get along well with the people who will assist you.

5. Discuss your needs. Explain the situation to the broker and provide him with copies of the relevant documentation required to purchase an insurance policy.

Tips & Warnings

• Remember that the insurance broker works for you. By asking relevant questions about the broker's professional qualifications and experience, personal outlook and carrier contracts, you should be able to obtain a much clearer idea of how the agency operates and the level of service you can expect. Ask the broker how many of his existing clients have purchased the same type of insurance you are investigating. A high number would seem to indicate that the broker has considerable experience with situations similar to your own, while a low number may indicate a level of inexperience that could present potential issues in the future.
• Avoid insurance agents who are not true brokers. Many insurance professionals are prohibited from representing multiple companies. These "captive" agents may illustrate and sell only one insurance company's products, which may not be the best for your particular situation. A completely independent representative has the ability to find policies from multiple carriers, thereby increasing the likelihood that the premium you pay and the coverage you get will be the best possible.

References

• What is An Insurance Broker?

Resources

• Independent Insurance Agents & Brokers of America
• Insurance Pages