Top 5 Signs It’s Time to Find A New Insurance Broker

March 18, 2016
insurance broker with client

Having a reputable insurance broker that you trust is important in putting your mind at ease that your apartment community is covered. Your property investment is just that, an investment that should be protected against the unexpected. Now, may be the time to explore other insurance brokers in your area if you notice any of these five signs.

But, before we jump into the list, let’s distinguish the difference between an insurance agent and an insurance broker.

An insurance agent may be employed directly by an insurance company, or may be an independent contractor. As an independent contractor, an insurance agent typically contracts with a few insurance companies and only sells insurance policies for those companies.

On the other hand, an insurance broker is completely independent of an insurance company. Insurance brokers often work with many different companies and have access to sell a wider variety of insurance products. Since an insurance broker is not contracted to a particular company, they can be your advocate and represent you to find you the best market rate.

Here are the top five common telltale signs that your insurance broker may need to be replaced.

Sign #1: You can’t reach your insurance broker. In business, just as in the insurance industry, communication is key! If you feel that you’re leaving 2 -3 messages before you get a call back, then it may be time to seek out a more accessible insurance broker. At Top Floor Insurance, we pride ourselves on our fast turnaround time and our exceptional customer service. You can call the Owner directly – that’s immediate access, just what you need and deserve!

Sign #2: You think you’re overpaying. Insurance rates fluctuate from year to year and if you haven’t received an insurance quote in the past 3 years, then now is time to test the insurance waters. Your insurance agent or insurance broker may be loyal to certain companies which is great for them, but may be forcing you to leave measurable money on the table. Shopping around for another insurance broker can help you rest assured that you’re securing the best possible insurance rate on the market.

Sign #3: Requesting a quote is complicated. At Top Floor Insurance, easy is our middle name – that’s how it should be. If your insurance broker is asking for lengthy reports or pages of documents, it may be time to switch. An experienced insurance broker should be able to provide you a quote with simple information you could tell them over the phone or send in an email.

Be careful! Some insurance companies will take you through the “ringer” and require mountains of paperwork to discourage you from going elsewhere. Top Floor Insurance asks you simple questions that take less than 5 minutes to complete for our 24 hour price indicator, it’s really that easy – plus, there is no obligation to buy!

Sign #4: Your questions are being left unanswered. Do you know if your policy is a blanket policy or is structured as “per location”? These and other questions are important to ask your insurance broker to make sure you are covered when and where you need it the most. If your insurance broker is not responsive enough to your questions and is not able to explain your policy, then it may be time to find an insurance broker who will. Knowing the intricacies of your insurance policy is key in ensuring that you are covered, if and, when disaster hits.

Sign #5: You have issues with your policy. This may be a bit obvious, but if you find issues with your policy, especially in the coverage amounts, then this is a major red flag. Your insurance broker should be your biggest insurance advocate and should work to ensure you have the most competitive rates and the right amount of coverage. If you feel that your policy is inadequate and your insurance broker does not seem attentive to your concerns, then find another insurance broker who will ensure your policy is as thorough as it needs to be.

If you’re reading this, then you may be in the market for a trusted and professional insurance broker. At Top Floor Insurance your apartment community is of the utmost importance to us.  We specialize in apartment community insurance – that’s all we do! Try out our 24 hour price indicator for your complimentary free insurance quote or call us today at 404-266-3218. It’s super fast, so easy, and 100% hassle-free!