Top 5 Tips to Choose the Best Insurance Broker

March 30, 2016
choosing an insurance broker

When you’re in the market to protect your property, you can’t leave your investment to just anyone. Finding a reputable and qualified insurance broker could be the difference between your property being sufficiently covered during a catastrophic loss, or you being stuck with a hefty bill to repair the damage.

So, what does (and should) an insurance broker do exactly?

Insurance brokers, unlike insurance agents, represent and work for you, as the client. They are independent of an insurance company and should be able to advocate on your behalf to find you the most competitive insurance rate. Many apartment community owners prefer to use insurance brokers because they have a much wider access to different coverage options than a traditional insurance agent that has to “sell” only a handful of policies from certain companies.

At Top Floor Insurance, we recommend you using these top 5 tips to choose the best insurance broker to keep your property covered.

1. Ask for referrals and check references. This is a great place to start, especially if you do not have a preferred insurance broker to work with. Ask fellow apartment community owners who they use and if they are satisfied with their service. Looking online at Yelp reviews and the Better Business Bureau are also great resources to filter the “not so good” insurance brokers from the best in your area. Even if you locate an insurance broker online, ask them to provide client references or testimonials. A reputable and seasoned insurance broker should have no problem explaining their track record in the industry, and having evidence to prove it!

2. Determine the coverage you need. Once you have identified a few insurance brokers to contact, take a step back and consider what type of coverage you need. Have the specifics of what you are looking for and important property information ready before you make the call to schedule an appointment. You may not be 100% sure of the exact coverage you need, and this is okay! An experienced insurance broker will be able to review your information and explain the type of coverage you need and the insurance premium range you can expect.

3. Learn more about their specialized experience. Owning an apartment community sets your property into a special class that is different from other types of residential and commercial properties. Be sure to seek out an insurance broker that specializes in apartment building communities. This niche industry has significant nuances that may go unnoticed by a general insurance broker. As always, don’t be afraid to ask for their experience with similarly-sized properties in your area. If their experience in this realm is limited, then consider finding an insurance broker with a more established work history.

4. It’s more than the price, consider the overall fit. The same approach you may take for selecting a doctor or dentist can be transferred to selecting your insurance broker. You want someone who has a good “bedside manner”, so to speak. Your insurance broker should be easily accessible and willing to not only share information with you, but be able to make dealing with your insurance a lot easier. Take note, some brokers will bog you down with lengthy paperwork and requirements. Finding easy to work with insurance brokers is definitely possible. In fact, here at Top Floor Insurance, our process is always easy and pain-free for our clients. Remember, the insurance broker works for you, so be sure you feel comfortable with them.

5. Ask for personalized advice. This factor can set the good insurance brokers apart from the great insurance brokers. A great insurance broker will provide you with ample resources to keep you abreast of everything related to your insurance policy and how your property may be affected. A reputable insurance broker will be very familiar with the different types of coverages and policies on the market, so they can offer you specific recommendations based on your unique property. Plus, they will have the inside scoop on how to maximize protection and minimize your insurance costs. When you’re selecting an insurance broker, if they seem a bit tight-lipped, consider finding a broker that is more forthcoming and willing to share information with you.

These are just a few tips you can use if you’re in the market for a new insurance broker. Remember, a good insurance broker should be able to negotiate the best rate for you and keep your property well insured. Lucky for you, at Top Floor Insurance, we pride ourselves on being easily accessible, providing exceptional customer service, and sharing tons of information with our clients. When you’re in search for a reputable insurance broker, we’ll make the cut – just give us a try! If you want to take advantage of a FREE, FAST, and super EASY Top Floor Insurance price quote, then click here. Or, contact us today at 404-266-3218.