What Are The Benefits Of Using A Home Insurance Broker?
Caeva O'Callaghan | February 19th, 2020
An insurance broker is a middleman. They can compare policies, advise you on the best cover, and save you money. They can also handle claims, so you stay stress-free. Also, they’re on hand for questions and advice, whenever you like.
In this article, we’ll answer questions like:
- What is an insurance broker?
- Should I get home insurance via a broker, or with my mortgage provider?
- How can an insurance broker get me a better deal on my home insurance?
Benefits to going with a broker include saving money, taking advantage of years of experience, and fostering long-term relationships that can benefit you in future.
What is an insurance broker?
Insurance brokers are a person or company registered to act as an adviser on matters of insurance, who can arrange cover with an insurer on your behalf. They’re a middleman between you and your insurance company, who work to get you the very best deal possible.
Insurance brokers work on commission. Insurance companies pay them a percentage of your policy fee when you become a customer. But don’t worry, insurance brokers aren’t on a mission to lump you with the most expensive cover. Brokers sell all types of insurance, including car insurance and life insurance. As long-term relationships are the bread and butter of their business, brokers are more concerned with getting you the perfect cover you need. They get paid either way.
It might seem simpler and quicker to go directly to a home insurance company for a quote. In fact, many companies only offer cover when you contact them yourself, or take pride in the fact they aren’t on comparison sites. Brokers can offer you discounts and offers just like direct providers, and will ask all the relevant questions to find you the best deal. There are many benefits to using a trustworthy insurance broker to find your cover.
More choices, less money
Insurance brokers aim to find their clients the very best price for their home insurance. Taking advantage of a wealth of experience and industry knowledge, they are able to quickly and efficiently compare the entire market to find the cheapest options. You might only have a lunch break to quickly scroll a comparison site – but an insurance broker will devote hours to your case, or days, to find your perfect cover.
And as their fees are paid by the insurance company you decide to go with, going with an insurance broker won’t break your bank. However, if you want additional services down the line, this may accrue a fee.
Knowing all they do about the insurance industry, brokers also know about smaller insurance companies which may have slipped under your radar. Just because a company hasn’t got a giant marketing budget, doesn’t mean it isn’t a great option. Your broker will break down how they stack up against the big players and show you how you can save.
Tailored for you
Got a lot of valuables, an odd house or otherwise unusual circumstances? Better off going with a broker. They’ve seen it all. So, whether you have a priceless plate collection or a taste in expensive wallpaper, they’ll be able to negotiate the perfect cover.
You also won’t easily find bespoke or high-end options, so finding comparison tables for something like antique model railways are out of the question. However, a broker will know exactly where to do.
Standard home insurance policies are a great one-size-fits-all solution. But, you may not have the time or patience to explain your needs to every company. This is where your insurance broker comes in. They’ll make sure that you get the most appropriate price for your cover, so you won’t be stuck with inadequate protection.
Impartial and simple
An insurance broker has no agenda beyond finding you the perfect policy. They are fonts of bias-free advice, and half of their job involves translating insurance-speak into plain English. They’ll be happy to help, and no questions are out of the question. Rest assured, it’s a complicated business, and insurance brokers have your best interests at heart.
Besides – have you ever had to actually read a policy? You may have skimmed it, but full comprehension is a Herculean task best left to professionals who are paid to do so.
For example, NFU Mutual’s home insurance policy is a whopping 40,831 words long. If you have more cover, that’s more pages. For comparison, Ernest Hemingway’s The Old Man and the Sea is just over 26,600 words. George Orwell’s political satire Animal Farm is 29,966 words long. If you don’t want extra bedtime reading, an insurance broker can look over your policy for you. Furthermore, we know the nuances of the various home insurance policies off the top of our heads – without referring to the small print.
In addition, your insurance broker will also be able to handle claims. This means that when the worst happens, just one call will get things moving. After a flood or fire, this could mean a lot of stress taken off your shoulders.
Renewal made easy
Insurance brokers automatically shop around for your every year when it’s time for your policy renewal. They’ll phone you up with an alternative quotation if a lower price is available.
Since insurers started to engage in a practice called “dual pricing” over the past few years, this is a really important benefit. Dual pricing is when insurance companies offer a very competitive price to win your business, then increase the price by as much as 30% when it’s time to renew. We don’t like that, so it simply won’t be a problem when you’re a customer of QuoteMe.ie.
Talk to us in QuoteMe.ie with any of your home insurance queries.
One of the main benefits of using a broker for your home insurance is that we can answer all the questions you may have. We provide immediate professional advice from certified and trained insurance agents. Please, never hesitate to call on 0818 224433 or 042 9359051.
You can also get an immediate home insurance quote online with us. We compare home insurance in the Irish market from 12 insurers to get you the right cover for your individual circumstances. We look forward to hearing from you soon.