You’ve Chosen a Realtor – have you chosen an Insurance Broker?

 In Home, Info You Can Use

You’re Buying a New Home

Whether you’re buying your first home or finally moving into your retirement property on the lake, most of us turn to a realtor to help us navigate the real estate market. And why wouldn’t you?

Realtors can be your saving grace! They know all the ins and outs of each community, they’re seasoned in spotting red flags in a property, they know how to quickly coordinate inspections and other necessary appointments, and they act as the mediator between yourself and the seller.

In a nutshell, they do a lot of the leg work & give an expert perspective into your home buying experience.

 

Proof of Insurability / Proof of Insurance

Once the sale is finalized, one of the first steps you have to take is putting insurance in place before you can take possession (and definitely before you put a mortgage in place). In fact, even before you put insurance in place your mortgage broker will ask for a “Confirmation of Insurability” letter. This is provided by a broker or insurance company confirming that based on the information you provided, you are insurable!

So we know your realtor brings a lot of value into the home buying experience, what can your own personal insurance broker bring?

Your insurance broker becomes the liaison between yourself and the insurance company. Brokers represent numerous companies and because of this they are able to shop all markets for both your home AND auto to ensure you’re getting the best possible price and coverage!

Yes, home AND auto… and boat, and motorcycle, and ATV, and cottage, and commercial business and life – if you can bundle, you can capitalize on your insurance premium savings! Insurance companies provide “multi-line” discounts when you have more than one line of business with them! Your own personal insurance broker, with access to numerous markets, is able to place ALL of your insurance with the best possible company and manage your insurance year after year by monitoring rate changes and competition between markets.  In rare cases where you are unable to bundle with one Insurer, your Broker can look for a Broker loyalty discount or similar discount.

Realistically, most of us aren’t insurance experts, and that’s okay! That’s what your insurance broker is here for.

 

Seek out a Founders Insurance Broker

And although we all want a simple, quick, cost-effective insurance experience, what more should you be looking for? Here are a few other key components you should be looking for in your personal insurance broker…

  1. EDUCATION: A broker that is knowledgeable and willing to take the time to explain to you the ins and outs of what coverages you have (deductibles, limits, special endorsements, etc.)… because we’re all guilty of maybe, perhaps, possibly not reading our 14-page insurance policy every year?
  2. EFFICIENCY: A broker that is going to be able to respond and deliver in a timely manner when you do need that Letter of Insurability or advice on a potential claim situation.
  3. RELATIONSHIP: Simply put, you want to talk to a person, not an answering machine and not a robot.

So choose wisely! Your insurance broker can be your saving grace in many major life changes and choices.

We hope you found this blog post (written by our very own in-house Insurance Broker, Olivia Verge) informative.  For more information, contact us.  Even if you are just thinking about buying a home you can contact us to prepare yourself for the exciting journey ahead.

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Do an inventory of your stuff for insuring before a loss and claiming after a loss.