Hey guys,
I have a contract on a house right now. To make the purchase easier, my lender has been providing my information to other parties, such as homeowner’s insurance. Legacy Insurance Partners has provided me with quotations; they mainly suggest Allstate. I have just received a separate call from an Allstate salesperson. I would like to know the advantages and disadvantages of dealing with brokers such as Legacy as opposed to direct dealers of insurance providers such as Allstate. Do brokers get paid bribes to suggest particular agencies? Any information would be much valued.
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I’m not sure if it’s better to go directly with a company or use a broker, but here’s my personal experience:
For me, it’s all about customer service and who you’re dealing with. My husband and I met our insurance agent, Judy, when we bought our first home in 2016. At that time, she worked with Country Financial. The company was fine, but Judy was incredible. When we found out she was leaving the company, we contacted her immediately to find out where she was going because we wanted to stay with her.
Judy decided to become an independent broker, and since then, we’ve had insurance through three different companies. Despite the changes, Judy has remained outstanding. As long as her customer service stays excellent, I’ll follow her anywhere. She insures our home and both of our vehicles, always ensuring our coverage suits our high wildfire risk area.
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In my opinion, the insurance industry can be quite questionable. It’s important to find a provider that offers the lowest price while still providing adequate coverage for your home. Make sure the policy covers the minimum value needed to replace your home in case of destruction.
I don’t need any other fancy addons or customer service. I suggest saving the money you would have spent and allocating it towards the highest deductible available. It’s important to consider that in many situations, it may be more beneficial to refrain from filing a claim.
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You can purchase homeowners insurance either through a broker who compares options from multiple companies or directly from an agency representing a single insurer. Brokers offer more choice, while agencies may provide specific benefits or discounts.