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You’ve probably heard your friends, family members, or neighbours talk about using an insurance broker when buying property insurance. Although you’re not against the idea, you’re also not exactly sure what benefits utilizing an insurance broker could provide. As of right now, it just sounds like more work to do.
So, what are some reasons why you should use a house insurance broker when insuring your Manitoba property?
An insurance broker can help make getting a property insurance policy very simple! They’ll also help you shop around to lock in the best rate and ensure you get a policy that best suits your needs. Also, if you need to make a claim down the road, they can walk through the process with you. Think of them and your insurance cheerleader.
In this post, we’ll look more closely at why your friend, family member, or neighbours decided to go with a home insurance broker and why we think you should, too!
Rather directly discuss what an insurance broker does or how they could help in your specific situation? Go ahead and reach out! We’re always here to chat.
Insurance Brokers (or Consultants, as we call them) are licensed professionals who sell insurance on their clients ‘ behalf. They have in-depth knowledge of the best insurance solutions available to meet each individual’s unique needs. They truly are experts in the industry.
Unlike insurance agents who work directly with one insurance company to sell their policy, insurance brokers typically work with and sell policies from multiple insurance companies.
Insurance brokers’ primary duty is to their clients (aka YOU!), which is why they help their clients shop around and compare different options to get them the best possible coverage at the most affordable price.
When it comes to buying a home and needing a policy to protect your investment and belongings, a broker is there 100% of the way.
There are many benefits– which we discuss below– as to why people decide to use an insurance broker when taking out a new policy such as house insurance (or, more commonly referred to as property insurance).
The world of insurance– especially property insurance– isn’t exactly the most straightforward. What kind of policy you need will depend on your home type, how much property you own, and the year your house was built, amongst other factors.
The good news is, Insurance Brokers know all about property insurance and the companies that sell it. They get the nuances between the offered products, the different pricing, and how the claims process works. Which, let’s be honest, isn’t information that anyone would know! Buying the right insurance can be daunting and confusing– having a specialist navigate you through this unchartered territory is worth its weight in gold!
Insurance Brokers do all the work for you! That’s right; they are working for YOU, looking out for YOU, and ensuring YOU get the best coverage to meet your needs.
The insurance companies do not pay the brokers directly for their sales. As such, the broker provides an unbiased, client-centred insurance solution to meet your needs.
Raise your hand if you’ve had questions about an insurance policy you have– or wanted to update it– but didn’t because the idea of calling the insurance company, sitting on hold, and trying to navigate through all the options again overwhelmed you.
You’re not alone, and we want to help! When you:
Your insurance broker is there for you.
They’ll walk you through everything you’ll need to know and advocate for you with the insurance company. Say goodbye to the days of the internal dialogue of deciding if calling your insurance company is worth it, and instead, just call one of us!
As insurance brokers, we build relationships with our clients based on trust. Our goal is to help you find a policy that best meets your needs and inform you about other insurance solutions that may help you down the road. Including protecting you against expensive Oopies and Oh Nos!
There are so many insurance policies and add-ons out there. And trying to navigate through all the additional coverage options to determine which ones are worth your hard-earned dollars can make you want to pull your hair out. That’s why having someone you trust who can help you lead the ship through the uncertain waters is so valuable.
We’ve hinted at this already throughout the blog, but insurance brokers have access to multiple different providers and know what a good rate is. They are there to help you shop around so that you can rest easy knowing that not only do you have the protection that you need but also that you have the best rate for it.
You’ve got the questions; we’ve got the answers!
An insurance agent works directly for the manufacturing insurance company and only represents its products. This means they are solely representing one company and are paid by that same company to sell their products, so may not always have your best interests in mind.
By contrast, an insurance broker works for the insurance brokerage representing the insurance manufacturing companies - and not for the manufacturers themselves. Meaning they get access to a range of different insurance products and services. Plus, they can compare and contrast policies to ensure you get what’s best for you.
Nope! It doesn’t cost you anything to work with a broker!
Their services are entirely complimentary. No strings attached! Brokers are generally paid a salary (or hourly wage if part-time) by their insurance brokerage. The brokerage receives a revenue payment from the insurance company manufacturer for the policies they sell, which, in turn, helps to pay their employees.
Yes, brokers can work with, and advocate, for you when it comes time to file a claim. As a client, your broker can provide you with the information you need and put you in touch with the claims department of your insurance company.
They will be there with you throughout the process and provide you with as much advocacy and support as you need as your claim advances.
However, it’s important to note that insurance brokers are not the ones who will decide whether or not your claim is paid. That decision lies solely with the insurance company and is subject to their policy guidelines.
At Winnipeg Insurance Brokers Ltd. (WIB), we call our brokers “Insurance Consultants,” and we take that title seriously! We know that the work we do impacts the lives of others. That’s why our team members work with our clients to determine their unique needs and provide policy recommendations that best meet them.
We pride ourselves on delivering a human experience. We’re not just salespeople looking to sell products. We are your advocates, insurance cheerleaders, and friends you can call when you need help. We work for you.
Plus, we handle more than just property insurance. We can truly get to know you and your needs and ensure you’re protected in every aspect of life. We’ll help you handle auto, property, travel, commercial, and personal health insurance policies. We also have a licensed Life Insurance Advisor to take care of your Life, Disability, Critical Illness, and mortgage insurance needs!
Insurance brokers not only can help you shop around for the best property insurance rate, but they can also help you find a policy that meets your needs and makes sure that you have the right home insurance coverage in place. So you can have peace of mind knowing you’re covered.
At WIB, we truly work for you. Your needs are the most important thing for us and what leads our care. We are also here for you every step of the way. Whether that’s getting to know who we are, picking out a new home policy, making changes to an existing policy, or submitting a claim. We are here for you!
Whether you’re interested in using an insurance broker (or consultant) or have more questions about how they could work for you, reach out. We’d love to hear from you; as always, our calls are 100% commitment-free.