Choosing the right insurance broker

Belinda Thorpe, Managing Director of Residentsline explains why choosing the right insurance broker is so important for you.

The path to finding the right insurance policies can often be riddled with problems. Between choosing the right intermediary or broker to find a policy that protects you from all possible risks, it really is crucial that you take your time and make the right choices. If you don’t, it could cause you serious issues in the future.

Why is choosing the right insurance intermediary or broker important?

From finding the right car insurance to finding good cover for your phone, all types of insurance can be tricky to get right. Property insurance, however, presents a few more issues that you need to think about when obtaining a policy. After all, your home is more important than your phone.

With so many risks and potential difficulties, finding a policy by yourself maximises the chances that you’re going to make a mistake or miss something important. Therefore, it is truly in your best interest to seek the help of a professional intermediary or broker who will navigate you through the insurance industry to find a policy which suits the needs of both you and your property.

An intermediary or broker acts as the most important stepping stone between you and the most comprehensive protection on the market – it’s their job to find it for you. Without the help of an intermediary or broker, you could be subjecting yourself to hidden difficulties, excessive costs and an insurance policy which isn’t adequate for your needs.

When choosing your intermediary or broker, remember that they need to work with your best interests at heart. This means finding a policy specific to your property, assessing your needs and searching the market for the cheapest cost – even if this means negotiating with the insurer on your behalf. A good intermediary or insurance broker will have both the expertise and the experience to understand exactly what you need and will go above and beyond to deliver exceptional customer service alongside the best policy available. When you choose to invest in a intermediary or broker, you should receive 24-hour claims support all the way through your policy, unbiased advice, comprehensive protection, the cheapest prices available, and somebody to act as an intermediary for organising accounts.

What will an intermediary or broker do for you?

When you invest in an insurance broker, you are not just paying them to find an insurance policy for you. Their job is to help you through the entire process, right until the end of your insurance term - (and even then, they’ll help you with your policy renewal). As an overview, your intermediary or broker will:

  • Assess your property and identify what your policy needs to include
  • Search the market for the most suitable cover
  • Compare prices from a range of insurers
  • Negotiate the best policy terms with insurers on your behalf
  • Arrange, renew or change your policy with your insurers
  • Collect premiums and process accounts
  • Help you through the claims process

Why not just do it yourself?

Whilst it may seem easier to go to an insurance company directly, this will not give you a clear idea of the other policies that are available to you. This is because, by law, an insurance company are only permitted to sell and advertise their own products. On the other hand, an intermediary or broker will have access to a wide range of products across numerous insurance companies, furthering your chances of finding a comprehensive policy at the best cost available.

What’s the benefit of an independent intermediary or broker?

An independent intermediary or broker can work for a multitude of insurance companies and match you up with the most suitable policy from their range.

Insurance intermediaries or insurance brokers work independently from any insurance company. This mean they have a duty of care to the client first and foremost and can truly act in their best interests. Even if there is a conflict with their own interests, the needs of the client are prioritised above all. Additionally, intermediaries and brokers offer extras such as help with renewals and claims support and will provide helpful and unbiased advice throughout the entire process.

The benefits of a broker

Overall, the benefits of an intermediary or broker far outweigh the advantages of choosing any other route. Organising an insurance policy without the use of an intermediary is often a laborious process which wastes your own time and increases the chances of landing an inadequate policy. Whilst this opens up the possibility of using an agent, this would also prove to be arduous, as an agent would prioritise the insurance company over your own interests as a client. However, investing in a respectable insurance broker would get you more than just a policy. You’d receive: 24-hour claims support all the way through your policy, unbiased advice, comprehensive protection, the cheapest prices available, and somebody to act as an intermediary for negotiations and accounts.

The experience and expertise of an insurance intermediary or broker often makes them the most trusted people in the insurance industry. With the client’s best interests at heart, you can be sure you’d be receiving the most trustworthy service on the market.

For more information on the benefits of using an insurance broker, please contact Residentsline on 0800 281 235.

Reviewed: July 2019