Covering your personal assets shouldn’t be a frustrating experience. Current economic pressure has resulted in rising prices and steeper underwriting requirements. So, what can a conscious consumer do to decrease the pain while shopping for Homeowners and Auto policies?
While the market reels and seeks ways to stay profitable, personal insurance consumers should direct their attention to independent sources of coverage. Independent agencies, like Wes Connor Insurance, are in fluid contact with the evolving marketplace from an industry level.
Placement – Personal Insurance:
Insurance company selection is critical and should cater to the individual. Each company has strengths and weaknesses that make their products applicable in specific situations. Additionally, companies vary in strength for claims handling. These are aspects that an independent agent will review with you, the insured.
Independent insurance agencies are appointed by a variety of insurance companies. Depending on the details of the situation, an independent agent places the individual with the best coverage, at the right price, via company selection.
Conversely, captive agents that sell one company will place clients similarly regardless of the details. Coverage may be cut in some areas for the restricted agent to produce a competitively priced quote.
Service – Personal Insurance with an Independent Source
It may seem valuable to have the simplicity of a box store produce insurance coverage, however, a skilled independent agent will deliver an equally clear process. The only additional step is selecting an insurance company up front. This is explicitly beneficial and is the responsibility of the agent not the insured.
Service from an independent agency compared to a local insurance box store is the same for the insured. All servicing requests are handled by the agent/company and communicated back to the client. Arguably, independent sources will have more complete answers and equal treatment of service requests.
Claims handling will be supported by the independent agent while unaffected by captive agent. Independent sources will review selected insurance company performance and credit to ensure the true value of the product is present based on the financial stability of the company.
Evaluating Independent Sources for Personal Insurance
Shopping for an agent might just be more important than the product itself. Finding an independent agent that is motivated to serve the client’s interests first without cutting corners is a long-term solution for peace of mind. The products and offerings vary, but the attitude and character of your agent do not.
Have a conversation first. It’s okay just to ask the prospective agent personal questions.
At Wes Connor Insurance we encourage you to establish a level of comfort with the agent as an individual. Consider as well, (1) quantity of insurance companies they offer and (2) ownership of the agency. Some independent agencies are being acquired by private equity, and their level of client service has become secondary to their profitability.
