Why Using Your Agent Is Not Enough
Buy The GuideIf your agent has told you that there is no private homeowner insurance and you have to go into Citizens, you've come to the right place!
Market Wire recently reported that "75% of consumers are very satisfied with the service provided by their insurance agents and remain committed to working with them in the future."
At Home Insurance Buyers Guide, we respect and admire customer loyalty. Good service and high customer satisfaction should be rewarded with repeat business.
However, the Florida homeowners insurance crisis is a unique situation.
There is not enough private insurance to go around.
If your Florida home insurance agent doesn't carry a broad enough mix of the insurance companies still writing new business, there is a very good chance you are going to find yourself directed towards Citizens Property Insurance Corporation or a very expensive private insurance carrier.
And if you don't check out other options with other insurance agents, you might never know that this is happening to you.
That's why it is essential to work with multiple insurance agents representing multiple insurance companies.
"When looking for new coverage, seek out an independent insurance agent who offers different companies as options" - Jeff Grady, president of the Florida Association of Insurance Agents (Sun-Sentinel-June 4, 2007)
At the Home Insurance Buyers Guide, we've identified 39 private insurance companies still accepting new business in the State of Florida.
Let's take a look at your chances of finding these 39 companies if you only work with one agent.
Captive agents represent the largest insurance companies such as Allstate. They are called "captive" because they are required to write their homeowners business exclusively with their primary company. Sometimes the primary insurance company gives the agent permission to represent a few additional companies. But it is rare for a captive agent to represent more than 5 companies.
So what happens to you if you go to a captive agent and their primary company won't write you a homeowner's insurance policy?
You could end up in Citizens or with a very high priced private carrier. Why? Because the agent has only 4 other companies he can present to you. You won't hear anything about the other 35 private insurance companies that might still be writing new business in your county.
What about an independent agent? It depends.
Some independent agents are very large and represent a broad range of companies.
Large independent agents that represent 10 or more insurance companies give you a better chance at finding private insurance than you would have if you went to a captive or small, independent agent.
But, even a large, independent agent representing 10 insurance companies still might not be able to get you private insurance coverage:
- The agent may have exceeded a monthly quota or allocation limit imposed by one of the insurance companies still writing new business.
- Your home might have some risks that these insurance companies don't want to accept.
- The agent may simply be overwhelmed with requests for quotes and may not have the time to find a policy for you.
So even if your current insurance agent is a large, independent agent, your chances of being unaware of at least 25 or more private insurance companies that are still writing new business in Florida is very high.
Loyalty to your agent is a great thing and should be commended. However, it might be denying you access to insurance companies that can help you get through the current crisis.
Now let's change the playing field slightly...
What if there was a way for you to find out the names of private insurance companies writing new business in your county? If you knew that information, can you imagine how your discussions with insurance agents would change?
Subscribing to the Home Insurance Buyers Guide, changes the playing field in your favor by arming you with the names of insurance companies who are writing new business in your county, along with the agents who represent that company.
When you use the Buyers Guide, your shopping process begins with the insurance company, not the agent.
You use the Buyers Guide to find the companies, screen them, and then find out who their agent network is.
And you will find out the names of all the Florida homeowner insurance companies writing new business in your county, not just those that your current agent represents. In most counties you will become aware of 15 additional companies that you won't know about if you are only working with one insurance agent.
Armed with this information, you will be able to ask multiple insurance agents to quote a policy with a specific company. The agents you contact will know that you are on top of the market.
If agents you contact won't quote you a private company you are interested in, move on to another agent that you know represents the same company. Continue this process until you have at least three insurance quotes from as many companies as you want.
By finding out exactly who is writing private insurance, the power will be in your hand where it should be - not with insurance agents who are presenting you with limited options.
And your chances of finding private insurance will be significantly higher - while dramatically reducing your Florida homeowner insurance cost.
Competition and shopping around is good for the market. Given the existing insurance crisis, it is essential that all homeowners work in reverse. Start with the insurance company - not the agent.
And don't waste time with agents that can't help you.
Find the companies who are writing private insurance by subscribing to our Buyers Guide - then use the agent locator links in our database to find those agents who represent the companies still accepting new business.
You won't believe the difference it will make in the conversation and in your ability to find private insurance at a better price!
Florida homeowners willing to work with more than one agent are saving thousands of dollars by using The Home Insurance Buyers Guide during the Florida Insurance crisis.
What about you?