Re-Quoting Your Insurance

Advertising today includes a lot of messaging about what you can save on your insurance. Offers like five, ten, fifteen percent or more on your auto, home or business insurance.

Let's look at some pros and cons of re-marketing or quoting your account.

When should I expect to be remarketed?

As a strategy, we've noticed that a 3 to 5 year carrier placement strategy works well. We try to make sure that our customers stay with the same carrier for at least 3 to 5 years.

Here's why:

You can maximize the discounts with a carrier when you stay long term. When you switch to a new carrier, one of the questions on their application is about your carrier history. The longer you've been with your prior carrier, the bigger the discounts.

Also, your agent can better negotiate with carrier partner. A longer relationship gives your agent a little more leverage to plead cases on your behalf to underwriters and claims teams.

When would be a time you might need to break from the strategy?

Your household and businesses will almost only change over time. Your insurance program may or may not be set up for those changes. Sometimes it's best to look at other options to meet your particular risk needs.

What is the benefit of being remarketed?
The obvious answer is to save money -- most people can benefit from freeing up room in their budget. A common result of remarketing your account is ensuring you're paying a competitive rate. Looking at other markets can confirm that you're paying, what you should pay and provide yourself with the peace of mind that you're not overpaying.

Find out if you're paying a competitive rate by asking your insurance professional. With more than 5000 customers, we can give you a range of what you might expect to pay.

What are the disadvantages of changing carriers? There are a few -

• Reestablishing your billing accounts
• Inspection issues; a new inspection on your home or business could expose additional risks that need to be dealt with.

If you have questions about remarketing or changing your insurance program, feel free to give your insurance professional a call. We'll be glad to walk through this with you. Thank you for working with Advisors!