Basic insurance agent questions

[Emmett Gorman]

What are some general questions to ask agents when shopping for insurance? 

Opinions on going with a local firm or larger, national firms? 

Thanks

[Jason Bott]

@Emmett Gorman

Here are some of the warning signs a well-intentioned agent will never be able to give you the best the market has to offer when it comes to RE insurance options; 

1. Jack-of-all-trades and the master of none (e.g., they want to upsell you home, auto, health, life insurance, etc.)
2. Dictator, not a consultant (e.g., they force coverage on you instead of tailoring the coverages around your unique situation)
3. Only represent one insurance company (no single insurance company can offer the right policy, at the right price for all situations)
4. Their process for getting a quote is difficult and cumbersome
5. Their underwriters/inspectors seem to always find a problem with a property

If you spot these warning signs, you should search for an insurance agent with these attributes:

• Have a depth of knowledge gained through years of experience working with real estate investors like yourself
• Have a unique consultation process specifically crafted for working with REIs
• Have access to a minimum of 50 insurance companies
• Work with a large independent insurance agency or group (the larger the agency, the more leverage they have with insurance premiums and claim settlements).