We call ourselves Insurance Professionals because our service goes beyond just acquiring a license and selling policies. The process of obtaining an insurance policy is not necessarily a difficult one but it does require going through several steps. An Insurance Professional will guide you through each step of the process. Letting you know what to expect and helping you to understand how the process relates to your coverage makes the transaction a positive experience. Insurance Professionals are held to a fiduciary standard and the Code of Ethics of the companies we represent. This means doing what is right no matter the outcome.
A fiduciary is a person who stands in a special relationship of trust to another person. You hear this term a lot in the financial sector but did you know that Insurance Agents have fiduciary responsibility as well? We have a fiduciary duty towards our clients, our carriers and the public.
Two of the ways in which we enact our fiduciary duty are:
- Selling coverage not price
- Educating on the process of inspection.
Some agents cut coverage in an attempt to price match. They also might avoid disclosing possible inspection issues because they fear it could lead a prospect to decline the policy. We understand that price is important to our clientele so we make the point to fully disclose coverage concerns or possible red flags on an exterior inspection. If you can’t afford to pay your insurance premium, then you won’t be able to afford repairs resulting from a large loss either. You cannot budget for insurance. You must weigh your risks and determine the best method for reducing risk.
Education is of utmost importance when it comes to coverage. If you make an educated decision to cut your coverage or to self-insure then that is your right. But we feel that matching coverage to beat price is a disservice to you. Inspection requirements work the same way. Insurance companies are inspecting your residence for things that increase hazards. Brush growing along the side of a home or trees hanging over the roof are going to increase the chance that your home has fire damage, water damage for example. As with anything, the upkeep of these items can cost you money or your valuable time to fix. When your agent takes pictures or makes recommendations it is not because the agent doesn’t like the way it look s or because the insurance carrier will not accept your home in the condition that it is. It is because your agent wants to be able to prepare you up front for any repairs or maintenance that might be required of you.
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Disclaimer: We will not always be aware of every inspection requirement that could arise with your property. We will not force you to pay a premium for a coverage you do not want. It is your policy and your right. However, as an Insurance Professional it is our duty to make you aware of available coverage and educate you on how it can be a benefit to you. All licensed insurance agents regardless of employer are held to a fiduciary ethical standard. We cannot speak for practices of your agent or insurance company.