How an Independent Insurance Agency Can Save You Money on Property Insurance
Saving money is high on everyone’s list, no matter the time of year. At the end of a year and/or beginning of another year, reviewing your property insurance could save you money. But only if you work with a trusted independent insurance agency like Peeples Insurance Agency. Here’s why.
What’s Going On with Property Insurance?
For the last several months of 2021, possible property insurance cost hikes have been all over the news. Forbes quoted a representative of the American Property Casualty Insurance Association (APCIA) as saying, “A perfect storm is brewing in the property-casualty market.” In Florida insurance rates for homeowner’s have gone up more than anywhere else in the US.
Various factors contribute to this thesis – high among them are the numerous catastrophes that have occurred across the country. Ice storms, droughts, wildfires, Hurricane Ida along the eastern seaboard, recent tornadoes across Kentucky and the lingering curse of COVID-19.
Construction costs are soaring, home repairs cost much more now than in the recent past and the supply chain is damaged, directly affecting the building and construction industry. Plus, insurance industry analysts predict that areas prone to hurricane damage, including Florida, could be facing more severe storms in the near future.
The result of all this is a huge number of damage claims being paid out, which directly impacts the pool of available money to be used for future catastrophes. In order to prepare for the future, property insurance rates will likely see an increase.
Aren’t All Insurance Agencies the Same?
Insurance is insurance – right? Aren’t all insurance agencies the same? The simple answer to that common question is yes and no. Yes, many property insurance policies offer similar coverages. No, not all insurance is the same; nor are all agencies the same. This is where the true value of doing business with an independent insurance agency really shines. First, let’s define “independent” vs. other insurance agencies.
An independent insurance agency is primarily concerned with your interests. Their job is to help you obtain the best possible insurance coverage with the best possible cost that fits into your budget. The key to this is not being beholden to any single or small group of insurance companies. They represent multiple companies, so they can shop coverages and rates to find the best combination for each individual client.
A captive insurance agency works for a single insurance company. Representing only one carrier means their primary concern is selling that company’s products. This limitation means they can offer far fewer options on coverages and prices. Plus, they are typically required to meet certain sales metrics to keep their job, which means your best interests are secondary to their interests.
What Makes an Independent Insurance Agency Different? How Can That Save Me More on Property Insurance?
Independent insurance agencies like Peeples Insurance Agency can save you more on property insurance and other forms of insurance. Here’s how:
Freedom
Independence means freedom for us. We are free to shop dozens of insurance carriers to locate the best coverages and the most affordable rates. We can easily compare the best ones and show you the results of this research, so you can make the best possible choices for your needs and budget. Freedom allows us to serve you, not a particular insurance company.
Choices
Independence means choices for you. Choices give you the power. A captive insurance agency can only offer their company’s products at their established rates. There are little or no choices, putting them in power over you. When you have choices from dozens of companies, they must compete to get your business. They know this, so products are better, more flexible and rates are more competitive.
Personalization
Independence means personalization for everyone. With a single insurance company and few products, everyone is pushed into the same few molds – every client must settle for what is available. Independent insurance agencies representing numerous companies have many more options. You can enjoy personalized service that strives to meet your specific needs. More variety means a better chance of finding insurance coverage for your unique situation.
Peeples Insurance Agency strives to give every single client this top-tier personalized service. How does all this help you save money on property insurance? If your rates are going up, with a captive agency, you’re stuck accepting the rate increases. With an independent agency, you can shop around for better rates.
Many insurance companies may be raising their rates; many others know that and will strive to be competitive, offering great coverage for better rates. Our agents can review your current coverage and rate and help you find comparable property insurance coverage for a better rate, and still with a reliable, established insurance carrier.
Contact Peeples Insurance Agency today for a review of your property insurance coverage. We have offices conveniently located in Sarasota, Bradenton and Margate, Florida.