How to find an insurance broker

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills.
Post Reply
Topic Author
AstaticInventor
Posts: 11
Joined: Thu Aug 22, 2019 2:15 pm

How to find an insurance broker

Post by AstaticInventor »

What are recommended ways to find an insurance broker?

For example, when looking for a financial planner I know I can start at NAPFA to locate fee-only, fiduciary planners in my area and then use that list to start narrowing down candidates by the services they offer, specializations, etc.

Are there credentials I should look for in an insurance broker? Is there a starting place that has a directory of brokers in my area? A way to search for brokers by the companies they work with?

How would you start your search?
Zambeezy
Posts: 35
Joined: Thu Jun 16, 2022 4:49 pm

Re: How to find an insurance broker

Post by Zambeezy »

I'd be interested in hearing others' experiences on this as well. I've never used a broker but from reading plenty of threads on the topic, it doesn't seem like they're able to consistently provide savings above what you could easily get on your own.

I like to do market checks every 12 months or so for my insurance products and every time I do them, I come up with the same winners and losers. State Farm's algo loves me apparently, and they're always the cheapest for the coverage.
exodusNH
Posts: 10347
Joined: Wed Jan 06, 2021 7:21 pm

Re: How to find an insurance broker

Post by exodusNH »

AstaticInventor wrote: Thu Aug 11, 2022 9:15 am What are recommended ways to find an insurance broker?

For example, when looking for a financial planner I know I can start at NAPFA to locate fee-only, fiduciary planners in my area and then use that list to start narrowing down candidates by the services they offer, specializations, etc.

Are there credentials I should look for in an insurance broker? Is there a starting place that has a directory of brokers in my area? A way to search for brokers by the companies they work with?

How would you start your search?
Usually by asking your friends.

In my experience, you don't necessarily get a better rate with a broker than a captive agent. (Again, sample size of 1.)

I was with my broker for 15 years. They never had me carrying any more than the minimum liability amounts, even though my income and wealth had grown over that time. I didn't know enough to ask.

They can be helpful to locate insurers for difficult or odd cases.
Post Reply