Everything You Need to Know About Independent Insurance Agents

Everything You Need to Know About Independent Insurance Agents

by | May 16, 2022 | Blog, Shopping Guide

Independent insurance agent? You’ve probably never heard that title before, and here’s why.

 

Many of the more familiar insurance companies, your State Farms and Giecos, are made up of captive insurance agents. They only have one insurance provider available: theirs. 

 

This leaves customers with limited pricing and all-size-fits-one insurance plans. On the other hand, independent insurance agents have several insurance providers within reach. They are able to offer more coverage options at a more affordable and flexible price point for their customers.

 

Taking a customer-centric approach

Independent insurance agents work with both small and large sales organizations. Each individual agent has the ability to write insurance under a variety of providers. This allows independent insurance agents to take a more mix-and-match approach to accommodate all stages of a client’s life. Additionally, insurance providers enter into a contract when joining an independent insurance agency. 

 

What does this mean for clients? It means that they’ll always receive the best possible insurance deal, negotiated on their behalf with their privacy in mind. The priority is Y-O-U, not the agency.

 

Some independent insurance agents may even double as financial advisors. This means that they’ll be able to not only help you protect your investments, but they’ll also help you invest smartly. You won’t need to bounce between agents and advisors. Working with an independent insurance agent is like a one-stop shop with your own personal shopper for insurance and financial services. They do all the tedious searching and shop-talk necessary to ensure their clients are taken care of. 

 

This includes both before and after the insurance coverage begins. Yep, that’s right. Independent insurance agents even help process insurance claims on their client’s behalf. Talk about coverage.

Is working with an independent agent better?

The short answer: YES. 

 

Although captive agents may have extensive knowledge of their insurer’s products, they are only able to offer their customers coverage under a single carrier. This limits their ability to find the most affordable insurance plan available and will often include additional fees payable to the company.

 

Working with an independent insurance agent opens up the possibilities. Customers are able to shop and compare multiple insurance policies from top carriers, saving time and money in the process. The flexibility offered by an independent agent brings about a sense of clarity not found with captive agents. Not only are independent agents knowledgeable about a multitude of coverage options, but customers are also able to curate an insurance policy to fit their specific needs.

 

No matter your insurance needs, an independent agent will be able to assist you in finding coverage that aligns with your financial health and future goals.

Our commitment to the customer experience

Downey Insurance Group is a family-owned and -operated independent insurance agency. Our company was established back in 1929 with the sole intent to bring affordable insurance coverage to the residents of Marlborough, MA. We’ve since expanded to include the greater New England and Massachusetts area, providing insurance options designed with the individual in mind.

 

Our insurance writing methods and standards of customer care are unsurpassed. We pride ourselves on being great people to know for our customers at large. YOU are always our top priority.

 

Looking for your personal shopper? Contact us today.

Why Homeowners Insurance is Better with an Independent Agent

Why Homeowners Insurance is Better with an Independent Agent

by | Apr 7, 2022 | Blog, Homeowners Insurance

The shifting U.S. housing market has introduced many first-time homebuyers, tasking each with choosing the right homeowners insurance policy. What should be a huge milestone in one’s life becomes an overwhelming decision. Insurer options are ten-fold. The cost of each policy differs. What’s covered and what’s not? These are all factors weighing heavily on the first-time homebuyer’s mind when seeking a homeowners insurance policy that fits their needs.

Which insurer is the best fit?

Determining which insurer is the best fit depends on your financial state and homeowner needs. This is why shopping around during the early stages of homeownership is key. Start by obtaining at least three to five quotes. This should give you at least three different homeowner indications. 

Be sure to stick to one type of policy during your initial inquiry. You’ll get the best possibility of obtaining the best coverage at the most affordable price while comparing each insurer.

How much will a good homeowners insurance policy cost?

The cost of homeowners insurance for a first-time homebuyer depends on the property location, amount of coverage needed, and the homebuyer’s insurance score—this includes prior losses. 

To accurately assess the appropriate coverage for your home, it’s best to talk to your insurance provider. They are the best go-to when figuring out the total cost of replacing your home and what policy would best fit should the issue arise. Although there are several forms of homeowners insurance, the most common is the HO-3 policy which covers damage to your owner-occupied home and belongings. In order to collect 100% of damages, in the event of a loss, your home must be insured to at least 80% of its replacement cost. 

This means that the homeowner will be financially responsible for the rest. To avoid unexpected repair costs, try working with an independent insurance agent. They’ll help determine your new home’s replacement cost and find the right coverage to meet your homeowners insurance needs.

What will homeowners insurance cover?

Like each homeowner, each insurer is different and provides different speculations within their homeowners insurance policies. Be sure to check for any exclusions in policies.

This will give you an idea of the types of damages an insurer won’t cover. Knowing what’s covered and what’s not under your insurance policy is critical for any homeowner. Common types of damages not covered include those resulting from natural disasters. If you’d like any of the listed exclusions included, an insurer will be able to customize your home’s insurance policy by adding additional coverage to meet your needs.

A typical coverage package for MA and New England homeowners insurance includes:

  • Protection for the physical structure of your home and its contents
  • Replacement costs coverage vs actual cash value claim settlements
  • Personal liability and additional living expenses coverage

Additional coverage options can add an extra layer of security and help to offset various unexpected costs. Flood insurance, earthquake insurance, and animal liability are just some of the many add-on insurances available to homeowners.

Takeaway

Compare policy premiums, coverage, and company reviews. Homeowners insurance is not one-size-fits-all and will differ for each homebuyer. At Downey Insurance Group, we aim to create custom, top-quality insurance policies that reflect each homeowner’s distinct needs.

Contact us today and find the homeowners insurance that’s right for you. As a first-time homebuyer navigating the future’s uncertainty, you deserve the best possible coverage.

The Holidays Have Arrived!

by | Dec 23, 2013 | Blog

When did that happen? It feels like we were just discussing bus safety at the beginning of the school year and yet here we are only a few days before Christmas. You may be scrambling to get everything complete before the big day. If you just popped onto the computer for a few minutes of mindless web browsing, here are a few Christmas-y things to make you chuckle and help you de-stress a bit before you get back into wrapping presents:

• Your tongue really will freeze to a metal pole outside, so don’t try it. However, if you do find yourself stuck to a random pole, have someone pour lukewarm water on your tongue while you slowly pull away. Do not try to pull too quickly or you could find yourself spending your holidays at the doctor’s office.

• The first candy cane was made over 350 years ago.

• According to the Roger Highfield book The Physics of Christmas: From the Aerodynamics of Reindeer to the Thermodynamics of Turkey, Rudolph’s nose was probably red due to a parasitic infection of his respiratory system.

• Using stats from boxofficemojo.com, the top three best selling Christmas movies from 1980-present are Elf ($173,398,518), The Polar Express ($183,373,735) and How the Grinch Stole Christmas ($260,044,825)

• If Santa has insurance, it is probably a hefty policy. With all the travel he does (granted, it is usually only one day a year that he takes a trip) he would need to have a good comprehensive policy for his sleigh AND some serious business coverage for all the work his elves do each day.

We hope you have a wonderful holiday and get to enjoy every minute with your loved ones.

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Unavoidable Accidents

by | Dec 2, 2013 | Blog

You can be the safest driver in the world and still be involved in accidents while you are on the road. There are times when other drivers are not paying as much attention to the road as they should. Sometimes wild animals decide to run out in front of your car at the wrong time, and there is always the chance that debris from the vehicle in front of you could fly out and crack your windshield.

Jut because there is always a risk of having an accident it does not mean that you should drive any less carefully. Avoiding accidents and driving cautiously and defensively can save you and your passengers from serious injury and protect your vehicle from damage. It is important to always be on the lookout for those times when things could go wrong.

When you are on the road, remember to always drive without distractions. Leave your cell phone in your purse and save that snack until you reach your destination. You want to be aware of your surroundings at all times. If you see any animals on the side of the road, be ready for their unpredictability. And remember that when there is one animal, there are probably more close by.

And if you are driving behind a vehicle that could be carrying cargo that might fly out when they hit a bump, stay far enough back that you will be able to get out of the way in time. Those small dings on your windshield from rocks and gravel are fixable, but avoiding them in the first place would be so much easier.

Thankfully, your auto insurance policy will help pay for those unavoidable issues that arise during the course of your driving day. If you are wondering exactly what your car insurance policy will cover, call us. We can discuss your current policy or give you a quote on a policy that offers even more coverage.

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Driving in a Foreign Country

by | Nov 18, 2013 | Blog

We all know that in order to leave the country and travel to a foreign land we need to have passports. Getting passports can be a time consuming process. So getting the ball rolling as soon as you find out when you will be traveling is the best idea. Another thing you will need to consider is how you will be getting around once you reach your destination. If you are planning on renting a car, ask in advance about what type of insurance you will need.

In some cases, countries require you to purchase their auto coverage while you are staying in their region. You may think that doesn’t apply to you if you have auto insurance here in the United States. Unfortunately, your U. S. auto coverage may not cover you while you are there. If you are driving in Canada, your United States auto insurance will cover you, but you will need to have a card showing that you are a tourist and have coverage before you can drive there.

If you call us before you go, we can check over your current auto policy to see if you will need any supplemental car insurance while you are away. You might think it isn’t worth it, but if you are in an accident while driving in a foreign country, you may need to come up with a significant amount of money to pay for damages right on the spot. Depending on your financial situation, that could put a serious damper on your trip, couldn’t it?

So if you are planning on taking a vacation to a foreign land or are traveling on business, make sure you not only get your passport, but that you have the proper auto insurance. Protect yourself from financial loss and stay within the laws of the country you are visiting!

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