SEASON'S SAVINGS

Season Greetings,

My name is Randy Carter.  I'm an insurance broker.  The city of Richmond, BC (Canada) is where I call home and base my business efforts as well. Thank you for taking some time to read my offerings.

It pays to recognize trends whether in your industry or others.  We can all benefit and reap rewards if we keep an open eye.  Hunger for knowledge and information fuels the future, yours and mine alike.

Want to know how?  Of course you do!

The slow real estate market in the winter months creates a better value for your insurance.  How?  Brokers, like myself, are not working for as many clients during these months.  This allows them to spend more time per policy and shop more markets on your behalf (And write blog posts too).

When are the best rates available?

Insurance rates are not standardized but instead are updated each year by revisions at the insurer's discretion.  If you are looking for pure value, I suggest contacting your broker in December, January or even February.  Most insurers issue policy renewals 60 to 90 days prior to the effective date.  If you have a policy that renews in one of these months it will arrive in your broker's office for review during the holiday "Slow down."

Your home is usually your most important asset and you deserve to have the coverage you need with an insurance company you can trust.  This coverage should be offered at the best value for your premium dollar as well.  Insurance brokers do the comparison "Shopping" for you while agents only represent one insurer.  This is why the Insurance Brokers Association of B.C. states the following.

"Your Best Insurance is an Insurance Broker."

Insurance brokers are professionals who offer a choice of the best insurance companies, with coverage tailored to your particular needs and they are your champion in the event of a claim. – IBABC (www.ibabc.org)

Most insurance companies now offer many premium discounts and your broker should ask questions to see if you are eligible for them.  Here's a quick list of possible discounts:

Ø  Claims Free (Most companies require three years)

Ø  Mortgage Free

Ø  Stability of Residence

Ø  Mature or Senior Citizen (As early as 45 years of age with some companies)

Ø  Occupation / Profession

Ø  Loyalty

Ø  Secure Entry (Gated neighborhood or guard on duty around the clock)

Ø  Burglar & Fire Alarm (Local or monitored)

Ø  Increased Deductible (You take on more risk, they lower your cost)

Ø  New or Newer Home

Consider getting in touch with your insurance advisor this winter.  You just may end up saving some money and have a little extra to pay off your credit cards that were abused through the holidays!  Be aware there may be penalties for early cancellation on your current policy.  Ask your broker to review the short rate cancellation terms to see if it is truly worth it right now.  They may very well suggest switching companies at the end of your term (Expiry date).

Naturally, if you don't currently have insurance or a broker, I would be happy to help!  I look forward to getting to know you and your needs.  Please feel free to comment, post, link and share with others.

Happy Holidays!

Randy Carter