A Guide to Choosing The Right Home And Auto Insurance Brokers

Why Should I Work With Home And Auto Insurance Brokers?   

There are many benefits to working with brokers who specialize in home insurance and auto insurance. From their range of products to their extensive knowledge and training, experienced brokers will advocate for you to get the best coverage at the most affordable rate. 

As a customer looking to get bundled home and auto insurance, when you work with a licenced broker, you will receive expert advice and personalized service. In addition, you will also receive many great coverage options. Not to mention, a broker will likely let you know of any potential discounts that you qualify for, which will help you get the best quote possible. 

Who Do Home And Auto Insurance Brokers Represent?  

Brokers represent both you, their client, and general insurance companies. Brokers do not represent only one side. 

Insurance companies provide homeowners insurance (including condo insurance and tenant insurance) and auto coverage. Brokers contact these companies to obtain coverage for their clients. 

There are many of these companies, also known as property and casualty insurance companies, across Canada. General insurance companies provide all types of protection except life and health coverage. 

Categories of general insurance include auto, property (personal and business properties), business and liability. 

Insurance is all about protection: managing risk and providing compensation in the event of a loss. Some coverage is required by law, such as auto insurance. Others, such as home insurance, while not mandatory, are strongly recommended, as they financially protect your most valuable investments, giving you financial stability. It is the job of a broker to let you know of the potential risks and use their industry knowledge to give you personalized advice based on your personal risk profile and preferences. They will also help you through the claims process in the event of an unfortunate situation. 

What Does A Home And Auto Insurance Broker Do For Me?  

Brokers are focused on providing coverage for many of the largest financial commitments many of us make – including our homes and our vehicles. Their goal is to give you expert advice and get you the best possible quote. 

Brokers work with dozens of leading insurance companies and will get multiple quotes. They will review each coverage option and provide a custom insurance package for your specific needs. They will also take the time to answer any questions you may have, ensuring that you understand the pros and cons of each option. They will also properly break down the industry terminology and let you know the fine print, allowing you to have a full understanding of your policy. 

Brokers provide options for more than just your house and car. Common products that an independent broker provides include business insurance, cottage insurance, boat insurance, travel trailer insurance, and much more. Generally speaking, customers find it easier to work with a broker who can protect all of their assets rather than having to work with multiple different companies for each individual item. 

Our top-rated brokers will ensure you have the proper coverage, giving you peace of mind knowing you are protected. 

How Much Experience Do Car And Home Insurance Brokers Have? 

The experience brokers have will vary by each individual broker. However, all brokers in Ontario are licenced by the Registered Insurance Brokers of Ontario (RIBO). All RIBO-licenced brokers have taken training and passed exams. Brokers must also continue their education by meeting annual training and education requirements to maintain their licences. 

Many brokers also earn other designations such as their Chartered Insurance Professional (CIP), Fellow Chartered Insurance Professional (FCIP), and Canadian Accredited Insurance Broker (CAIB). 

How Do Home And Auto Insurance Brokers Get Quotes? 

When you contact a home and car insurance broker for a quote, they will ask you some questions about the home or car you are looking to insure. After receiving that information from you, the broker will contact insurance companies to get several quotes for you. They will provide you with the quotes and discuss the coverage options offered. You can compare the quotes, discuss the options with your broker, and decide which policy suits you best. Although the broker is there to give you professional advice, guidance and answer any questions you may have, the final decision of which quote to get will be up to you. 

If you would like a car insurance quote, you need to have your driver's licence, the make, year and model of your vehicle, how long you have been licenced, and your driving record details—such as tickets or accidents, if any. 

For a home insurance quote, among the details needed for a quote are your home address, how old your house is, and information on any updates made to your home. 

Where Do I Find Home And Auto Insurance Brokers? 

You can find a home and car insurance broker directly on Google. When looking for the right broker, consider the following: 

• Work with a broker that works with several home and car insurance companies to get a variety of quotes for you. 
• Work with an experienced broker that has been recognized by the industry for its excellence. Have they won provincial or national awards or achieved the recognition that provides you with the confidence that you're working with the right insurance partner? 
• Go with a broker that is focused on you, the customer. You should be at the centre of everything they do. 
• Go with a broker with great reviews. Investigate their online reviews on Google, Facebook and Yellow Pages. Generally, the more 5-star reviews they have for their customers, the better service you can expect. Read a couple of client reviews to see how they treat their clients and what their claims service looks like. Positive reviews are the result of a broker who does the best work they can for their clients, as well as great customer service. 
• If you like to follow your favourite brands on social media, be sure to see if they are promoting useful content on their YouTube, Instagram, and Facebook channels. 

What Are Some Tips For Choosing The Best Home And Auto Insurance Brokers?  

The best home and car insurance brokers care about providing excellent value and are dedicated to looking after each client personally with exceptional service. They will understand that each client has different needs, priorities, and risks and look to see that each of their clients gets the best coverage. 

This is our focus at Morison Insurance. Our brokers are home and auto owners, too. They have concerns just like yours. Will my home insurance provide protection in case of fire? Will my auto insurance protect me if I am injured or someone else is injured in an accident? We know that every person and their circumstances are unique. We are trained professionals ready to help you protect what’s most important. 

Which Home And Auto Insurance Brokers Have The Best Coverage?  

Coverage options are provided by insurance companies, not brokers, and coverages vary among companies. It is a broker's job to help the client navigate the quotes and pick the most optimal one for their situation.  

It is important to know what coverage options are included in the quotes you receive. It is also important to know the policy limitations or exclusions. Additional and enhanced coverages are available should you require them, and auto and home insurance brokers can help you with this. 

Which Home And Car Insurance Brokers Have The Best Rates?  

A benefit of working with home and auto insurance brokers is you get to compare prices from several companies. This means you have a wide range of options. You can choose which company provides the best value for you – the best protection and price. 

Keep in mind that the insurance provider with the lowest rate may not necessarily provide the best coverage for you. Be sure you are getting the protection you need at a good price – this is good value. There is no point in buying coverage that does not provide adequate protection to meet your specific needs. This is another area where brokers will be helpful. Insurance can sometimes be complicated and difficult to understand. The best brokers are experts who are trained and experienced in helping to explain terms, details, coverage options and more to you. 

The best brokers get competitive rates because they are seasoned insurance shoppers. As an example of this, let's say you need a new pair of shoes and go to a mall. Do you go to one store, or do you check out shoes at a few stores before you buy? We are betting the majority of people will check out at least a few stores. That's what the best brokers do as well! They represent many companies and will shop around at various “stores” for you so you know what is available. 

Basically, when you contact a broker, it's like shopping at a “mall” of insurance companies, except they go to the “insurance mall” for you. All you need to do is contact them and ask for quotes.  

Are Home And Auto Insurance Brokers Expensive?  

Brokers provide expertise, independent advice, a variety of product options and much more at no additional cost to customers. 

Your best insurance is from a broker. They work for their customers, not for an insurance company, as is the case with some insurance providers. 

How Do I Get Prices From Car And Home Insurance Brokers?  

Getting prices from a broker should be a very easy process. Give them a call, fill out their online form, or send them a text message or email. Regardless of how you choose to reach out, be sure you pay attention to how quickly they respond to you, especially if this is your first interaction with them. 

Remember, you want to work with a broker who will be there when you need them most! If they aren't there to answer your questions quickly when you are inquiring about your insurance, can you rely on them to be there for you if you ever go through the unfortunate experience of having a claim? 

Do Insurance Brokers Offer Discounts?  

There are many discounts offered by home and auto insurers. The discounts vary from insurer to insurer; however, as long as a company offers premium discounts and you qualify, you can save, and the savings can add up! 

There are many auto insurance discounts and home insurance discounts that leading companies have to offer. 

Some popular discounts include the multi-policy discount, the winter tire insurance discount, and the good driver discount. 

Can You Save Money By Bundling Insurance Policies?  

Brokers can help you save money when you bundle your insurance policies. In reality, savings from bundling can be quite sizable, in some cases several hundreds of dollars annually. 

Bundling means having a number of policies with one company. You can bundle your home, your vehicles, your business, your recreational items and more. 

Here are some of the big benefits of bundling your policies: 

• You can save. Savings can be substantial. Generally, the largest savings are on auto policies. These savings can be a good thing for customers because auto insurance is almost always more expensive than home, condo or rental apartment insurance. 
• You can get extra perks. Some companies offer perks beyond those they would receive if the client purchased insurance with separate policies at different companies. 
• Reduced fees are available. Some companies offer reduced service fees for those with bundled policies who pay monthly. 
• Less hassle at renewal time. Bundled insured items can renew on the same date, and you don't need to keep tabs on several renewal dates. Think “once and done”. 

• Add more insured items. You can add additional items to your policy and have the same renewal date as your other insured items. Maybe you buy another car or you want to insure your partner's car in the bundle to potentially save more. 
• Bundle lots of insurance products to potentially save even more. Bundling is not limited to home and auto; it can include other items such as your cottage, recreational vehicle, business or commercial insurance, or business vehicle. 
• Bring other items onto the policy when they renew to save more. Some companies will offer your savings immediately on the promise to bring other items to the policy when these come up for renewal. 

Here is another important thing to know when you are working with home and car insurance brokers, whether you are bundling your insurance or not: Being charged a penalty for changing your policy before it expires is not necessarily a bad thing in every situation. Even though you may be charged a penalty for an early policy cancellation, you could very well save in excess of the penalty by switching to another policy. 

Here Are A Few Other Ways You May Be Able To Save On Your Car Insurance  

It is understandable to want to keep your car insurance costs low while maintaining proper coverage. Here are some ways to ensure reasonable prices while still being covered in the case of unforeseen events. 

• You can save on your auto policy by having usage-based insurance, a program offered by some insurers that rewards drivers with a good driving record. These programs involve using an app to track your good driving and reward you with savings. In some cases, drivers can save as much as 30% on their auto premium.  
• You can save on your auto insurance by participating in a pay-as-you-go program offered by some companies. 

Please note that even this doesn't provide a complete list. If you would like to know more ways to save, please contact your Morison Insurance broker, and they will be happy to let you know. 

Here Are A Few Other Ways You May Be Able To Save On Your Home Insurance  

Just like with car insurance, it would be nice to get competitive prices from insurance companies while maintaining adequate coverage. Some tips for doing so are below. 

• Be sure to tell your broker when you have updated your home. Sometimes, home improvements could impact your premium and result in savings. Installing a monitored alarm system, new wiring, or new plumbing are just three examples of updates that could impact your premium. 
• Have you installed a tankless water heater? Savings may be available to you if you no longer have a water tank. 
• Have you installed a sewer backup valve or a preventative measure to limit potential water damage? 
• Water and fire are the biggest damage-causing threats to your home. If you have done work or made changes that help to reduce these threats, insurance companies may offer you additional savings. Every penny saved counts! 

Once again, this is not a complete list of options available to you. If you want to find more ways to save, your Morison Insurance broker will happily let you know. 

Where Can I Get A Home And Auto Home Insurance Broker?  

Work with the home and auto insurance brokers at Morison Insurance. Morison Insurance is a home and auto insurance brokerage and happily serves all of Ontario! We are also among the most digitally able brokers in Ontario, and we can provide you with excellent service no matter where you are located. We have a 5-star rating and have been serving the people of Ontario for over 100 years. 

We are at your service online, by email, by text or in person at our offices and look forward to discussing your insurance needs and providing you with the best products, competitive rates and best-in-class service. Fill out the form on this page or call our experts at 1-800-463-8074 to get your quote started.