Frequently Asked Questions
Why RightQuote Independent Insurance Broker vs an Insurance Agent?
As an Insurance Broker we have access to multiple on & off-market carriers , which means we have non-standard options for hard-to-fit situations
(i.e. clients with multiple claims on their record, businesses with hard-to-insure
businesses). At RightQuote we’re passionate about finding the right solution for your
needs, which means we want to get to know our clients and their risks, to best serve your
insurance needs. RightQuote.
What services do Insurance Brokers provide?
An insurance broker offers a range of services from new coverage for clients, insurance
quotes, renewals and assists on claims; covering all classes of insurance business be it
Personal Lines to Commercial Lines . An insurance broker partners with you
to acquire all the knowledge (i.e. risks and needs) required to provide a better service to
What should I know about my Insurance Renewal?
Besides the obvious question, “Did my rates change?,” at RightQuote we also provide answers to the following renewal questions that you should be asking!
“Did my coverage change (i.e. dwelling increase, personal property increase or other structures increase/decrease)?”
“Did my deductibles change?”
“Did anything get excluded (i.e. roof, water, etc)?”
RightQuote Clients can expect that 60-days in advance, our brokers are already beginning the renewal process by researching with your carrier and other carriers what might be changing at renewal for your property and/or business. At 30 days prior to renewal, RightQuote brokers begin contacting our clients to review “what’s changing” at renewal. We give you time to review and options to consider, to be sure you get the Right insurance for your needs!
RightQuote brokers begin contacting our clients to review “what’s changing” at renewal.
We give you time to review and options to consider, to be sure you get the Right insurance
for your needs!
My rates are increasing; how can I be proactive and get the best rates?
It is important to remember insurance rates will likely increase year to year. Why? Carriers need to cover the rising costs of materials, as well as labor. It is important to remember that a rate increase shouldn’t initiate a carrier change, as there are likely rate increases across the market and carriers also monitor how often clients file claims, change carriers and more. All of these items affect your insurance score, therefore having a knowledgeable insurance broker can help you evaluate and make an educated decision. *See next question on filing insurance claims for additional information
Should I file an insurance claim?
There are a few considerations every insurer should take BEFORE filing an Insurance Claim:
- Assess the damage (i.e. evaluate what caused the damage and research what the
costs to replace/repair damage(s))
- Evaluate what can be done by the insured and what requires second parties to
repair, resolve or replace the damage(s).
- Talk with your insurance broker about your policy, deductible and evaluate if the
damage compared to potential rate increases and if it would be beneficial to repair
the damages out of pocket versus
Does filing a claim hurt my insurance?
Yes & no. We often remind our clients that filing 1 claim versus filing multiple claims
within a short period of time (i.e. 3+ claims (i.e. glass, accident, liability, comp.) within 2yrs
or less). We advise when filing claims, that you use “discernment and good judgment” on
the incident; good brokers should help you assess the consequences of the claim(s).
Insurance policies aren’t meant to be a maintenance budget (i.e. home remodel) or slush
fund, you aren’t meant to file a claim on every incident, be aware of your deductible, past
claims and the impact that future claims may have on your coverage and rates. Filing
claims requires good judgment; and managing the quantity of claims is the best advice! The
claim will likely stay with your insurance record for 3-5 years, regardless of switching
carriers. Insurance carriers will look at the frequency and amount of claims, and the client
who files 5 claims in a short period will likely have an increase or loss of coverage, versus
the client who filed 1 large claim. Excess claims will likely lose your preferred rating
discounts (i.e. claims-free, accident-free) and put you in a standard or substandard rating
As a Business Owner, what insurance policies are the most important?
Aside from General Liability at RightQuote we often remind our fellow small business owners of the greatest risks depending on their type of business. Errors & Omissions is oftentimes an essential part of a business owner’s insurance need, as this helps to cover consulting, design or misrepresenting the client. Business Auto covers autos owned by the business. Workers’ Compensation is mandatory (except in Texas) when there are more than 3-5 employees.
What is a Homeowner’s Insurance Endorsement? Is it a valuable add-on?
An endorsement is any addition or removal of a specific coverage to your homeowners insurance policy. It is also known as a rider or floater that add protection for items that are typically excluded or limited in coverage. Endorsement examples include but are not limited to; extended replacement cost, valuable articles (art, jewelry, coins, etc), flood insurance, sewer water back-up, refrigerated products, replacement cost contents, matching siding & roofing and more. Endorsements are valuable add-ons because they allow you to cover unique liabilities and expand your coverage for a reasonable cost.
When looking for Auto Insurance, what are some valuable tips? Is telematics worth the hassle?
Auto Coverage at RightQuote isn’t something we quote lightly or quickly. Why?
Consumers often want a quick-quote, however asking the right questions and getting to
know our customers helps both parties in the long run, as we can help select carriers based
off their appetite (i.e. what type of clients they prefer) and therefore the more we know, the
better pricing & packaging we have the potential to find.
Telematics is oftentimes a beneficial option when the client is new with a carrier
because it allows the carrier to see what type of driver they are insuring (i.e. speeding,
braking, acceleration and times of day criteria). Carriers have the ability to decrease the
insured rates up to 10% off the total premium initially if the insured participates in the
program. Insured can also earn up to 30% off auto premiums when the program is
completed. The insured is allowed to opt out of the telematic program at any time but the
initial discount will also be removed from the premium if it is not completed.
Let talk Homeowners Insurance deductibles; What is a Percentage Deductible or oftentimes referred to as a “1% Deductible”?
Homeowners Insurance just like Auto Insurance has deductibles, which the deductible
on your insurance is the amount of money on an insurance claim you would pay before the
insurance company pays. It’s what you’ll be paying out of pocket prior to the insurance
coverage. Typical Homeowners deductibles range from $1000-5000, while Percentage
Deductibles range from 1-10%, meaning a percentage of your home’s insured value. These
deductibles are typically between 1 – 10% of that value. So, if your home is insured for
$300,000 and your deductible is 1%, you would pay $3,000 out of pocket. If you made a
claim for $10,000, your insurance would cover $7,000. More questions on deductibles? Give
RightQuote a call today!