The Power of One – The advantages of insuring with one carrier

By: Denise Koslowsky

There are definite advantages of having all your insurance policies listed with a single carrier.  The most obvious of course are the discounts for so called bundling.  It’s true, carriers offer discounts when you have multiple lines listed with them, and that is a win for your budget but there are more reasons to insure with one carrier.

A Single Point Of Contact
Another reason to insure with one carrier is that you are likely to have a single point of contact. This gives you a couple of advantages. First, there will be less paperwork.  Instead of having multiple files with multiple carriers, one company will have all your specifics recorded.  Also, when you suffer a loss and you need to file a claim, the process will be easier. You’ll likely only need to make one phone call to file the claim and get your questions answered.

Loyalty Is Rewarded
A final reason is that your loyalty is often rewarded.  Insurers value stability.  Customers who frequently switch companies are seen as a higher risk to insure than customers who stay put.  Establishing a stable record with your insurer is very important.  All Insurance companies abide by similar formulas and if a client has three or more claims in a five year period, they look to cancel the client.  Sticking with one carrier for multiple lines of coverage over an extended number of years provides stability for the carrier and gives you a positive chance that the insurance company will work with you.  If, for example, you suffer a devastating loss such as a whole house fire and file a large claim, your carrier is more likely to stand by you.  The opposite is also true, if you frequently switch carriers in a continuous search for a better price, the more likely your insurance carrier is to cancel your policy when you need it the most.

Educating each client we serve is an important part of what we do each day at Advocate Brokerage. If you have questions, please get in touch with us at 914-723-7100.

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