Hello World! Welcome Friends! A new report released this week shows that Canadians are dissatisfied with their home insurance service.
According to J.D. Power’s latest research, insurers in Canada are underperforming on all of the top indicators of customer relationship management. As home insurance rates are on the rise, it’s becoming increasingly difficult to find an insurance provider who people feel puts consumers’ needs first. People feel it’s important to have an insurance broker on your side who can negotiate on your behalf and get you the best rates and the best service.
Why are insurance rates rising?
The industry points to climate change: The weather is becoming more extreme, and as a result, there are more natural disasters and smaller incidents like basements flooding that have required record-high payouts in recent years. In order to offset the cost of these issues, rates are on the increase across the country.
What can insurance companies do better?
In the J.D. Power survey, more than 5000 Canadians ranked their experiences with their current home insurance providers on top indicators of happiness, including the product and policy offerings, price, billing and payments, interactions with customer service representatives, and claims.
Here’s how a dedicated insurance broker can make each of those areas simple, accessible, and keep your home insurance experience headache-free:
- Product and policy offerings: Insurance brokers have access to rate and policy information from a wide range of insurance companies. They put in the legwork of comparing policies so that you don’t have to. The J.D. Power survey found that Canadians don’t mind paying slightly more for insurance if they feel like they’re getting great service and coverage. Working with an insurance broker, you can ensure value for money.
- Price: Whereas great coverage is important, a great price will always be paramount. With the expertise and access a broker can provide, you can find an insurance policy that matches your budget, while making sure you have the protection your home requires.
- Billing and payments: Understanding your home insurance bill can be complex. Working with a broker who takes your personal relationship seriously can help. Your broker will take the time to ensure you understand your policy completely, and will always be available to answer follow up questions, including changes to your bill and costs.
- Interactions with customer service representatives: A broker can be your advocate, removing some of the frustration in dealing with a company, or trying to understand confusing policy language or changes to your coverage. If you are having a problem, a good broker will listen to your frustrations and help you make sense of your home insurance coverage.
- Claims: When you need to make a claim for your home, it’s often a stressful time. Having a difficult time filing a claim can multiply this stress. Leaning on your broker’s expertise and working with them can make the experience run smoothly, removing some of the stress involved in getting your home back in order.
A good broker works on your behalf, not on behalf of an insurance company. Finding a trustworthy broker like Cane Insurance in London, Ontario, is important, and can make the experience of finding an insurance policy for your home one that you feel comfortable and confident in.
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