Having just published an article on MoneyHighStreet on how to buy home insurance, it made me question do I really think using an insurance broker is worth it?
Our home insurance requirements are a little out of the ordinary in that we have 2 properties which we rent out and then we live in a rented property ourselves – a classic case of the reluctant landlord if ever there was one!
Anyway, we do use an insurance broker – in fact we use the company MoneyHighStreet has now partnered with, W B Baxter Insurance Brokers Ltd and have what would be considered high net worth home insurance cover.
I won’t go into the ‘ins and outs’ of our particular cover but there are a couple of things that really shout out at me and help me answer my question ‘Is using an insurance broker worth it?’.
Firstly, I am absolutely confident that we really do have the insurance cover we need. We explain in English what we have and Jill Fletcher and her team at Baxters convert this into ‘insurance speak’ and critically arrange the cover we need.
I know that Baxters have taken our needs and got the best possible insurance for us, considering the cover we need as well as of course the premium we have to pay.
Secondly the service and support we get is great. I know that if we have a claim, I can turn to Baxters and they will get it sorted.
I put this to the test recently. I got stuck in the car one evening as a result of the thick snow and ice. Basically I was on an unsalted side road (what are the councils thinking about, but that’s another question!), on a hill, in a Mondeo with my two children and elderly relative. We just could not get the car up the hill.
Using the breakdown cover that we have with the insurance, I called GreenFlag for help. Despite the fact I was covered there had been an administrative mess up between the insurer and Green Flag which meant the records showed our car wasn’t covered.
Long and short of it, I ended up having to give my credit card details to get rescued. Not ideal by any means and at the time I was absolutely livid, but I did this a) knowing I had family to get home and b) that I was actually covered despite the message I was getting and I was sure that Baxters would be able to sort everything the following day.
We got home fine. Did Baxters sort it out? Yes they did, in spades. Going to great lengths to obviously sort out my financial outlay but also to work with the insurer to ensure they took action to escalate and resolve the issue so it shouldn’t happen again, for me or anyone else.
A couple of bottles of wine too from the insurer by way of apology helped as well it has to be said!
So, is using an insurance broker worth it? In my opinion, absolutely!
Want some high net worth insurance yourself and see what you think about using an insurance broker – just contact Baxters.