How To Find & Choose An Insurance Broker

When buying a new home, some subjects are not as exciting as others. For example would you rather think about decorating and furnishing your new home or the insurance? However exciting or not, sorting out the insurance should be a top priority and that means finding an insurance broker.

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Insurance Brokers sell all types of insurance products, from home, car, medical, personal, dental, critical illness cover and even pet insurance.

So finding out how to choose the right insurance broker for you is very important.

Some things you need to know about the insurance business.

Rules that were introduced in 2005 in the UK mean that brokers selling general insurance must be approved by the Financial Services Authority (FSA).

This should make it harder for unscrupulous advisors to sell overpriced, inadaquite or inappropriate cover and means that consumers are better protected.

Find a broker through the British Insurance Brokers Association (see details below).

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What you need to know when choosing an Insurance Broker

Under new rules brought in in 2005, brokers and insurance sale speople now must provide more detailed information to customers.
Advertising claims are more tightly regulated and there is access to compensation if policies have been proven to be mis-sold.
They must also make clear whether they are truly independant or whether they are selling policies on behalf of a limited numbr of firms. You often find that solicitors linked with estate agents work with a small number of firms.
There are two areas that are not covered by these new rules. Travel insurance sold as part of the package and domestic insurance sold with the appliances.
Be sure to check whether your home insurance covers holiday or domestic insurance issues...don't pay to have two forms of cover for the same thing!

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So how do you go about choosing an Insurance Broker?

Always take note of personal recommendations from satisfied customers i.e. friends and family.
Always shop around and see what else is on offer. The internet is great for this and there are a number of websites, such as confused.com, that are designed to try and compare policies for you.
Always get written quotes from all the companies that you consider. Check the small print for all the details.
Think of recent issues that you may have had and ask how they would have been dealt with. If not your issue then someones that you know of.
Check that they are registered with the British Insurance Brokers Association.
Check out, for advice, the Citizens Advice Bureau (CAB).

Useful Resources

The Financial Services Authority - www.fsa.gov.uk
The British Insurance Brokers Association - www.biba.org.uk/consumer/findbroker.asp
Confused.com for help comparing insurance companies and quotes - www.confused.com

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There are loads of good ideas on how to 'Use What You've Got' or buy and use second hand furniture and furnishings in The Property Coach 'Home Staging Handbook'.