You've probably heard of Stuart Brown and Annie, they are the couple in Markham, Ontario fights with Johnson Insurance on their insurance pay. There are nearly a year, the house of the Browns was destroyed by a fire caused by Christmas tree lights. They settled on an amount for the loss of their home, but are still fighting over the value of content.
Unfortunately, this kind of story is not an anomaly. Following the floods in Alberta, we have seen insurance companies honoring the policies of some owners, but refusing neighbors dealing the same damage. Please be assured that the feeling of disappointment and frustration is felt by those of us who understand the insurance, as far as those who do not.
Regularly, we have people asking us to review and advise them on the status of their current insurance policies, both personal and commercial. And unfortunately, we often identify significant gaps and how grossly misinformed they are about their coverage. But before we delve too far, first let's establish the difference between an insurance broker and an insurance company
Insurance Broker (Rogers): independent insurance companies, broker has the ability to shop around on your behalf, with access to the best products for the greatest value. They take the time to ensure that you know and understand all of your options and receive the coverage you need. Your broker is your advocate for the entire insurance process, the new policy of claims
Insurance Company (eg. Johnson Insurance) :. is one company, only offering their products and prices. In a statement of claims, they are both judge and jury. With this configuration, you are left alone to advocate on your behalf.
For thirty years, the Browns paid their insurance premiums believing they had taken the necessary precautions to protect their valuables (they assured of their total household contents for $ 396,000). However, the Brown discovered after the fire, there were limits on certain types of content, such as art and antiques, and so they were covered up these sub -limites. As the majority of their assets were in categories with sub-limits, only about a quarter of their contents have been covered by their policy. These sub-limits were probably buried deep in the language of politics, where few care to look much less understand.
Unfortunately, if the Browns had known, they could have asked Johnson to increase or completely remove the sub-limit of art and antiques for a minimal premium. Now, it is still unclear if this limit was explicitly communicated to them before the fire, but as insurance professionals, it is our duty to know our customers and our products; advise and communicate what their policy entails in terms they can understand. And it is our responsibility to communicate to them until they understand.
For many brokers, we live and work in the communities we do business. We spend years building relationships with our customers, so when disaster situations arise after years of getting to know people, see families grow and advice by life changes, we develop a responsibility deep towards them. Following the floods in Alberta, where the insurance companies refused to pay claims for our customers. In these situations, we have taken certainly on our behalf of clients and helped us get overturned decisions.
But we get it. Insurance can be boring and most people do not know or care about the differences between an insurance broker and an insurance company necessarily.
But we're here to tell you that there are fundamental differences that you should know.
• We work for you, not the insurance company.
• We take the time to make sure you know all your options include them and get the coverage you need.
• and when the rubber hits the road, as in a demand situation, we recommend it for you, not the insurance company.
Whether you choose an insurance broker on an insurance company, the most important thing is to find a provider that you trust and who has your best interests in mind.
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