Let’s do something to keep trade local. Please read to the end and write your comments below.
A few weeks ago, my insurance broker sent me a letter saying he was retiring and would no longer be doing home contents and buildings insurance. Now one of my neighbours on my street is an insurance broker. His office is in our local shopping center. All I did was get last year’s documentation took it to him. He asked me a bunch of questions and said there was no problem to organize it. To my pleasant surprise, the cost came down.
However, I would have taken it even if the cost rose a bit. Let me explain why. I have annoyed a family member who told me to go to a price comparison website by the way. However, I don’t just look at the financial figure. I take more into consideration.
This guy lives on my road, I actually, know where he lives so I doubt very much he’d rip me off.
However, this helps keep him in business. It means he can keep hiring his two staff. It means he and his staff can go and get their lunch at the café next door. It means that the café can keep getting their supplies from the local grocer 4 doors down. That results in more money being deposited at the local post office and my broker sending out more documentation through that post office. The list goes on and on.
Can you see the ripple effect?
I’ve put on my task list to do this gentleman a good review and to design a sales letter to send to all local businesses and all the 10,000 residents in our area. If we can all do this then we can put an end to this recession in no time.
Let me explain why I use a broker. A few years ago, my landlady (who is a family member) decided that she didn’t want a broker to get a commission on the insurance and did it herself. Unfortunately, a year later it lapsed and she didn’t renew. Two years later during lockdown, I had a roofing emergency and it cost £900 to sort out and it was very stressful, to say the least. Bear in mind it is illegal to rent out an uninsured property.
There are 4 advantages of using a broker.
1) Very often an underwriter will offer you one price but through a broker, they’ll offer you the same product but cheaper.
2) When it comes to renewal, they’ll inform you. Usually, if you are paying by direct debit all you have to do is say you want to continue and they’ll arrange the transfer.
3) If you want to make a claim it’s much easier. In this case, my broker knows all the good local tradesmen who will do a good job.
4) A broker will ask you a whole load of questions to ensure you are not paying for what you don’t need and have custom-made insurance. In the 2007 Sheffield floods, many people found that the cheap insurance policies they got online didn’t cover flood damage.
Now I welcome your comments.