From Jon Merwin, Portsmouth Atlantic Insurance. Originally printed in Coastal Home Magazine Winter 2014 Edition.
By Jenn | Feb 7, 2014 | in GREEN INITIATIVES
For anyone who owns a home, a car, or just happens to be revisiting their finances, my advice is to seek out an independent insurance agency. Most big-name insurance companies are what we call ‘captive’. That is, if you go to Big Insurance Company X, they’re only going to sell you their own, in-house insurance policies. Independent agencies – or brokers – can often have 10 or more options to choose from; there’s no overriding loyalty to any one, far-flung company.
If you’re with a captive agency, you’re essentially ‘stuck’ with your policy. You may or may not have a great policy as far as coverage goes, but what happens if your insurance company increases your premium year after year? Your agent will give you a generic excuse as to why premiums are increasing in an effort to convince you to stay put. With PAI, we have many customers that contact us to shop their insurance if rates get out of hand. At the end of the day we have nine other options and no specific company loyalty.