Spot on. Any broker tell you that they are expecting increases of 300% is setting you up. This way when they place business witha differnt carrier that PAYS THEM a higher commiosn you don’t feel so bad and are happy for all the hard work he did.
Insurance is heavily regulated. There is a ton of public information out there. Please do not buy into the hype. It is fairly sickening to hear people make these claims about increases and they have no clue what they are talking about.
Let me present an insurance broker at work. 2 Homeowners policies with equivalent coverage. One Policy is 1700 a year but pays him 17% of the premium. The other policy is 1200 a year but only pays 7%. He will either not tell you about the 1200$ policy or will sell you the 1200 policy but charge you a 500$ broker fee.
Other brokers just try to volume out as many policies as they can and will simply sell the 1200 policy all day. Anytime he see the name of a comapny that he know he has a better price than he is going to solicit your business and ask if your interest in reviewing your policy to se if he can save you money. He already know going in that he is going to cost less.
