Robert J Rishel
New Member
- 2
I'm gettign my P&C insurance license. What % of my premiums can i expect to save by writing my own Home, auto and ubrella policies?
Benefits of writing your own Property and Casualty policies
- Thread starter Robert J Rishel
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Robert J Rishel
New Member
- 2
Great..thanks Daddy Joe! This should add up for my rental houses...
I have a follow up question....If I start my own P&C insurance agency, will I be able to get the underwriting rates as low as my current agent receives (i.e. are the premium rates regulated?) or will the larger firms get lower rates than I can get being a smaller agency?
I have a follow up question....If I start my own P&C insurance agency, will I be able to get the underwriting rates as low as my current agent receives (i.e. are the premium rates regulated?) or will the larger firms get lower rates than I can get being a smaller agency?
- 2,626
Don't get ahead of yourself. Your first concern is getting an appointment with a standard/preferred carrier. You might have to place your business through a broker until you gain some experience and volume. Just writing policies on your own properties isn't going to keep you in the business.
- 2,265
the nice thing about writing your own policy is you may find a lower rate with the carriers that you are appointed by AND then you get the commission for selling the policy which is between 10-15% and you can put that money right back in your pocket
JazzInk
Expert
- 48
Do you give yourself a nice calendar at Christmas?
- 5,290
As many others here have alluded to directly and indirectly, writing your own policies shouldn't be your focus, and should be one of, if not the, last thing you look at. If you have a terrific amount of real estate, then yes it could make a difference, but if you had that much real estate I doubt you'd be doing trench level work like selling insurance.
- 2,204
If your sole goal is to save money on your own insurance policy. Then get your license and split the policy commissions with an agent that offers the best coverage for the premium.
That will be a LOT less expensive in the long run.
In other words the amount of money that you will need to spend to set up an independent shop will cost you far far far more than you will ever make in commissions on your own policies, even if you own dozens of properties, autos, and a gigantic umbrella.
In addition, believe it or not good personal lines insurance agents know all sorts of risk management strategies that may prove expensive not to have employed for you by doing it yourself. A lot of consumers confuse low premiums as being the best policy.
That will be a LOT less expensive in the long run.
In other words the amount of money that you will need to spend to set up an independent shop will cost you far far far more than you will ever make in commissions on your own policies, even if you own dozens of properties, autos, and a gigantic umbrella.
In addition, believe it or not good personal lines insurance agents know all sorts of risk management strategies that may prove expensive not to have employed for you by doing it yourself. A lot of consumers confuse low premiums as being the best policy.
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