What’s the difference between an insurance agent and broker? And are there pros/cons to working with either? We spoke with insurance expert Chris Huebener about all that more.

The difference between an insurance provider (agent) and an insurance broker is that a broker has options. If you go with a captive agent, they really only have one option. They’re going to give you the current policy offering for the insurance company they work for and you can take it or leave it. If you take it, and something happens and your policy gets canceled, you’re stuck.

On the other hand, with an insurance broker, if something changes with the carrier of your policy or it’s canceled, they have fifty other policies from other carriers they can look at to find you an adequate replacement. Essentially, an insurance broker is like the shopping mall of insurance. They have the ability to shop for the best options and pricing to fit their clients specific needs. 

The difference between an insurance agent and an insurance broker matters more now than ever and especially for Floridians. About 60,000 people in Florida just got notice that their insurance provider was canceling their policy. It is a very volatile market right now and insurance companies are struggling. They’re paying more money out than they’re taking in so many carriers are just flat canceling policies. Many insurance companies are simply pulling their business out of Florida altogether. In scenarios like this, an insurance broker can help you find other options, while an insurance agent can’t do anything to help other than refer you to a broker.