Insurance Broker vs. Agent: Which Is Better?

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Created By Brownstoner

Buying real estate in New York City is confusing, but finding the right insurance doesn’t need to be.

When considering an insurance option, it’s hard to know whether to choose an agent or broker — people tend to think that an agent is a better option because it’s direct, and that a broker is a middleman without connections or clout.

Each has pros and cons.

1. Brokers have more perspective.

A broker selects a policy from several different companies to accommodate a client’s needs, while an agent works for one insurance company and sells only those policies to clients. Gotham Brokerage acts as both — with deep, long term relationships with companies like Traveler’s, Chubb and Progressive, but with the broker’s ability to handle the unique and varying needs of clients.

2. Brokers may cost the same as an agent.

Although some brokers charge an additional fee on top of your premium, Gotham never will, so it’ll cost the same as buying direct from an agent — about $30 per month or less for condo or co-op insurance.

3. Brokers are real.

Price quotes from agents tend to be handled by bots, which use algorithms that are still “tuned” to rural and suburban middle America — they often miss valuations, especially in changing neighborhoods, sometimes forcing city residents into limits lower or higher than desirable. Gotham knows the quirks of every New York City neighborhood, and unlike many agents, you can reach them by phone.

Gotham Brokerage has been serving New Yorkers for condo, co-op and apartment insurance for over 50 years. Call for a free quote today.