Insurance Brokers on the Gold Coast: What to Look For

A broker should do more than forward your details

The word “broker” covers a lot of ground. At one end is someone who takes your details, sends them to a single insurer, and passes back whatever comes out. At the other is an adviser who understands your business or household, presents your risk to several insurers, and negotiates the terms, not just the price.

The difference rarely shows up in the quote. It shows up months later, when a claim is lodged and someone has to argue that the damage is covered. That is the work you are really paying for, so it is worth checking you are getting it before you sign anything.

Questions worth asking before you sign

A few plain questions tell you most of what you need to know. How many insurers did you approach for this? A broker shopping one market is not really comparing anything.

How are you paid? Commission from the insurer, a fee, or both? There is nothing wrong with commission, but you are entitled to know. Who holds the licence (the AFSL) you are dealing under? And when I have a claim, who actually handles it, you or a call centre?

Good brokers answer these without hesitation. Vague answers are an answer in themselves.

Local knowledge is not a nicety here

The Gold Coast carries risks a lot of the country does not: cyclone and storm exposure, flash flooding in known catchments, and a building stock that ranges from high-rise to canal-front homes. Insurers price those risks differently, and some will not touch certain postcodes at all.

A broker who works the region knows which insurers have appetite for your street and your type of property, and how to present the risk so it is taken seriously. That is hard to replicate from a call centre two states away.

The test is how they behave at claim time

Buying cover is the easy part. The real measure of a broker is what happens when something goes wrong: whether they help you lodge the claim properly, chase the insurer, and push back when an assessment looks wrong.

Ask any broker you are considering how they handle claims, and if you can, ask a client of theirs who has actually made one. The answer is the best predictor of what you will get.