How much does a homeowner’s insurance broker make?
Saturday, September 19th, 2009 at
6:39 pm
ThatBiGChooch asked:
I am in the mortgage industry and i assume it would be an easy layup to cross sell homeowners insurance with every mortgage transaction.
I am in the mortgage industry and i assume it would be an easy layup to cross sell homeowners insurance with every mortgage transaction.
Any input from an experienced broker/agent?
Tagged with: Broker Agent • Insurance • Mortgage Transaction
Filed under: Homeowners Insurance
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In many states, having dual licenses like this is illegal, as it’s a conflict of interest.
Commissions range from 15% to 20% – but you’d probably have to split it with the agent you work for. You’re not likely to get a contract with a carrier directly, as it’s not your primary business.
The commission rate would be 20-25% for a broker.
In most states this is an illegal activity since there is conflict of interest. Getting set-up as a broker/agent is not easy, since most carriers will look for prior experience and other appointments which you won’t have, and to top it off, you need errors and omissions insurance that may not be available directly to you but through another broker (since you have no experience). Most insurance carriers that use the agent format will not appoint you since this is not your career path and they are not interested in part timers. The idea itself is great unfortunately there are to many challenges. Best of luck!!