Homeowners insurance broker: Navigating the complexities of home insurance can be daunting. A knowledgeable broker acts as your advocate, helping you find the best coverage at the most competitive price. They understand the nuances of policies, negotiate rates, and ensure you’re protected. This guide explores everything you need to know about finding the right broker and maximizing your insurance benefits.
From understanding different types of coverage to comparing brokers and agents, this comprehensive guide equips you with the knowledge to make informed decisions. Learn how to choose a reputable broker, and what to expect during the entire process, from policy selection to claim handling.
Introduction to Homeowners Insurance Brokers
Homeowners insurance can feel like a maze of confusing policies and hefty premiums. Navigating this complex landscape can be daunting, especially when you’re juggling other responsibilities. A homeowners insurance broker acts as your guide, simplifying the process and ensuring you get the best possible coverage for your needs.A broker’s role isn’t simply to sell you insurance; they act as an independent advisor, comparing various policies from multiple insurers to find the most suitable and cost-effective option for your home and situation.
This means they’re not tied to a single company, allowing them to offer unbiased recommendations and potentially save you money.
Homeowners Insurance Broker Definition
A homeowners insurance broker is an independent professional who acts as an intermediary between you and multiple insurance companies. They have extensive knowledge of various insurance policies and coverage options, allowing them to compare and contrast offerings to find the most suitable policy for your specific needs. Their primary goal is to find the best coverage at the most competitive price.
Role and Responsibilities of a Broker
Brokers meticulously assess your unique home and lifestyle factors, understanding your specific needs and risks. They analyze your home’s construction, location, and features to identify potential hazards and tailor insurance to address them. This personalized approach ensures you’re adequately protected. Beyond finding the right policy, brokers also handle the complexities of the application process, managing paperwork and communications with insurers.
Their expertise in claims handling can also prove valuable, should you ever need to file a claim.
Types of Homeowners Insurance Coverage
Homeowners insurance typically includes coverage for dwelling, personal property, liability, and additional living expenses. Dwelling coverage protects your home’s structure against perils like fire, wind, or hail. Personal property coverage safeguards your belongings inside and outside your home. Liability coverage protects you from financial responsibility if someone is injured on your property. Additional living expenses cover costs associated with temporary housing if your home becomes uninhabitable due to a covered event.
Factors Influencing Homeowners Insurance Premiums
Homeowners insurance premiums are influenced by various factors, creating a complex interplay of considerations. These include the home’s location, construction materials, and features. For example, homes in high-risk areas, like flood zones or areas prone to hurricanes, generally have higher premiums. The age of the home, the presence of security systems, and even the type of roof can all impact your premium.
Additionally, your claims history, credit score, and deductible amount also play a role.
Brokers vs. Agents: A Comparison
| Characteristic | Broker | Agent |
|---|---|---|
| Independence | Independent, representing multiple insurers | Represents a specific insurance company |
| Comparison Capabilities | Compares policies across multiple companies | Limited to policies offered by their company |
| Negotiation Power | Negotiates premiums and coverage with multiple insurers | Limited negotiation power |
| Focus | Finding the best coverage at the lowest cost | Selling the policies of their company |
Brokers are independent contractors who work with multiple insurance providers, giving them the ability to compare policies and find the best coverage for your needs. Agents, on the other hand, represent a single insurance company. This difference in structure significantly impacts the range of options and pricing strategies brokers can employ to meet your specific requirements.
Benefits of Using a Homeowners Insurance Broker
Finding the right homeowners insurance can feel like searching for a needle in a haystack. With countless policies and providers, it’s easy to get lost in a sea of confusing jargon and hidden fees. A homeowners insurance broker acts as your guide, simplifying the process and ensuring you get the best possible coverage at the best possible price.A broker isn’t just another salesperson; they’re your advocate, working tirelessly to find the perfect policy tailored to your specific needs.
They have access to a wider range of insurance providers than you likely do, giving you a much broader selection. This wider selection translates to better options and, more importantly, potentially lower premiums.
Cost Savings through Brokerage
Insurance premiums vary significantly depending on factors like your location, home value, and the specific coverage options you choose. A broker can leverage their expertise and extensive network to compare quotes from multiple insurers, uncovering hidden discounts and identifying the most competitive rates. For example, a broker might find a policy with a 15% discount for a home security system that you might not have known about on your own.
This ability to compare multiple quotes is crucial in getting the most cost-effective coverage.
Policy Expertise and Navigation
Insurance policies are often complex documents filled with technical terms and intricate clauses. A broker acts as a translator, simplifying the policy language and explaining the coverage details in clear and understandable terms. They can guide you through the different policy options, helping you understand the trade-offs between coverage amounts and premiums. This clarity allows you to make informed decisions that align with your specific needs and risk tolerance.
A broker also has the expertise to anticipate potential issues or gaps in coverage, ensuring you’re adequately protected.
Identifying Optimal Policy Options
A broker acts as a personal risk manager, understanding your unique needs and circumstances to identify the ideal policy. They consider factors like your home’s construction, the presence of valuable assets, and any potential hazards in your area. They can also help you determine if you need additional coverage for specific risks, like flood or earthquake insurance. This personalized approach ensures you’re not overpaying for coverage you don’t need or underinsured for risks you face.
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They’ll compare various policies and ensure you’re not overpaying.
For instance, a broker can advise on adding flood insurance if you live in a flood-prone area, potentially saving you from significant financial loss in the event of a disaster.
Advocacy for Client Interests
Once a policy is chosen, a broker continues to act as your advocate. They’re available to answer questions, address concerns, and ensure you’re getting the service you expect. If a claim needs to be filed, they can assist you in navigating the process, working with the insurance company on your behalf to expedite the claims settlement. This proactive support ensures a smooth experience, especially during challenging times.
This is an essential aspect of a broker’s role.
Key Benefits of Working with a Broker
| Benefit | Description |
|---|---|
| Cost Savings | Brokers compare quotes from multiple insurers, uncovering hidden discounts, and potentially reducing premiums. |
| Policy Expertise | Brokers understand complex insurance policies, simplifying them and helping you make informed decisions. |
| Personalized Coverage | Brokers tailor coverage to your specific needs and risks, ensuring adequate protection without unnecessary costs. |
| Advocacy | Brokers act as your advocate throughout the policy process and claim settlements, ensuring you receive the best possible service. |
Finding a Reputable Homeowners Insurance Broker
Finding the right homeowners insurance broker can save you money and headaches. It’s not just about the lowest price; it’s about finding someone you can trust to advocate for your best interests and navigate the often-complex world of insurance. A good broker will shop around for the best coverage at the best rates, ensuring you’re protected without overpaying.A reputable broker isn’t just someone who quotes prices; they’re a partner in your insurance journey.
They understand your needs, explain policies clearly, and proactively identify potential risks or gaps in your coverage. This proactive approach ensures you’re fully protected and informed.
Evaluating Broker Reputation and Trustworthiness
A trustworthy broker builds trust through actions, not just words. Look for brokers with a demonstrably strong track record of customer satisfaction. Check reviews, testimonials, and online ratings to get a sense of their past performance. Look for consistency in positive feedback, not just isolated praise. A broker who consistently gets good reviews likely understands customer needs and delivers on promises.
Importance of Licensing and Certifications
Licensing and certifications are essential indicators of a broker’s legitimacy and competence. Verify that the broker holds the necessary licenses and certifications required by your state or jurisdiction. These credentials demonstrate a commitment to the industry and adherence to professional standards. This is a crucial first step in vetting a broker; a lack of proper licensing should raise red flags.
Researching a Broker’s Background and Experience
Investigate the broker’s background and experience. How long have they been in the industry? What specific areas of expertise do they possess? A broker with extensive experience in homeowners insurance can offer valuable insights and tailored solutions based on your unique circumstances. Experience translates to a deeper understanding of the intricacies of policies and a wider network of insurance providers.
For example, a broker who specializes in high-value homes will likely have a better understanding of the risks and coverage needs for that type of property.
Identifying Brokers with a Strong Track Record of Customer Satisfaction
Customer satisfaction is a key indicator of a broker’s reliability. Look for brokers who consistently receive positive feedback from previous clients. Check online review platforms, testimonials, and client referrals to assess the broker’s reputation. Don’t just rely on glowing reviews; look for patterns of positive feedback. A broker with a consistent track record of happy clients is more likely to be a reliable partner.
For example, a broker with multiple five-star reviews across various platforms suggests a commitment to customer satisfaction.
Questions to Ask Potential Brokers During Consultations
Thorough questioning during consultations can provide valuable insight into a broker’s capabilities and reliability. Prepare a list of questions to assess the broker’s understanding of your needs and their commitment to your protection. These questions should go beyond the basics, delving into the broker’s expertise and approach to client service.
- What is your experience in homeowners insurance?
- What are your specialties, if any?
- What is your process for finding the best insurance coverage for my needs?
- Can you provide examples of successful claims handled by your team?
- What is your typical communication process with clients?
- How do you handle disputes or complaints?
- What is your policy on premium adjustments and renewals?
- How do you ensure your client’s information is kept confidential?
- What are your fees and commissions?
These questions, when asked with a sincere desire to understand, will help you make a more informed decision.
Working with a Homeowners Insurance Broker
Finding the right homeowners insurance can feel like navigating a maze. A knowledgeable broker can be your compass, guiding you through the complexities and helping you find the best coverage at the best price. They act as your advocate, ensuring you understand the policy and its implications.Working with a homeowners insurance broker streamlines the process, saving you time and potentially significant money.
They leverage their expertise to compare multiple policies, identify potential savings, and negotiate favorable terms on your behalf. This is especially valuable when you’re dealing with complex situations or need specialized coverage.
Engaging a Broker for Homeowners Insurance
A key first step is choosing a reputable broker. Research their experience, licensing, and client reviews. Reach out to potential brokers to discuss your specific needs and get a feel for their communication style. Ask about their process for handling claims and how they stay informed about changes in the insurance market. Understanding their process from the start is crucial.
Insurance Policy Selection Process
The broker will assess your specific needs and risk profile. They will consider factors like the value of your home, its location, the types of coverage you require, and any existing conditions that might impact your premium. They’ll present different policy options tailored to your circumstances. The broker will explain the coverage details and exclusions of each policy to ensure you fully understand what’s included and what isn’t.
This comprehensive approach helps you make an informed decision that aligns with your financial situation and protection goals.
Communication Methods Used by Brokers
Maintaining open communication is vital. A good broker will use multiple channels, such as phone calls, emails, and online portals, to keep you updated on the progress of your application and policy selection. They should provide regular updates, answer your questions promptly, and be accessible throughout the process. A strong communication strategy ensures that you’re never left in the dark and builds trust between you and the broker.
Documentation Required for Insurance Applications
The specific documents required vary depending on the insurer and the type of policy. However, common documentation includes proof of ownership (e.g., deed), property details (e.g., square footage, construction materials), and details about any existing claims or coverage. A well-organized checklist of the necessary documentation can help you stay on track and avoid delays.
Policy Renewals and Updates
Insurance policies are not static; they need to adapt to changes in your circumstances. A broker will help you navigate the renewal process and ensure your coverage remains appropriate. They can also advise you on any policy updates needed due to renovations, additions to your home, or changes in your personal risk profile. This proactive approach helps avoid gaps in coverage and ensures your protection remains current and relevant.
Step-by-Step Guide for Clients Working with a Broker
- Identify Your Needs: Determine the level of coverage you need, considering factors like your home’s value, location, and personal circumstances. This upfront assessment ensures you get a policy that meets your requirements.
- Choose a Reputable Broker: Research and select a broker with a proven track record, positive reviews, and expertise in homeowners insurance.
- Provide Necessary Information: Provide accurate and complete details about your home and your desired coverage. Be prepared to share relevant documentation, such as property details and financial information.
- Review Policy Options: Carefully review the different policy options presented by the broker, understanding the coverage, exclusions, and costs associated with each.
- Select a Policy: Choose the policy that best aligns with your needs and budget.
- Monitor Policy Progress: Keep in contact with the broker throughout the process and ask any questions that arise. Stay informed about the status of your application.
- Review Policy Details: Thoroughly review the final policy document to ensure you understand all the terms and conditions.
- Renew Policies on Time: Plan for timely renewals to maintain continuous coverage. Communicate with your broker about any updates to your home or circumstances.
The Future of Homeowners Insurance Broking
The homeowners insurance market is in a state of constant flux, driven by evolving risks, changing consumer expectations, and the relentless march of technology. Brokers need to understand these forces and adapt their strategies to thrive in the years ahead. Navigating this evolving landscape requires a proactive approach, embracing innovation and understanding the potential impacts on their clients and businesses.
Emerging Trends in the Homeowners Insurance Market
The market is experiencing a multifaceted shift. Rising premiums are a direct result of climate change impacts like more frequent and severe weather events, leading to increased claims and higher payouts. Furthermore, technological advancements are changing how homes are built and insured, impacting risk assessments and coverage needs. The demand for more comprehensive and personalized insurance solutions is also on the rise, reflecting a greater awareness of potential risks and a desire for tailored protection.
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Technology’s Impact on the Role of Brokers
Technology is fundamentally reshaping the insurance industry, and brokers are no exception. Online quoting tools, automated risk assessments, and digital claim processing are streamlining the entire insurance process. This allows brokers to spend more time on client relationships and personalized service. Moreover, data analytics are providing insights into risk profiles, allowing for more accurate pricing and better coverage options.
Adapting to Technological Advancements
Homeowners insurance brokers must proactively embrace technological advancements to remain competitive and provide exceptional client service. This includes learning new software and tools, understanding how data analytics inform insurance decisions, and staying updated on emerging trends in the industry. The most successful brokers will be those who leverage technology to enhance their service and add value to client relationships.
Potential Changes to the Insurance Landscape
Several potential changes could significantly impact the insurance landscape. The rise of personalized insurance solutions, driven by customer data and tailored risk assessments, is expected. Increased use of artificial intelligence and machine learning in underwriting and claims handling will also become increasingly common. Further, the integration of home automation and smart technology will necessitate adjustments in risk assessment and coverage to reflect the changing nature of home ownership.
Leveraging Technology to Improve Client Services
Brokers can leverage technology in various ways to enhance client services. This includes implementing user-friendly online portals for policy management, instant communication tools for quick issue resolution, and providing clients with personalized dashboards that showcase their policy details and potential risks. This proactive approach strengthens client relationships and demonstrates a commitment to customer-centric service.
Comparison of Traditional and Digital Broker Services
| Feature | Traditional Broker Services | Digital Broker Services |
|---|---|---|
| Quoting Process | In-person or phone-based quotes, often lengthy | Online quoting tools, instant quotes, comparison shopping |
| Policy Management | Paper-based policies, in-person or phone-based updates | Online portals, digital policy access, automated notifications |
| Claim Process | Paper-based claims, often lengthy process | Online claim portals, digital documentation, expedited claims handling |
| Client Communication | Limited communication channels | Multiple communication channels (email, chat, phone), instant updates |
| Cost | Potentially higher administrative costs | Potential for reduced administrative costs, increased efficiency |
Common Insurance Claims and Broker Assistance
Navigating insurance claims can be a frustrating and complex process. Homeowners face a wide array of potential issues, from water damage and fire to vandalism and theft. A knowledgeable insurance broker acts as a crucial intermediary, simplifying the claims process and ensuring fair compensation. They possess the expertise to understand policy intricacies, advocate for your rights, and expedite the claim resolution.A good broker isn’t just about filing forms; they’re your advocate throughout the entire claims journey.
They understand the nuances of your policy, the potential for disputes, and the best strategies for getting you the settlement you deserve. They act as a liaison between you and the insurance company, ensuring your voice is heard and your needs are met.
Common Homeowners Insurance Claims
Understanding the types of claims you might face can help you better prepare and seek assistance. This awareness is vital for proactively addressing potential issues and working with your broker. Knowing the typical claims can help you to anticipate the steps involved in the claims process.
- Water Damage: Leaks, burst pipes, flooding from storms. Brokers can help assess the damage, negotiate with the insurance company on the extent of coverage, and ensure the necessary repairs are made promptly. They can also help determine the cause of the damage to ascertain whether it’s covered by the policy.
- Fire Damage: A devastating event. Brokers can help document the damage, ensure the claim is filed correctly, and negotiate a fair settlement that covers not only the physical damage but also potential business interruption or relocation costs.
- Windstorm/Hail Damage: Severe weather events can cause extensive property damage. Brokers can help you file the claim promptly, provide guidance on the necessary repairs, and advocate for fair compensation.
- Theft and Vandalism: Property damage from these criminal activities can be substantial. Brokers can help gather evidence, document the loss, and ensure you receive the compensation for the items stolen or damaged.
- Mold and Mildew: Often stemming from water damage, mold can cause significant health and property damage. Brokers can assist with proper mold remediation, ensuring the insurance company understands the scope of the damage and covers the necessary costs.
- Construction Defects: Issues arising from faulty construction can lead to costly repairs. Brokers can help evaluate the extent of the damage, ensuring the insurance company addresses the issues caused by the defect.
Broker Assistance in Claims Navigation
A good broker acts as a skilled negotiator, leveraging their understanding of insurance policies and procedures to help clients.Brokers can:
- File the Claim: They ensure the claim is filed accurately and promptly, reducing delays and potential complications.
- Gather Documentation: They help collect necessary documentation like photos, receipts, and appraisals to support the claim and expedite the process.
- Negotiate Settlements: Brokers negotiate with the insurance company to ensure you receive fair compensation that reflects the actual loss.
- Represent Your Interests: They act as your advocate, ensuring your concerns are addressed and your rights are protected during the claim process.
- Resolve Disputes: If disagreements arise, brokers intervene to find mutually acceptable solutions.
- Expedite the Process: They streamline the process by handling communication and coordinating with the insurance company.
Ensuring Fair Compensation
A broker’s role extends beyond filing the claim; it encompasses ensuring you receive the most appropriate compensation.
- Understanding Policy Coverage: A broker thoroughly reviews your policy to identify the specific coverages applicable to your claim.
- Assessment of Damages: Brokers can guide you in obtaining accurate assessments of the damage to determine the proper amount of compensation.
- Negotiating with the Insurance Company: Brokers employ negotiation skills to secure a settlement that fairly reflects the damages sustained.
- Alternative Dispute Resolution: Brokers can guide you through alternative dispute resolution options, such as mediation or arbitration, to resolve any disputes.
Insurance Policies for Specific Home Types
Insurance policies aren’t one-size-fits-all. Just like your home, your insurance needs are unique. Different home types, from cozy condos to sprawling single-family homes, present varying risks and require customized coverage. A savvy insurance broker understands these nuances and crafts a policy tailored to your specific situation, saving you money and headaches.Understanding the unique insurance needs of different home types is critical for protecting your investment.
This involves assessing the risks associated with each type of dwelling, from fire hazards to potential structural damage. A good broker will work closely with you to identify those risks and build a policy that addresses them effectively.
Different Home Types and Their Unique Insurance Needs
Different types of homes present varying levels of risk, necessitating different types of coverage. Condos, for example, often have shared walls and common areas, potentially increasing the risk of certain types of damage. Townhouses, with their shared walls and potentially less expansive land, also have unique considerations. Single-family homes, while offering greater privacy, might face different risks depending on location and property features.
A knowledgeable broker will factor in these differences when crafting your policy.
Tailoring Insurance Policies to Specific Home Types
Insurance brokers tailor policies to the specific home by analyzing several factors. The home’s construction material, age, and location are all crucial considerations. For example, a home built with wood framing will have different fire risks compared to one built with concrete. Proximity to fire stations, flood zones, and other potential hazards all impact the premium and the type of coverage needed.
Furthermore, the home’s features, such as a pool or a detached garage, will be factored into the risk assessment. A comprehensive evaluation ensures you’re not overpaying for coverage you don’t need or underinsured for potential damages.
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Ultimately, a good broker will be your advocate, saving you time and money.
Examples of Insurance Policy Options for Various Home Types
Insurance policies for different homes offer various options. A condo owner might opt for a policy that covers their unit’s contents and structural damage but excludes shared walls. A townhouse policy might include coverage for shared walls and common areas but could be less extensive than a single-family home policy. Single-family homes, in contrast, might benefit from broader coverage encompassing the entire structure, landscaping, and personal belongings.
The specific inclusions and exclusions depend on the risks associated with each type of home.
Comparing Insurance Policies for Condos, Townhouses, and Single-Family Homes, Homeowners insurance broker
Comparing policies reveals important distinctions. Condo policies typically focus on the interior of the unit, while townhouse policies may include some coverage for shared areas. Single-family home policies, however, cover the entire property, including the structure, landscaping, and detached structures. A broker will meticulously examine the differences to ensure your coverage aligns with your home’s characteristics and your financial situation.
How Brokers Assess Risk Based on Home Characteristics
Brokers use a range of methods to assess risk based on home characteristics. They analyze the home’s construction, age, and location. They also consider the surrounding area’s vulnerability to natural disasters, such as flooding or wildfires. The presence of specific features, like pools or high-value items, can also impact the risk assessment. Risk assessments aren’t just about calculating a number; they’re about understanding the potential vulnerabilities of a particular home and crafting coverage accordingly.
Summary Table of Insurance Needs for Different Home Types
| Home Type | Key Insurance Needs | Potential Risks |
|---|---|---|
| Condo | Coverage for unit contents, liability, and potential damage to unit; limited coverage for common areas. | Damage to personal property, liability, and potential damage to unit from shared areas. |
| Townhouse | Coverage for unit contents, liability, and damage to unit; may include some coverage for shared walls. | Damage to personal property, liability, and potential damage to unit from shared areas. |
| Single-Family Home | Comprehensive coverage for structure, contents, liability, and potential risks like natural disasters or theft. | Fire, theft, natural disasters, liability. |
Homeowners Insurance Broker vs. Agent
Insurance agents and brokers both help you find homeowners insurance, but they operate differently. Understanding the nuances between these roles is crucial to making an informed decision. This isn’t about who’s “better”; it’s about matching your needs to the right professional.Knowing the differences between a broker and an agent can save you a bundle on your insurance premiums.
A broker, for example, will shop around for the best possible coverage for your needs, often finding you a better rate than an agent who is tied to one company. This means you get a more competitive rate.
Role and Responsibilities
Insurance agents typically represent a single insurance company. Their primary responsibility is selling policies from that company. They have a limited pool of options and often have pre-determined pricing structures. Brokers, on the other hand, act as independent agents, representing you. They search the market for the best coverage and the most competitive rates from various insurance companies.
They’re focused on finding the best fit for your needs, not just pushing a particular company’s product.
Compensation Models
Agent compensation is usually tied to the sale of policies. This incentivizes them to sell more insurance, potentially leading to less focus on finding thebest* policy for you. Brokers, however, typically earn a commission from the insurance company that issues the policy. This commission structure aligns their interest with finding the most suitable and affordable policy for your situation.
Scope of Services
Agents typically offer a narrower range of services. Their focus is often on a limited selection of insurance products from their affiliated company. Brokers, conversely, offer a broader spectrum of services. They access a wider range of insurers and policies, enabling them to find the best fit for your individual needs and circumstances, like unique home structures or high-risk locations.
When to Choose a Broker or Agent
If your priority is finding the best possible price, a broker is generally the better choice. They have the ability to compare quotes from multiple insurers. If you have a specific company you trust or prefer, an agent might be the better choice. This is especially true if you need a familiar face or specific policy features from a particular insurer.
Comparison Table
| Characteristic | Insurance Agent | Insurance Broker |
|---|---|---|
| Company Representation | Represents a single insurance company | Represents the policyholder; shops across multiple companies |
| Compensation | Commission from the company whose policy is sold | Commission from the issuing company |
| Service Scope | Limited to the products of the affiliated company | Access to a wider range of insurers and policies |
| Focus | Selling policies from a single company | Finding the best policy for the client’s needs |
| Best for | Customers who prefer a familiar company or specific policy features | Customers seeking the best possible price and comprehensive options |
Closure
In conclusion, choosing the right homeowners insurance broker can significantly impact your financial well-being. This guide has provided a thorough overview, highlighting the advantages of using a broker, the crucial steps in finding a reputable one, and the benefits throughout the policy lifecycle. By understanding the process, you can confidently select a broker who will be your advocate and ensure you’re well-protected.
Questions Often Asked
What’s the difference between a broker and an agent?
Brokers shop around for the best policy from multiple insurance providers, while agents typically represent a single company. Brokers are often more focused on finding the best coverage for your needs, while agents have a vested interest in selling policies from their company.
How much does a homeowners insurance broker cost?
Broker fees vary; some work on commission from the insurance company, others charge a flat fee. You should inquire about fees during your consultation and factor them into your budget.
How do I know if a broker is reputable?
Check for licensing and certifications. Research their background, experience, and customer reviews. Ask about their track record and process for handling claims. Ask for references from past clients.
What are some common homeowners insurance claims?
Common claims include damage from fire, water damage, vandalism, and theft. A broker can guide you through the claim process, ensuring you understand your rights and get fair compensation.