Don’t Be Fooled by Hidden Fees

Are you aware of the potential hidden fees that insurance companies might not disclose upfront? Did you know that some insurance agents might not mention hidden fees during the sales pitch? Hidden fees in insurance rates can drain your wallet. Here at Priority Risk Management, we are honest about our fees and rates upfront to our customers. We are an insurance agency you can trust.

Being aware of hidden fees is crucial when it comes to purchasing insurance. It’s essential to read the policy documents carefully, ask questions, and seek transparency from your insurance provider to ensure you have a clear understanding of all the associated costs. At Priority Risk Management, we are happy to give you any documents you need to feel safe trusting us with protecting your assets. Here are some hidden fees you might not know about:

  1. Policy Fee: Some insurers charge a one-time policy fee, usually at the inception of the policy. This fee covers administrative costs and is not always prominently mentioned during the sales process.
  2. Processing Fees: Insurers may apply processing fees for various actions, such as making changes to the policy, requesting policy documents, or processing premium payments through specific methods.
  3. Broker or Agent Fees: In some cases, insurance agents or brokers may charge a fee for their services, especially if they are independent agents not directly affiliated with any particular insurance company.
  4. Underwriting Fees: Underwriting involves assessing the risk associated with insuring the policyholder. Some insurers pass on the underwriting costs as additional fees.
  5. Late Payment Fees: If you fail to pay your premium on time, the insurance company may impose late payment fees.
  6. Policy Amendment Fees: Making changes to your policy after it has been issued may result in policy amendment fees.
  7. Cancellation Fees: If you decide to cancel your policy before its expiration, the insurance company might charge a cancellation fee.
  8. Annual or Monthly Fees: Certain insurers may add a flat fee annually or monthly to the premium, which can add up over time.
  9. Premium Financing Fees: If you choose to finance your insurance premium rather than paying it upfront, the financing company may charge fees for this service.

Reading the Policy Documents Thoroughly and carefully reviewing all the policy documents, including the terms and conditions, coverage details, and any fine print can help you avoid hidden fees like this. Don’t hesitate to ask our insurance agents or representatives about any potential hidden fees.

 At Priority Risk Management, we know how stressful it can be to find and trust an insurance agency with your most valuable possessions. We want to build a trusting relationship with our clients and will always be willing to answer any questions to help our clients feel more comfortable. Our clients are our number one priority and we strive to provide honest and efficient quality insurance to all our clients. 


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Are you ready to save time, aggravation, and money? The team at Priority Risk Management is here and ready to make the process as painless as possible. We look forward to meeting you!

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