How much does it cost to become an insurance broker?

Costs vary by state because each state sets its own licensing fees, and brokers are licensed much like agents. Plan for prelicensing education where the state requires it, an exam fee, an application fee, and fingerprinting where required. State license fees range widely: New York charges $80 for a two-year broker license, California $188, and Illinois $215. Applying through the National Insurance Producer Registry adds its $5.60 transaction fee on top of state fees.

In Vermont, the Producer license replaced the former agent and broker license types. Resident fees are $30.00 for the application plus $30.00 for the initial license, and the Prometric exam costs $52 to $67.60 depending on the series. Study materials and errors and omissions coverage add cost, so the total varies by how much preparation you need.