They say owning a home is part of the American Dream. Of course, it should follow that with owning a home, people should have homeowners insurance. Since home insurance is a necessity, most agents would think that it's easy to write more policies and increase their homeowners insurance customers.
A lot can happen in a year. Children come of age and move out, old cars are traded in for new models, and the odd impulse buy means the garage now has a few extra “toys” crammed inside. Those are some of the reasons why it is important to conduct policy reviews with your home insurance clients.
Some policyholders rarely talk to their insurance agents after the policy has been put in place. Any interaction they do have with their agent generally revolves around things like payments, bills, or claims. A policy review session is a chance to at least have a positive conversation with your clients.
Coverage provided by homeowners insurance often extends to much more than the obvious. Many people think coverage stops at their front door; that beyond burst pipes and damaged furniture there isn’t much else to home insurance. But, most policies include coverage for some surprising things.
People purchasing homeowners insurance want to know they’ve protected themselves against all kinds of dangers. They want reassurance for things like their house catching on fire and potentially being left homeless; or that if a burglar takes their stuff, having a financial safety net.
In our blog, we've covered renters insurance and why people should get it, as well as how agents can market it to their clients. However, those thinking about renting their property out should think about rental property insurance. If you have a client who is considering doing this, whether for long-term, as an investment or even for short term, such as using a service like AirBnB, then you should definitely evaluate their insurance needs and make sure they are adequately covered.
The renter's segment is made up of a wide variety of people: from freshly independent students to retired couples downsizing into the simplicity of rented condos. The current difficulties in acquiring home ownership has led to a boom in the rental market. But, even as home rental surges, insurance coverage in this market is lagging behind.