Consumers’ needs are constantly changing depending on what is happening in their lives. A life insurancepolicy customer could need car insurance for his kid or boat. Unfortunately we can’t foresee the future to determine what people will want or need. It is important to be vigilant and identify selling opportunities for writing additional insurance coverage and increase profitability for your agency.
An increasing number of people are becoming landlords. From individuals leasing their spare bedrooms to entrepreneurs capitalizing on the rising demand for rental property, more people are joining the rent economy. The recent economic turmoil had a lot to do with it. As financial institutions tightened criteria, barriers to homeownership rose. That meant more people saw the advantages of renting. It sparked a surge in demand for rental properties, and an uptick in regular homeowners willing to rent out their property.
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.