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.
Renters insurance is often an undervalued product for most insurance agents. According to Bankrate, only about 50% of all renters in the US carry this form of insurance. Many renters think that because they have cheap furniture, or that they are covered by their landlord's homeowners' insurance, they don't need this type of coverage.
However have you ever thought that just maybe, as an agent, you can sell more renters insurance policies? Selling insurance to renters might be a great niche. But, how can you convince renters that they need insurance? Well, next time your team makes a pitch, consider telling potential clients these 6 facts to help your office sell more renters insurance.