Many insurance customers need homeowners insurance. However, the average client might not know exactly what they want. As their agent, it's up to you to offer the coverage options that can most benefit them. How can you do that? What are some of the most important options to offer within your policy selections?
Every home is unique. Your goal should be to adapt coverage to the needs of your clients.
Determining The Policy Offerings For Your Area
All home insurance agents have different target clients. Some might insure vacation homes, while others cover rental properties. Your agency might specialize in small properties, or multi-million-dollar homes. You know that when setting up coverage, you'll have to tailor it to the specifics of the client in question. Thus, you must make sure you offer policies that will prove adequate to your clients.
Coverage Within Your Policy
Most homeowners will carry mortgages or other home loans. Therefore, they'll likely have a rule from their bank to carry certain home insurance. Also, clients will also want certain coverage for their belongings and liabilities.
At minimum, you must offer coverage for the value of the home. Coverage should provide options that cover a total rebuild in case of a total loss. Also ensure you provide coverage for personal assets and third-party risks. Within your packages, it is often a good to include:
- Property Coverage: Protection should extend to the structure of the home. It can often cover damage from severe weather, fire, theft and similar occurrences. Policies might also insure separate buildings on the policy.
- Contents Insurance: This coverage pays for the insured's belongings damaged in covered events. Clients will set an approximate total valuation on the contents of the home. The policy then can include this value in coverage.
- Liability Insurance: This covers third-party injuries in the home. It might help clients respond to lawsuits if a friend gets hurt in the home, for example
- Expenses Supplements: If a client must move out of the home following a damaging incident, this coverage can help pay their expenses. It might cover hotel bills, or food costs until the covered party can move back.
Furthermore, specialty homes, or those in unique locations, might need additional protection. Standard home insurance doesn't cover everything and won't cover certain niche risks. Most commonly, home insurance often doesn't cover flood damage or quake damage. So, if you operate in an area with high flood or quake risks, you might need to offer supplementary coverage.
So, talk to a Quantum Alliance team member today. We will help you determine the best policy offerings to extend to your customers.