Renters insurance is a line we need to start paying attention to. The data also supports that renters are on the rise and not just with millennials. The issue is sometimes showing why a renter needs insurance. This is a common reason that many renters, especially first time and young ones do not have renters insurance. This type of insurance is a goldmine for agents. While it may not bring in hundreds of dollars, just think of the possibilities. You could begin with renters and then they bundle their car. In a few years, maybe they start a family and then need home insurance or they decide to become a property manager. Think big picture when you are debating about selling renters insurance. Also, check out these reasons on why renters need insurance:
- Personal Item Theft Coverage
- Incorrect Assumptions on Landlord’s Responsibility – Point out that the landlord’s insurance doesn’t cover damages to personal property, damages from other tenants, and several other situations. This is one of the number one missed selling opportunity.
- Protection Against Dryer Fires
- Living Expenses for Displacement
- Personal Liability Coverages
If you’re struggling with selling renters insurance to the millennial generation, try some of these tactics from PC360:
- Educate them first. Most millennials probably don’t see the value so if you educate them they might realize they really do need renters insurance.
- Encourage them to take their time.
- Let them know about liability limits.
- Point out potential flood areas.
If you still need convincing to hop on the renter’s insurance train, check out these stats:
- Almost 70% of 18 to 29-year old’s lack renter’s insurance.
- Just over 40% of 30 to 49-year old’s lack renter’s insurance.
- In a Princeton survey, 64% of renters said that they don’t have renters insurance because they don’t understand it and don’t know a great place to buy it.
