Home Renovations and What that Means for Agents

Is your home currently being renovated? Do you plan to renovate within the next year? An article entitled, Renovating your Home? Renovate your Insurance, in the Las Vegas Review Journal offered some insightful tips not only for the insured, but also for agents to communicate to their customers.

While the insured may have homeowners insurance, their policy may not cover remodeling, especially extensive renovations. Not all policyholders are required to reach out to their insurance agents prior to remodeling, so both the insured, agents and carriers could be caught off guard if damage or a loss occurs, either mid-project or after the project is completed.

For these reasons, it’s important for agents to reach out annually to their policyholders, ensuring they have adequate coverage for any home improvement projects planned for the upcoming year. If you consider a kitchen renovation for example, all of the new appliances installed would fall under contents coverage. Most people upgrade appliances when renovating, so those new contents details and values need to be taken into consideration.

Not only would this be beneficial to the insured – as it will ensure that policy holders are adequately covered in the event of loss or damage – it’s also an opportunity for agents to demonstrate exceptional customer service and strengthen trust with existing customers.

Checking in with your policyholders annually – or even semi-annually – is a great way to for agents to build customer trust and loyalty while also creating new business opportunities for growing customer accounts.

Do you check-in with customers periodically to review their coverage?

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