Tips to Educate your Real Estate Clients about Homeowners Insurance

Tips to Educate your Real Estate Clients about Homeowners Insurance

Helping out your clients the best you can will help you further develop your reputation as a great real estate agent. You already know how to help your clients get in contact with appraisers, decorators, lenders and other useful resources related to the buying and selling of homes. Since you already know all this, you may want to look into guiding them into homeowners insurance policies as well. You don’t need to be an expert at selling homeowners insurance to help your clients as a real estate agent – there are others who can do that for you. What you can do, though, is follow a few of the steps below to not only go the extra mile in the service you provide, but to help your clients out. Do a little research about what types of homeowners insurance policies are available, and make recommendations based on the property your clients are buying. For example, if the home your clients are buying has been threatened by fire in the past, or happens to be in an area where there’s a lot of dry brush, you can prompt them to look into wildfire insurance – a type of insurance that isn’t covered on your general homeowners policy. Notify your clients regarding any possible exclusions the home may be subject to when it comes to insurance. Insurance is all about risk, and homes in certain areas may carry exclusions regarding what kind of insurance they can get. If your clients are looking to buy a home in an area that has one of these exclusions, let them know. Additionally, if there’s...
Understanding Your Homeowners Insurance Deductible

Understanding Your Homeowners Insurance Deductible

The insurance deductible is the amount of money you pay when making a claim before your insurance kicks in and covers the rest. The amount of your deductible can vary pretty widely because insurance companies want to provide several options in order to fit most people’s budgets. Generally speaking though, the higher your insurance premium the lower your deductible and vice-versa. That’s because if you’re willing to pay more when filing a claim, your insurance company is usually willing to let you pay less to maintain coverage. One mistake a lot of people make when it comes to their homeowners insurance deductible is to assume that they have only one, flat deductible they have to pay no matter what kind of claim they make. For example, if you choose an insurance policy with a $1,000 deductible, that’s the amount of money you’ll need to come out-of-pocket with when filing most – but not all – claims. In certain circumstances, such as named storms, other major weather events and earthquakes, your deductible can change to become a percentage of your total coverage. So, if you have $300,000 worth of coverage for your home and it’s damaged in a serious windstorm, your deductible could be somewhere between 1% and 5% of that $300,000 worth of coverage, or $3,000 to $15,000. In the case of an earthquake, and you have earthquake insurance, your deductible can go as high as 10% to 15% of your total coverage. If you don’t know whether or not your homeowners insurance policy has different deductibles based on the cause of the damage, the best thing to do is...
Qualifying for an Auto Insurance Discount

Qualifying for an Auto Insurance Discount

Reducing the cost of your auto insurance isn’t as difficult as you might expect. If you want to save money on insurance (and who doesn’t?), then qualifying for an auto insurance discount is the easiest way to do it. Insurance companies offer many ways for consumers to save on their insurance costs, and if you have a good driver history, you may qualify for one or more discounts on your premium. Many insurance companies will give what’s known as “the good driver discount” to people who haven’t had been in any collisions or had any traffic violations for the past several years. Some companies will look back 3 years, while others will look back 5 years. If you take a licensed defensive driver’s course, you can sometimes qualify for a discount on your insurance premium. Depending on how much you drive, you may qualify for a discount. If your total mileage in a year is 10,000 miles or less, you could qualify for a reduced mileage discount. These are great for people who live and work in small towns. Being a member of certain groups can also qualify you for an auto insurance premium discount. If you’re an EMT, a nurse, a first-responder, or a CPA, or an active member of the military, your auto insurance company may offer you a discount on your premium. Student status can sometimes qualify you for a discount as well. Students who are just starting college or are still in high school but made it on the honor roll are often offered lower insurance rates. If you’re 50 or older and you’ve passed...