How to Sell More Homeowners Insurance Policies

Fran Majidi
July 22, 2020
Sell More Homeowners Insurance Policies

Homeowners insurance is something every homeowner needs, even if they’ve already paid off the mortgage. Helping consumers understand how homeowners insurance works is important for many reasons. Too many people are confused about when they are covered for repairs, thinking that a home insurance policy works the same way as a home warranty. It is important to educate your clients about how home insurance is intended to work, so they avoid filing multiple claims which may result in higher rates or a loss of coverage altogether.

On a more selfish note, homeowners insurance is a great product to sell because it is often a gateway to selling other policies. A home is often the most valuable asset people own, so if you can gain the confidence of your clients, you may be able to sell may lines of insurance to homeowners policyholders, including umbrella policies and business insurance. There is also at least one car associated with each home, often more, and if your agency offers health and life insurance, you may be in luck when it comes to cross-selling those products too.

Here are some great ways to make more homeowners insurance sales each month.

Buy Homeowners Insurance Leads

We are living at a time when people are buying homes based on virtual tours. Things have changed since the coronavirus pandemic began and so have home insurance sales. People are spending even more time online and looking for ways to save money.

Homeowners are realizing that they may have been paying too much without comparing rates. Others are discovering that their homeowners insurance was purchased on their behalf by a lender who didn’t really take the time to see if the homeowner got the best deal or the coverage they need to be fully protected.

Another reason homeowners look to switch insurance carriers is after a bad claims experience. This should be a lesson to you in terms of retention (stay involved before during and after a claim is filed) but it is also an opportunity for you to pick up new clients that are looking for a better carrier.

When you partner with SmartFinancial, you’re buying highly targeted leads, people who’ve been actively researching what homeowners insurance coverage means for them. Many of them are giving us their information after coming upon a claims-related article. Not only can SmartFinancial connect you with these shoppers, but we’ve done much of the educating on your behalf. The marketing is done for you.

How Likely Are Homeowners Insurance Leads to Close?

That all depends on your selling style, the products you’re offering, the type of budget your prospect has and lots of other factors that depend on that particular person. The chances of closing after a single phone call are slim. You will need to follow best practices when it comes to following up with a lead.

While it’s imperative that you call the lead as soon as you receive it, it’s just as important to continue calling that person, with fresh insights with each call. You don’t want to be a nuisance but you want to be top of mind for up to 90 days, even longer if you keep that person’s information in your CRM as an ex-date.

Buy Homeowners Insurance Calls

If you’re buying live transfers of homeowners insurance leads, you’re just a bit closer to closing a deal because the caller has already been verified by a SmartFinancial Call Center Concierge, who will go over the questions they’ve answered before transferring the call to you. Psychologically, the caller has already put the time and effort before reaching you

It’s always a good idea to say that you’re calling to offer a quote so the caller doesn’t get confused. Believe it or not this is where many agents fail to make a sale. They answer the call with a generic greeting, which makes the caller feel like all the effort they made has been a waste of time. The homeowner needs to understand that this is a continuation of the call from SmartFinancial.

The beginning of the call is where you need to keep the conversation going until you receive the email with their information in your inbox. This is the perfect time to let your personality and warmth shine through. Tell the customer a little bit about yourself.

Remember, this is a person’s home sweet home, so it’s the perfect opportunity to start forging a relationship with this person. You can ask about the household and learn about this person, their lifestyle and their assets. You maybe even find that based on their profile, you have other insurance products that would benefit them.

Are There Free Ways to Generate Home Insurance Leads?

There are other ways to generate home insurance leads with minimal or no cost, but the results may be varied according to location and demographics.

As with anything, you’ll have to spend some money on marketing materials. For instance, marketing to new homeowners in your neighborhood is a good idea. Welcoming these new neighbors with Home Safety Checklists and Homeowners Tips may be a great way to introduce yourself. It’s easy enough to get a homebuyers list from a company like Experian, but you’ll have to spend some money on the service, which will greatly depend on how far and wide your territory is.

There’s also word-of-mouth and referrals. Every existing client is a resource to be tapped. You may also consider reviewing your car insurance clients files to make sure you’ve offered them a better rate for bundling home and auto.

Working with apartment management communities is also a way of working with future homeowners. That’s why renters insurance is a valuable product to sell, even though commissions are very slim.

For more on how leads can help you sell more homeowners policies, read this agent success story.