As a result of the wildfires in the region – as well as rising housing costs and other challenges – some insurance companies are raising their rates. State Farm, for example, was recently approved for a 17% rate increase on homeowner’s insurance policies as a result of the California Wildfires.
As an insurance agent, you need to be prepared.
If you work for one of the companies raising their rates, you might want to consider being proactive with your customers. Reaching out to them and discussing options rather than wait for them to call you in a panic is one way to show them that you care and help them feel at ease with the rising costs ahead.
For those that working for insurance companies that are not raising rates, this could be an opportunity. There are going to be many homeowners that are looking for new insurance in a panic, hoping to find someone that can offer them lower rates and/or better coverage. If that’s you, then now is a good time to get yourself out there:
- Meet People
- Market and Advertise
- Find Your “In”
Try to get an idea of your rates versus other rates, and see if you can take advantage of that to win over some of the clients that are looking for new policies. The longer you wait, the more likely someone else – someone that had a head start – will pull out in front.
Don’t Forget Alternate Insurance
For those that are currently focused primarily on P&C, now can also be a great time to consider getting licensed for life and health insurance as well. You can complete pre-licensing classes here on LyteSpeed Learning and expand what you offer by getting licensed for Life, Accident, and Health.
When you’re calling your current customers, or on the phone with new customers, it helps to have other services that you can provide. It allows you to earn more on the clients you already have, and begin building a book of business so that you’re not as reliant solely on the premiums set by the insurance companies.
If you’d like to get licensed in any form of insurance, or you need to complete your continuing education courses, review our classes her at LyteSpeed Learning.