5 New Year’s Resolutions Your Insurance Customers Should Be Making
It’s that time of year again. The time when we look back on the old and forward to the new. A time to think about starting over and resolving to do things better than we did them in the past. For insurance customers, it should be a time of reflecting on the decisions of the past 12 months and seeing the areas for improvement. As an agent, you can help them look more deeply into their lives and guard against any vulnerabilities. To help you help them, we’ve put together a list of five New Year’s Resolutions that every insurance customer should be making. Let’s get started.
One: Update Possessions.
Think about all the things that you buy in a given year. If you have trouble visualizing it, go to your online bank account and pull up a 30-day list of transactions. There is liable to be a couple of pages of data out of just purchases alone for a one-month period. Now multiply that times 12. While there may be a lot of meals out, several of those purchases are probably new possessions that need to be added to the home inventory list. However, they likely won’t be because customers have a bad habit of taking out a policy and then forgetting about it. Ask your customers to schedule time for a sit-down where they update home inventory as close to the first of the year as possible.
Two: Check Life Insurance Options.
Many insurance customers don’t realize that healthier changes in lifestyle can affect the affordability of their life insurance. Stopping smoking, losing weight, phasing out medications that are no longer needed — all of these things and more can lead to preferred rate qualification.
Three: Get More Educated About Your Healthcare.
Encourage your customers to not simply purchase a Cadillac insurance plan because they’ll have more coverage. Sure, the unexpected can happen, but if we’re talking about basic health insurance needs, a particularly young person may not need as much. They could be better off paying low premiums and carrying a higher deductible than going “all-out.” Of course, they’ll never know if they are ill-informed about how much they’re using insurance throughout the year and what their total out-of-pocket costs are under the current plan compared to a cheaper alternative. Urge them to know the numbers and weigh their options.
Four: Don’t Quickly Dismiss Flood And Earthquake Insurance.
While flood insurance may not always be a necessity depending on where the home is located and whether it is in an area susceptible to flooding, there are still many homeowners who take chances and shouldn’t be. FEMA notes that 90 percent of the major natural disasters throughout the United States are the result of flooding and many of those damages are uninsured. Insurance customers should be aware of their region’s flooding dangers as well as flood plain location. The same can be said for earthquakes as more states throughout the U.S. are starting to report tremors (possibly due to an increase in fracking). Floods and earthquakes do not fall under the standard home insurance policy, and your customers should be reminded of this from time to time — why not when you’ve got their ear in a review meeting at the beginning of the year?
Five: Start Saving For Small Repair And Maintenance Expenses.
Maintenance and repairs are a basic part of home ownership, but some homeowners fail to plan for them instead submitting needless claims, which can in turn raise the price of their premiums. Working with your customers to get them to budget for these standard repair and maintenance expenses can ensure their insurance is still affordable and there for them in the event they really need it.
In the U.S., the New Year is a time of renewal, and every insurance lead or customer should use it to renew their commitment to financial responsibility, managing risk, and protecting their families. Consider going over these “resolutions” the next time you get some one-on-one time with them. They’ll appreciate the extra effort. Good luck, and Happy New Year to all.