Homeowners Insurance Trends to Know
Posted by: Cornelia Winn
With shifts in technology and climate, and as the younger generations grow up and start purchasing homes, independent property casualty insurance agents can expect to see a few changes on the horizon. Continue reading to learn more about which trends in homeowners insurance independent agents should know:
Recent changes in climate, and the fact that catastrophic events are on the rise, has led to an increase in claims, claim payments, and ultimately rates.
Despite the frequency of wind and hail claims, and perceived severity of wind damage, fire and lighting still cost the most.
With advancements in home automation technology occurring every day, more carriers will start to offer incentivized discounts on premiums.
Similarly, more insured can start saving green by going green, thanks to discounts for energy-saving implementations, such as solar panels or LEED certification.
Agents will have to work harder to foster loyalty among millennials, who might expect more from their insurance companies than previous generations.
Additionally, prospects’ credit scores will continue to affect insurance premiums.