The recent floods have been an absolute nightmare but they have also created a number of timely reminders for us brokers.
Firstly, you need to ensure that all of your clients have adequate buildings and contents cover in place.
Simply going online and choosing the cheapest is not good enough any more and a lot of the recent victims will find themselves grossly under insured.
You work hard to buy your contents and then cut corners paying to insure them – it is madness.
Even my own brother tried to convince himself that £30,000 of contents coverwas sufficient for his three bedroom semi – when he has three kids, a fashionable wife and is a gadget man.
Secondly, will be the need to look at life assurance. When natural disasters strike you get a sense of vulnerability and realise you are not going to live forever. You would be surprised at how many life assurance policies have been cancelled in favour of keeping satellite TV and now is a good time to remind clients to rethink their priorities.
Finally, you should be encouraging your clients to invest in property. It is at times like these that you realise the local authorities and housing associations do not have enough properties to service demand.
Investing in buy-to-let and developing the private rental market can really help your local community and take the pressure off of local authorities.
Add to that the good returns, improving rates and why wouldn’t you?
Three obvious ideas I know but all good reasons to speak to your clients that may not need a new mortgage and keep the sausage machine full.