Everywhere you look it seems you are hit with more depressing statistics on mortgages.
With numbers remaining low, to the uninitiated it would seem that general insurance opportunities should also be in short supply. But while mortgage advances show little sign of increasing the same cannot be said for the number of clients becoming tenants.
For the second successive quarter the Council of Mortgage Lenders tells us that buy-to-lets are on the up so it stands to reason that the proportion of brokers’ clients who are tenants will also be growing, especially those who work in or around city centres.
Most tenancy agreements are for unfurnished properties which means there is a contents insurance requirement for most renting clients. Even those in furnished properties usually have possessions they take with them.
But the opportunities don’t stop there. Tenants benefit from income protection to cover rental agreements. By providing them with two products you not only increase client loyalty but also double your income stream.
If no letting agent connection exists you shouldn’t overlook those in your existing client bank who are renting at the moment.
There has never been a better time to get your foot in those rented doors, provide clients with both contents and IP products and put yourself at the forefront of their minds so you can provide them with further products when they decide on home ownership.