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How to Explain Property Insurance to New Customers

As a person in the insurance industry, property insurance is very familiar to you. However, it is always important to remember it is not to the customers you work with each day—especially those new to this type of insurance or situation. It can be easy to fill the conversation with words they may not understand, or internal, insider knowledge. Give your customers better service and take a refresher on property insurance. It will help you learn to break things down on a level they can understand—and make the entire process a win for everyone!

What is Property Insurance?

As you know, property insurance protects homeowners and renters in the event of a destructive situation that negatively impacts a structure. These incidents can occur due to a variety of reasons such as inclement weather (storms, floods, or earthquakes), fires, or theft. The customer will purchase a specific amount of insurance to protect their valuables up to a certain amount. There are also a variety of elements to be included in property insurance, it is not an umbrella over all things. This can be confusing and devastating to certain customers who have damage that is not covered by their plan.

Explaining Property Insurance to Clients

When speaking with customers about insurance claims with their property there are a few key terms to use and explain. First is “replacement cost.” Based on how much insurance they purchased, the damage will be covered up to a certain point. This is the amount that it will take to replace what has been damaged. Actual cash value is another common term to help break down to customers. This is what an item will cost based on what it is worth today. It takes into consideration it’s condition as it has aged over time and been cared for. Last, another term used often to help break down to new customers. The deductible is the amount of money the person is responsible for paying, while the rest will be on insurance. If you have a new customer that is unfamiliar with the process, provide them with these homeowners insurance basics for help.

Working with Customer Claims

As you work with new customers, it is important to have patience. You can do this in a variety of ways, including explaining the differences between daily and catastrophe claims.  Be prepared to walk through each step thoroughly and ask along the way how they are doing. Make sure they feel comfortable telling you what they do not understand. When you hit bumps in the road, show empathy. This will help prevent an “us vs. them” mentality. When sending out an adjuster, be sure they understand the process and who will be coming to review their property.
Does your insurance company need assistance when it comes to insurance adjusting assistance? Aspen Claims Service is here to help. We provide a wide array of adjusting services for both residential and commercial properties. We also have the knowledge and expertise to speak with new customers to ensure they understand all steps during the process. We have adjusters available 24 hours a day, seven days a week throughout the entire continental United States. Call us today at 888-819-5904 to get started.

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