Need Renters Carriers

[ChicagoProducer]

OK, after 16 years with a L/A/H license, I finally have a P/C license. But, only to sell Renters Insurance (for now). Chicago is a HUGE renters town and I can't keep ignoring the money I'm leaving on my client's table.

Therefore, I need to obtain a few carriers offering RI through independent brokers.

Any suggestions?

Thanks

 

[F150]

OK, after 16 years with a L/A/H license, I finally have a P/C license. But, only to sell Renters Insurance (for now). Chicago is a HUGE renters town and I can't keep ignoring the money I'm leaving on my client's table.

Therefore, I need to obtain a few carriers offering RI through independent brokers.

Any suggestions?

Thanks

You think you are leaving money on the table for RENTERS INSURANCE?
a renters policy alone doesnt even pay enough to answer the phone...

Explain to me, why someone would move JUST a renters policy to YOU and leave their auto elswhere AND lose that discount and make their auto higher in the process....

I think you better rethink your process, I never have heard of someone being licensed ONLY for renters only, or just a specific type of policy.....

 

[fearsback]

You think you are leaving money on the table for RENTERS INSURANCE?
a renters policy alone doesnt even pay enough to answer the phone...

Explain to me, why someone would move JUST a renters policy to YOU and leave their auto elswhere AND lose that discount and make their auto higher in the process....

I think you better rethink your process, I never have heard of someone being licensed ONLY for renters only, or just a specific type of policy.....

Wow you are right you should rethink that plan. I let renters walk out the door. You might make $15 a deal on a good one, and that is only if they don't cancel it after they show their management company. Write some home and auto not renters. Good luck.

 

[ChicagoProducer]

Thanks for the comments. But, I see this as an opportunity not a waste of time.

Maybe you guys are not familiar with Chicago, but the auto insurance market is too fragmented. There are storefront car insurance chains every three blocks. And homeowners doesnt interest me.

In my building alone, there are 30 rental units and the leasing agent is a client of mine already. She belongs to a local association of on-site leasing agents numbering over 200 and representing thousands of units. Maybe you can see where I'm going with this. If not, you're free to disagree. I live and work in the 3rd largest city in America (as my screen name shows). I deal in scale and "low hanging fruit". And, I've only scratched the surface. Then, there are hundreds of apartment complex r.e. management companies. My agency visits dozens of these renters every month and none of them have R.I. Their managements may be open to the idea.

Maybe you're thinking bottom-up. I was an insurance officer at the largest bank headquarted in Chicago and we were trained to think of marketing as top down. It works because of scale.

P.S. And half of city dwellers don't own cars. They take taxis or Zipcars.

Thanks again.

 

[BlockO]

Maybe you're thinking bottom-up. I was an insurance officer at the largest bank headquarted in Chicago and we were trained to think of marketing as top down. It works because of scale.

True but it only works because your bank had plenty of opportunities to cross-sell.

I don't think marketing to renters is a bad idea at all. I would probably do the same if I had carriers that offered it. The competition is so much lower that you can find some great low hanging fruit.....

But understand that without the ability to cross sell, there's really no money in it.

why work your ass off for $7.50-10.00 per policy?

If you're simply looking to write renters policies for your existing L/A/H clients who inquire about it, then fine. Not a bad idea.

But you seem to be more interested in selling renters insurance as a primary focus. without the ability to cross-sell, that would be like cutting a tree down with a steak knife.

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You might make $15 a deal on a good one, and that is only if they don't cancel it after they show their management company.

wow! doesn't that sound very similar to .... "I need auto insurance so I can turn in proof of insurance to my employer"?

I get that once in a while. once I hear that, the first quote I push is the 30 day auto policy. if that doesn't work, I only offer the higher down payment options. at least I find out if they're serious about it, or just jerking me around.

 

[FL P&C Broker]

The only way I could see it worth while would be with 20% commission and and an extremely easy application.

 

[fearsback]

The only way I could see it worth while would be with 20% commission and and an extremely easy application.

Even at that amount if you were lucky to make $15 a policy think of how much time you would need to put in just to make a decent dollar. You would need to write 67 policies roughly to make a thousand dollars when you can do that by selling 2-4 homeowners policies. The numbers don't make sense. Listen to people who have tried this before we are not telling you this to piss you off but because most of us have tried these routes. If you use it as a cross selling tactic then that could work but not just to sell them renters. Good Luck.

 

[Sales71]

Good Luck you obviously have a plan. You can try ASI they offer Property, Landlord and the most famous Renters Insurance. Guys leave him alone he was asking if you know of a carrier that he can only do renters insurance with not if its a good idea or not.

 

[fearsback]

Good Luck you obviously have a plan. You can try ASI they offer Property, Landlord and the most famous Renters Insurance. Guys leave him alone he was asking if you know of a carrier that he can only do renters insurance with not if its a good idea or not.

If we let him go ahead with it we would be doing him an injustice.

 

[BlockO]

If we let him go ahead with it we would be doing him an injustice.

Shark Tank's Kevin O'leary would be proud of that statement. What is it he says when he hears a bad idea? "take it out behind the barn and shoot it"?