5 Tips for Discussing Flood Insurance with Renters

Flood insurance isn’t just for homeowners. Renters make up between 20% and 50% of residents in communities nationwide, so insuring them makes a community more resilient to floods. Here are some tips how to expand your clientele and approach the topic of flood insurance with renters: 

1. Identify clients. First and foremost, you need to identify renters that may be without flood insurance. You can expand your reach by partnering with real estate agents, leasing offices, and financial advisors in your area. These partnerships will help you create connections with their existing clients. 

2. Start a conversation. Reach out to potential clients and ask if they know about the flood risks in their area. Ask what their plan is in the event of a flood. Chances are, they don’t have one. These types of questions position you as an expert who is willing to inform them and answer any questions they may have. 

3. Explain their risk. Use flood maps to explain the flood risk in their area and the potential damage a flood could cause to their home and belongings. If applicable, explain the area’s recent flood history and the impact it had on the community. Emphasize that flood water can cause damage to their belongings - damage that renters’ insurance won't cover. 

4. Dive into details. Your potential clients may not fully understand how their current insurance is leaving them exposed in the event of a flood. Use this as an opportunity to go into further detail about the following topics: 

•    The differences between what renters and flood insurance covers.
•    What flood insurance will cover in the event of a flood. 
•    How they’re not protected by a landlord’s flood insurance policy. 
•    The only way to guarantee coverage is by purchasing flood insurance. 

5. Discuss their options. Assure your client that you’ll be with them every step of the way, from writing a policy that’s best for their needs to helping them recover in the event of a flood. Once this trust is established, you can begin to dive into the details of coverage amounts, deductibles and the different factors that impact policy costs. 

Learn more about marketing flood insurance and our free resources.