Of the Millennials that purchased property over the past year, 65 percent were first-time homebuyers. Considering that the majority of this generation is new to home ownership, insurance carriers can offer tremendous value by using an insurance inspection to educate insureds about homeowner’s insurance coverage and ways to mitigate risk around the property.
Here’s what insurance carriers need to know about Millennials from a homeowner’s insurance perspective:
Older Millennials are Mindful About Environmental Sustainability
The older segment of Millennials (ages 27 to 36) are particularly mindful about the environment, so smart homes that give them greater control over the temperature of their homes and overall energy usage are very appealing to them. Since many insurance carriers are now offering incentives through discounts to homeowners that choose to share this smart data with them, it’s valuable to use an insurance inspection to make insureds aware of opportunities to save money by using smart technology in the home.
Younger Millennials are Not as Inclined to Use Smart Home Technology
Millennials have the reputation for being tech savvy; however, smart home technology is less appealing to younger Millennials as they’re more security conscious and are concerned about a hacker using the technology to invade the privacy of their homes and steal data. Cost is another factor as smart home technology can be expensive. Insurance carriers can use an insurance inspection to talk to this younger generation of Millennials about the pros and cons of using smart home devices, the security advancements that have been made with this technology, and the cost savings that smart devices can provide to homeowners.
Purchasing Homes in Up-and-Coming Neighborhoods is Appealing to Millennials
Millennials are more inclined than other generations to purchase property in transitional neighborhoods where the potential for market values to increase is high. Crime is one of the biggest risks of purchasing property in an up-and-coming neighborhood, and insurance carriers should talk to homeowners about ways about ways that they can further secure their properties to prevent theft and loss.
Millennials Will Benefit From Being Made Aware of Their Level of Coverage
A large portion of the Millennial generation is new to home ownership, and trying to understand what a homeowner’s insurance policy covers can be overwhelming. Insurance carriers can prevent the heartache and financial distress that can come from having a gap in coverage by using an insurance inspection to walk new homeowners through their current levels of coverage. This discussion can also uncover new opportunities for insurance carriers to serve insureds, creating a win-win situation.
Our team at Insurance Risk Services has been partnering with property and casualty insurance carriers for nearly 40 years to provide them with thorough, in-person insurance inspections. Contact us to learn how we can help you increase your appeal to new Millennial homeowners with an insurance inspection.