New Trends in Homeowners Insurance

The detailed underinsurance information is provided as a service to both insurance brokers, who are looking for new clients, and to consumers, who have requested a homeowner’s insurance quote online. The enhanced insurance information allows the broker to prepare an accurate quote before calling the consumer. Meanwhile, the consumer receives the same underinsurance information in an email. By sharing this information with both parties, iLeads.com helps eliminate the time-consuming question-and-answer period that characterizes the typical quote call.

“By appending First American homeowner’s data to our leads, we are able to give insurance brokers leads that convert at a higher rate,” explains Drew Warmington, president and CEO of iLeads.com. “At the same time, consumers learn exactly what their underinsurance amount is—at no charge—so they can make an informed decision about their homeowners insurance.”

According to Marshall & Swift/Boeckh, a company that provides valuation information to the insurance industry, 58% of the homes in the United States are underinsured by an average of 21%. The National Association of Realtors reports that the average median price of a home in the United States stands at $212,800. If such a home were underinsured by 21%, it would mean the insurance company would pay just $168,112 toward rebuilding the home—a shortfall of $44,688. That shortfall would have to come out of the homeowner’s pocket, or the home would have to be built smaller or with cheaper materials.

With the number of hurricanes, wildfires, and tornadoes that have struck the United States in recent years, causing catastrophic damage to thousands of homes, many consumers have come to appreciate the importance of keeping their insurance up to date and in line with the actual costs of rebuilding their homes.