When advisors are looking for new business avenues, people who rent their homes rarely come up on the radar. While this may be seen as understandable for many, it may also be a missed opportunity. Many advisors also deal with insurance matters, with renters also needing protection.
Most people take out insurance as part of becoming a first-time buyer, often leaving those renting out of the equation. However, tenants are still vulnerable to accidents, illness and other events that can leave them temporarily unable to work. This can make covering rent payments and bills each month a real problem. Without an insurance policy, they risk being left high and dry.
Advisors with the CeMAP qualification can offer their services, showing how the right insurance protection can help these renters avoid the stress of having to downsize to another, cheaper flat or house.
Furthermore, tenants often do not want to be in that position forever. Many of them will eventually look to become homeowners and will already be saving the money needed to put down a deposit. Again, should injury or sickness disrupt their working lives, they will be forced to use those savings to pay their living costs if they do not have a protection policy.
Helping people who rent to see why this is just as important for them as it is to people who are paying off a mortgage will open up a new client base for advisors. It will also help more people to avoid getting into serious difficulties with their finances.
