The construction market is one of the many industries that has felt the financial impacts of the coronavirus pandemic. The initial lockdown forced construction to a screeching halt, disrupting project schedules and causing short- and long-term uncertainty across the industry. However, as restrictions ease, construction projects resume once again, with commercial and residential construction projects on the rise. As many Americans remain out of the office and out of stores, businesses are taking this opportunity to complete long-overdue renovations. Home improvement projects have also surged amid the pandemic as people spend more time at home than ever before.
Nicole Knight, Program Manager of Distinguished’s Vacant Building and Builder’s Risk programs, says “Depending on each state and its COVID requirements, we are now seeing an uptick in the need for coverage as construction resumes, particularly for projects that were significantly delayed due to the inability to work and obtain permits and loans during the lockdown.” The growing demand for builder’s risk makes it the perfect time to grow your builder’s risk book of business.
Tips for Finding New Builder’s Risk Insurance Leads
- Use What You’ve Got!: Builder’s risk coverage is not only for commercial structures. According to a survey from Trulia, 90% of homeowners plan to remodel their homes. Odds are a handful of your homeowners insurance policy holders are planning construction. Reaching out to these clients demonstrates your knowledge and expertise while also strengthening client relations and potentially building your book of business.
- Industry Research: Contact local contractors, real estate professionals, mortgage brokers, and service professionals to get your name out there. Check websites like BidClerk, Angie’s List, Houzz, Home Advisor, and The Blue Book to see what’s happening in your area. Consider also networking through national or local trade organizations. Some organizations to look at include: National Association of Home Builders, Local Association of Home Builders, and the Association of General Contractors.
- Be Nosy: See a contractor’s truck in a parking lot? Put your business card under the windshield wiper. See a dumpster in front of somebody’s home? Start up a conversation with them to see if they need coverage. Don’t be afraid to engage with community members, just don’t forget your mask.
- Show Your Knowledge: Do you have a blog or social media presence? If not, you should! If you do, share helpful tips with prospective clients. Write your own articles for your blog. Share existing publications via LinkedIn. Launch an educational email marketing campaign. There are many different ways to be a good source of information.
While the pandemic has created an environment of unprecedented uncertainty and financial strain, construction is bouncing back — and it is only expected to grow. There are plenty of opportunities to find more builder’s risk leads and now is the perfect time to expand your book of business.