STRATE GY TALK WITH J I M HYATT:
The Challenges of Selling Condo—
and How to Overcome Them
Condo sales are on the rise in Massachusetts: In 2013,
sales were up 15% and more than 21,000 units were
sold. Jim Hyatt, vice president of Arbella Personal Lines,
explains how independent agents can most effectively
tap into this market and grow their condo business.
Q: What are the challenges of writing condo insurance?
A: Condo is one of the few personal lines products agents
write that is contingent on understanding a commercial
lines policy—in this case, the condominium master policy. It’s
important to understand where that policy stops and where
the HO-6 starts, especially regarding Additions and Alterations
coverage. Is it an “all-in” policy? Is it clear what level of
improvements have occurred over the years to the unit and who
has responsibility for insuring those improvements? Has the
master policy deductible changed in the last few years? What
is the loss assessment coverage needed? Finding the answers
to these questions is essential to guiding your customer on
choosing which coverage is right for them.
Q: Do independent agents have an advantage over direct
writers when it comes to selling condo?
A: Yes! Independent agents, by far, have a much deeper level
of commercial lines experience than direct writers and are in a
better position to decipher condo association master policies.
MAR K ETI N G AN D ADVE RTI S I N G U P DATE
Spring is a season that reflects optimism and new growth,
and Arbella has more resources than ever to support you in
your marketing efforts and help you grow your business! As
we continue to promote brand awareness and maintain our
market share in a sea of competition, our targeted marketing
campaign includes new TV, radio, and digital ads reaching
all consumers. We are also introducing new sponsorships,
including “Arbella Early Edition,” airing nightly on Comcast
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ARBELLA INSURANCE GROUP
Unfortunately, many of the direct writers have online partnerships
with property carriers, so a consumer can technically buy condo
insurance online. Does the consumer understand what they
should purchase for Additions and Alterations? Most likely not.
That’s where the value of an independent agent becomes clear.
Q: What can agents do to most effectively sell condo?
A: Communicate the complexities of this coverage through
social media, newsletters, and on your agency’s website.
Agents can position themselves not only as experts, but also as
trusted advisors who will educate their customers on what type
of coverage they need. Share stories of how customers have
purchased online and came up short at claim time. Explaining
the benefits of buying condo insurance through an independent
agent will result in a happy, well-informed customer and more
condo business for your agency.
Our redesigned condo brochure and new agent fact sheet are
now available on Arbella Connect !
TM
SportsNet, as well as millennial-targeted radio sponsorships
on WZLX, Mix 104.1, and Clear Channel. Additionally,
Arbella’s customized marketing services provide you with
the consultation, tools, and resources you need to build a
marketing strategy that’s right for you, including web design,
SEO strategy, co-op advertising, and much more!
For information on how Arbella can help you develop a robust
marketing strategy, contact Jackie Springer at jacquelyn.
[email protected].