How Property Insurance Has Changed Over 5 Years


Property insurance has evolved over the last few years, and the market changes daily. Therefore, brokers must stay current with the changing industry to best serve their clients.

The Changes in the Property Insurance Market

Here are four ways this vital type of coverage has changed in the past five years.

Property Insurance and Wildfires

Coverage packages have changed as climate conditions have caused increasingly severe weather events throughout the country and worldwide. Insurance protection for residential homes and business structures has always been an essential aspect of ownership. Still, an increase in wildfires in the past five years has ushered in property insurance changes. Some policies may cover wildfires in standard fire protection clauses protecting against electrical and kitchen fires. However, only some policies offer this specialized coverage.

In some cases, insurers are refusing to renew property coverage. Property owners in areas near catastrophic wildfires may have trouble buying property and casualty insurance. Additionally, wildfire risk scores have become increasingly crucial for underwriters of property policies. Some states have regulations that require insurance brokers to continue insuring properties for a year after a damaging wildfire.

Property Insurance and Crime Scores

The crime risk has impacted both residential and commercial property and casualty coverage. Insurance carriers may set limits to determine insurability. If properties exceed those limits, some carriers may refuse to underwrite them.

Industry experts, however, point out that trusting crime scores to deliver an accurate picture of risk for underwriting property insurance may not be wise. A report offers 10 reasons why depending on crime scores is not necessarily helpful. Still, this particular factor in offering property coverage has become common. It was not a regular occurrence with general underwriting practices five years ago. 

Recognizing and Targeting Specific Audiences

General marketing approaches targeted to no specific audience no longer yield many positive results for insurance brokers as the metrics continue to change. Brokers should increase their digital presence and use social media platforms to focus messages toward specific consumer groups.

Cochrane & Company offers multiple solutions for brokers looking to sell property insurance. Additionally, we can provide the right products and services to provide your clients. Partnering with us can help you find the specific audience you are searching for. 

Evolving Role of Insurance Brokers

Insurance brokers have had to adapt to the changing times. Formerly, those seeking property and casualty coverage and professional liability coverage in industries such as restaurants, health care, hotels, and tattooing, went to their local agents or brokers for quotes, claims, policies, and answers to questions. But this process has changed in the past five years due to several factors.

Multiple channels of contact are now available such as phone, chat, and website for self-service. Additionally, there is now a round-the-clock service via the web on customers’ schedules. There are also higher customer expectations as the public wants regular, positive interactions. 

But property insurance is one area that is resisting the increased technological turn of the industry.

Property Insurance With Reliable Brokers

Customers trust their insurance brokers to offer relevant products from a trustworthy carrier. Property is a significant investment, and customers still want the personal interaction of a broker when choosing property insurance

They want to be able to ask advice and questions from a person they have met. Therefore, brokers should take advantage of the strength of this area and work with strong carriers to offer their customers the best possible property and casualty policies. Work with Cochrane & Company for the most extensive property & casualty products to deliver for your clients. Finally, adapt to the changing times and create more possibilities for the future of property insurance coverage. 

Cochrane & Company

For more than six decades, Cochrane & Company has been proudly at the forefront of the insurance industry. Our experience has enabled us to innovate in powerful ways, reimagining the E&S market, and providing technology solutions that make it easy to do business with us. Licensed in all 50 states, we proudly serve clients across the nation, providing personalized and powerful solutions to help you become an even better partner for your clients. Speak to one of our experienced professionals today by calling (855) 967-0069.


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