The real-estate market is slowly recovering since the 2008 financial crisis. While the economy is improving, interest rates have fallen to record lows boosting demand for housing.
According to Trulia’s Housing Barometer, construction starts increased by 19% in 2013 which is still about 40% off the normal pre-bubble construction start rate.
The Barometer has also shown that existing home sales have returned to normal, with an average of 5.48 million sales in existing homes. Nevertheless, foreclosures and short sales still make up about 1/8 of existing home sales. On the other hand, the delinquency and foreclosure rate has dropped to 8.66%, the lowest ever level in 5 years.
Overall, the housing market is getting more buyer friendly, but as more houses enter the markets, slow asking prices and high interest rates keep home buyers in check.
The increase in new home sales also means that more people are likely to look for home insurance. Home insurance coverage varies depending on the type of policy but usually includes protection against costs and expenses due to damages resulting from fire, storms, hail, lighting, theft and vandalism. Some home insurance policies include coverage for floods and earthquakes although this type coverage is less likely.
Moreover, home insurance usually includes dwelling coverage (such as repairs), personal property coverage for any personal items that may haven been damaged because of external circumstances, loss of use coverage (if you have to move out of your home temporarily) and liability coverage (covers damages in case of a lawsuit). Other coverage included under home insurance depends on the individual policy.
What’s more, with frequent extreme weather occurences, such as Hurricane Sandy or the polar vortex, home owners are more likely to look for home insurance to cover damages. For 2014, a rise in home insurance premiums is expected due to many homeowners using their coverage for damages to their houses.
Home Insurance Lead Generation
In the digital age, homeowners are more likely to look online for home insurance rates, making online lead generation a perfect option for home insurance carriers. By offering consumers valuable content, companies can attract highly interested home insurance sales prospects.
With the housing market slowly picking up, home insurance lead generation is also picking up with an increasing amount of valid home insurance leads. In online home insurance lead generation, interested prospects are directed towards landing pages or other lead gen forms where carriers can collect user data relevant to their home insurance policy. ReviMedia can also cater to customers who are looking for home security systems.