Millions of potential clients could benefit from your expertise and advice. At Chubb, we are investing in your business by giving you access to research and experts on the latest trends. Dive in to learn more about these trends.
Chubb fielded a study to understand successful individuals’ priorities, reasons and expectations around their homes and neighborhood preferences as they navigate these changing times. We partnered with Bill Fulton of the Kinder Institute at Rice University to utilize his background in urban planning to provide us with insights as to whether these are short-term or long-term trends.
In our survey, we asked respondents if they had moved since the onset of COVID-19, are currently moving, or are considering moving. We found, 18% of successful families and individuals in 2020 are moving at twice the rate the general population moved in 2019. That means over one million households could be in the market for new insurance and could benefit from your advice.
When we asked where they are considering moving to, we found that a majority of our survey respondents opted to maintain the same lifestyle and access to amenities when moving. Over 70% moved from urban to urban area, and 56% moved from suburban to suburban area
To help us understand what’s happening now, we looked at what was happening in our cities prior to the outbreak of COVID-19. Over the past 10 years, population growth rate in major cities in the US and Canada has declined, in many cases due to rising housing costs and the increasing ability of technology employees to work remotely.
Rents are falling fastest in pricey coastal cities amid the pandemic for several reasons including companies allowing workers to work remotely, a desire to move out of urban areas and a need to have more space.
We also asked why they were moving. In light of COVID-19, 90% said they needed a change in lifestyle and 81% said they wanted a home with more desirable features.
Successful individuals and families are leaving large urban areas and moving to smaller urban spaces. The ability to work remotely and an increase in effective technology has led to smaller city growth across the country.
Join Mary Parsons, EVP, and Joanna McNamara, VP, from Chubb Personal Risk Services, and Bill Fulton, an expert in urban planning from the Kinder Institute at Rice University, to learn how COVID-19 is changing cities and towns and how you can take advantage of these trends with successful families and individuals.
Successful individuals are moving to new homes and making upgrades to existing homes, which means they are facing new and different risks. Are you taking advantage of these opportunities to advise your clients and prospects about how to stay safe as they transition?
As people move to larger spaces, such as from a city apartment to a townhome or from a smaller home to a larger home in the suburbs, they may face additional risks. This may be the first time they encounter a new feature such as a working fireplace or the first time they need to purchase a car. They can benefit from your advice on how to protect themselves from this increased risk.
Our research indicates that people are making upgrades to their homes, whether they’re just moving in or staying in the same house.
When COVID-19 first emerged in the U.S., some of our clients moved to their secondary homes instead of buying a new home. That left their primary home unoccupied.
With fewer people working in offices and more people working from home, your clients are facing different and larger risks.
In a time of crisis, you have an opportunity to be the hero by reaching out proactively. In a recent JD Power Study only 42% of independent agent clients said they were contacted to help manage their policy during the crisis vs. 52% of direct clients who said the same.
Mortgage brokers are an important part of the real estate eco system. Develop relationships and partner with them to target realtors.
More people are buying secondary homes or moving out of the city and into larger homes, buying and installing artwork, and moving items out of storage. An art advisor often helps navigate the acquisition process and oversees logistics.
Agents and brokers are vital to Chubb’s success. To help you grow faster and more efficiently, we’ve created resource centers, tools, and programming you can use, and are actively investing in research and partnering with industry experts to share with you the best ways to understand and work with successful families and individuals.