Is there any independent restoration businesses that sell home insurance policies?

[BIG WOOD]

I was just thinking this on my way home from work today. Is a side hustle like this possible for guys like us?

I'm getting hit with a few water damage jobs from last week and one of the customers says their insurance is too high to file another claim. So my mind was wandering about this topic

 

[Kenny Hayes]

It’s not a bad thought and you’re young. With most people having at least a 2% deductible, they could certainly sidestep their carrier. As has been discussed, it’s when it interferes with your cleaning business that it becomes a pain.

 

[hogjowl]

I’m going to buy a 3D printer and start making glides

 

[BIG WOOD]

I’m going to buy a 3D printer and start making glides

so who would you sell them to?

these goobers on here aren't a good customer base to market to. if you want a side hustle, you need to use your current customer list. that's what I was brainstorming over last week and this topic came up.

 

[hogjowl]

Ok, I put it in purple just for you … speaking of morons.

 

[BIG WOOD]

I’m going to buy a 3D printer and start making glides

I appreciate that

 

[they live]

I was just thinking this on my way home from work today. Is a side hustle like this possible for guys like us?

I'm getting hit with a few water damage jobs from last week and one of the customers says their insurance is too high to file another claim. So my mind was wandering about this topic

Conflict of interest?

Maybe sell them stocks. It seems to be working for Damon.

 

[BIG WOOD]

Conflict of interest?

I was waiting for that topic to come up.

I was concerned about that also. I'm not owning the insurance company. Just a salesman of it. Is it a conflict of interest for a carpet cleaner to sell vacuums also?

 

[Kenny Hayes]

You lost me on the conflict of interest? But I’m just a janitor

 

[they live]

I was waiting for that topic to come up.

I was concerned about that also. I'm not owning the insurance company. Just a salesman of it. Is it a conflict of interest for a carpet cleaner to sell vacuums also?

Good point.

Yes.
Ask your insurance company why.
Liability i would assume. Will your business insurance cover it if it catches fire? Will they call you for the water and smoke damage?

Ive gotten cautious about liability issues since we started cleaning so many multi million dollar homes.
Property managers will request things and want to tell us how to clean them. Ive had to intervene in gennys work too many times.

 

[they live]

I would focus on upselling your current services or expanding your services.

I turned a $250 job into a $400 job by offering to clean a brick fireplace.

I was thinking of you today while I was cleaning that fireplace.

 

[Kenny Hayes]

Yeah, I think he should try window washing

 

[BIG WOOD]

I have the understanding that agents typically earn higher commission rates for selling new policies and renewing existing policies.

From my point of view, it's earning money for typically doing nothing when the policy gets renewed.

NO cleaning windows or adding any other labor intensive service. I did that crap in my early years. I'm tired of slaving away.

 

[they live]

I have the understanding that agents typically earn higher commission rates for selling new policies and renewing existing policies.

From my point of view, it's earning money for typically doing nothing when the policy gets renewed.

NO cleaning windows or adding any other labor intensive service. I did that crap in my early years. I'm tired of slaving away.

I wondered if labor was the reason you want to sell stuff.
When I'm working I'm in a different mindset. Its hard for me to shift back and forth.
Its easy to sell more work when I see a need. Bringing up a completely different topic like insurance would require a lot of training and different perspective for me.
Maybe someone else will chime in with a better opinion than me.

 

[BIG WOOD]

I wondered if labor was the reason you want to sell stuff.
When I'm working I'm in a different mindset. Its hard for me to shift back and forth.
Its easy to sell more work when I see a need. Bringing up a completely different topic like insurance would require a lot of training and different perspective for me.
Maybe someone else will chime in with a better opinion than me.

Like always, I’m just brainstorming to find ways to make more money by doing very little work.

 

[Kenny Hayes]

You boys lost me, since I didn’t read all your post about #selling insurance. First of all, you do have to be licensed even to sell. It’s not like law, but close. Some states do allow solicitors licenses without a full agents license. Insurance companies usually pay 15-20% commission on property and casualty premiums. If you sell for an agent, an independent, they would set an agreement of
40-60 split, or maybe 50-50 depending on how good you are. Just like carpet cleaning, it’s a Dog eat Dog world!

 

[BIG WOOD]

You boys lost me, since I didn’t read all your post about #selling insurance. First of all, you do have to be licensed even to sell. It’s not like law, but close. Some states do allow solicitors licenses without a full agents license. Insurance companies usually pay 15-20% commission on property and casualty premiums. If you sell for an agent, an independent, they would set an agreement of
40-60 split, or maybe 50-50 depending on how good you are. Just like carpet cleaning, it’s a Dog eat Dog world!

I’ve been curious at what it takes to be a licensed agent

 

[Nomad74]

Conflict of interest?

Maybe sell them stocks. It seems to be working for Damon.

Bought more TSLA calls this morning.

 

[Nomad74]

I’ve been curious at what it takes to be a licensed agent

Ok Matt, As a former licensed insurance agent, it's not worth your time unless you go full bore into it and build a book of business that generates ongoing residual premiums. Most companies have things called Riders you can add to an existing policy to cover anything you can think of. I believe there is a poster here that has a Sexual Harassment rider on his business policy, just in case a female employee claims he chased her around the desk. The simple truth is most people are too cheap to justify the additional expense of the rider until it's too late.

Also, trying to find a cheap flood insurance, well good luck and read the fine print. My water damage insurance doesn't cover broken pipes..... can you believe that! The insurance companies are in business to make money, not pay out policies.

Invest in Chubb insurance company. Ticker CB

 

[Nomad74]

I’ve been curious at what it takes to be a licensed agent

AD Banker will get you licensed easily. Just gotta pass the state test, but AD Banker gets you there.

https://www.adbanker.com/?utm_campaign=&utm_term=ad%20banker%20insurance%20classes&utm_source=adwords&utm_medium=ppc&hsa_ver=3&hsa_acc=6872042567&hsa_mt=e&hsa_src=g&hsa_cam=20190416839&hsa_grp=150551893418&hsa_tgt=kwd-336301745740&hsa_kw=ad%20banker%20insurance%20classes&hsa_ad=659637700764&hsa_net=adwords&gad_source=1&gad_campaignid=20190416839&gbraid=0AAAAADs0zUN2bepKjS22_kbZSOEj9Xywj&gclid=CjwKCAjwo4rCBhAbEiwAxhJlCd-QONB4NVTFhrwB6M59az8O1KTI1P7GtTahR4HKS2PaW2FbbFEqsBoCyiMQAvD_BwE