Insurance Market Source highlights this month’s top three personal insurance articles on insurancemarketsource.com.
1. Thinking Differently About High-Net-Worth Policies
A recent report marks a record total of 10.4 million millionaires in the United States, adding 300,000 new millionaires in 2015. While economic growth has been slow, the number of affluent individuals has risen. High-Net-Worth package insurance policies are written for these individuals through specialty carriers who specifically understand the needs of wealthy clientele.
Homes that fall into a High-Net-Worth package are typically valued above $750,000, and the package may also include Umbrellas, Collections, Secondary Homes, boats and automobiles…
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2. The Effect of Airbnb & Wildfires on Mid-Range Homeowners Insurance
If a client’s home is located in a part of the country that experiences regular catastrophic disasters, hard-to-place Homeowners insurance is not new to the experienced broker or agent.
“Mid-Range Homeowners insurance is the backbone of the personal lines (P&C) industry,” said Bill Gatewood, Corporate Vice President and Director, Personal Insurance, Burns & Wilcox. “It is where most of the homes in the U.S. fall, with replacement costs in the $150,000 to $750,000 range…
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3. Safe at Home?
A recent survey by the Independent Insurance Agents & Brokers of America (IIABA) found that many homeowners lack adequate insurance coverage, do not understand their Homeowners policies and are financially unprepared for a disaster.
As eye-opening as those findings might seem, they also reveal an opportunity for brokers and agents to educate their clients, then connect them with the coverage they need to protect themselves and their assets if disaster strikes…
