Homeowners

Masters Tournament Lodging: Home Rentals Need More Than Homeowners Policy to Protect Against Risk

When the PGA Tour’s first major, the Masters Tournament, is held this week at Augusta National in Georgia, thousands of fans from around the world will converge on the small town of Augusta. It is estimated that 150,000-190,000 patrons attend the Masters each year. And they will all need a place to stay. With hotels and online rentals being booked nearly two years in…

Key Advice for Clients Affected by Wildfires

This year has been the costliest for wildfires in U.S. history with damages topping $10 billion—and that was before the current fires began in California1. More than 1,000 structures have been destroyed and at least 25,000 homes are threatened by the raging wildfires in Southern California, according to the California Department of Forestry and Fire…

Are You Sitting on a Gold Mine? Header

Are You Sitting on a Gold Mine?

The number of homes valued at $1 million and above has doubled in the past five years. With this recent surge in high-value homes comes an increased need for specialized coverage. Homeowners often underestimate the value added by upgraded features such as imported tile, outdoor kitchens, custom-made cabinetry, built-in pools and custom brickwork. Consequently, many…

5 Reasons Why Regular Homes May Need Specialty Insurance

Those not normally affected by natural disasters—hurricanes, earthquakes, and floods—may never expect their homes to be deemed hard-to-place risks. Insurance brokers and agents, however, should understand a different story. Many brokers are finding homes and risk profiles that no longer meet the eligibility requirements of standard market carriers. It is important that when faced with the…

Vacant Dwelling Coverage: Uncovering Challenges and Finding Opportunities

Approximately 12.9 percent of residences, more than 17 million housing units, were vacant in 20151—many of which sit unprotected today. The window of opportunity for retail brokers and agents to speak to clients about Vacant Dwelling insurance is wide open. However, some brokers may think this coverage is difficult to sell for varying reasons, including…

Top 3: Personal Insurance Articles

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…

Ask the Experts: Trends and Insights on Hard-to-Place Homeowner’s Insurance

Insurance Market Source regularly taps into its network of experts for insight into key trends across the insurance landscape. In this feature, Bill Gatewood, Corporate Vice President and Director, Personal Insurance, Burns & Wilcox, and Donna Dodd, Vice President, Personal Insurance, Burns & Wilcox, provide their insight on insuring hard-to-place homes in the specialty lines…

The Effect of Airbnb and 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…