Homeowners

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…

Wildfires: 5 Things All Brokers and Agents Need to Know

The challenges facing homeowners in areas of high risk for wildfires For many homeowners in the western part of the country, the threat of wildfire is an ever present risk. Heat, drought, lightning and wind create the perfect conditions to spark a blaze that can threaten homes, destroy property and in extreme cases, consume tens of thousands of…

These Five Challenges Can Make Homes Hard-to-Place

Even the savviest insurance professional can face challenges when dealing with their client’s hard-to-place risks. The housing market is no exception and many brokers are finding that homes are falling outside of the standard insurance market appetite due to a number of unique exposures. As a result, these homes are qualified as hard-to-place and brokers…