Personal

Ask the Expert: High-Value Homeowners Insurance

More than 2 million homes in the United States are worth more than $1,000,000, and that number has doubled in four years’ time1. As the affluent market rebounds from a record setting catastrophe year in 2017, it is more important than ever to discuss the “state of the market” with your clients. High-Value Homeowners Insurance…

5 Industry Insights: 2018 to be strong year for Recreational Marine Insurance

Destruction in Texas and Florida from Hurricanes Harvey and Irma reached $200 billion1, with damage estimates to recreational boats topping $655 million as a result2. Despite this, boat sales are slated to rise another 5 to 6 percent, adding to the already 12 million recreational boats currently in use in the United States3,4. To shed…

Five Signs Your Client Needs a Personal Umbrella Policy

The average award for a personal injury lawsuit is $789,784, above the limits of many homeowners or standard auto policies.1 With a rising need for Personal Umbrella insurance the key for brokers and agents is to educate and inform clients of the exposures they face and how to properly protect themselves. “For a few hundred…

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…

May the Force of a Personal Articles Floater Be With You

According to studio estimates, the second installment in the third Star Wars trilogy reached a debut of $220 million. That gives “The Last Jedi” the second-best opening weekend ever, behind “The Force Awakens.1 ” Whether a collection of Star Wars memorabilia, jewelry, guns, fine art, wine or antiques, retail brokers and agents should discuss the value…

A Hot Rental Market Is a Game Changer for Insurance

In recent years, businesses and investors have been purchasing thousands of rental properties, especially single-family homes. Starwood Waypoint – a company launched shortly after the housing crisis – is just one such example. According to CNBC, Starwood Waypoint bought thousands of homes to renovate and today rents over 30,000 homes across the United States.1,2 While…

Identifying a Client’s Need for a High-Net-Worth Policy

It is estimated that 70 percent of individuals whose assets exceed $1 million are either underinsured or do not carry a High-Net-Worth insurance policy whatsoever. As wealth accumulation in North America continues to inflate, there are thousands of new millionaires every year. With such a budding opportunity, Insurance Market Source recruited industry leaders from its…

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…