To get full coverage, many homeowners need at least four policies
AnnaMaria Andriotis
For the owners of some residences, one home-insurance policy just doesn’t cut it.
To get full coverage on their home and the belongings in it, many homeowners with $1 million–plus properties have to sign up for at least four policies. Beyond basic home insurance, they often need policies that pay out for damage their homes may sustain from natural catastrophes, like floods or earthquakes. They also want policies to protect valuables, like an art or wine collection, at home. And most of these homeowners also sign up for home-related policies that protect their assets in case of a lawsuit.
What’s more, premiums have been going up partly due to an increase in homeowner claims. For example, high-end insurer AIG Private Client Group says it increased premiums by 2% to 5% over the past two years. ACE Private Risk Services, the high-net-worth underwriting division of ACE Group (US:ACE), says it raised premiums by an average of 4% over the past year.
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http://articles.marketwatch.com/2013-02-15/finance/37111438_1_aig-private-client-group-insurance-premiums-home-insurance
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