Compared to 2010, more agents reported that families insured by mass-market carriers were likely paying for unneeded coverage, and missing a variety of savings opportunities. The most common missed savings opportunities include:
- Increasing Deductible Amounts: 81 percent of agents report families have homeowners and auto insurance deductibles that are too low.
- Package Discounts: 62 percent say families do not take full advantage of discounts earned by placing multiple policies with one carrier.
- Loss Prevention Credits: Half of agents surveyed believe that families overlook credits available for safety systems such as burglar alarms, water leak detection and power backup systems.
- Umbrella Liability: 92 percent of agents report inadequate liability coverage, despite four in five families believing their wealth alone makes them an attractive target for a lawsuit.
- Uninsured/underinsured Liability: 86 percent say HNW families have inadequate protection if they suffer serious injury or damage at the hands of someone else who lacks the insurance or assets to meet his or her liability obligations.
- Valuable Collections: 86 percent of agents report ineffective coverage of jewelry, art, wine and other valuable collections.
- Home Structure: 83 percent believe families have insufficient coverage of the main home and/or vacation home, even as the home structure often represents the largest component of a family’s net worth.
About ACE Private Risk ServicesACE Private Risk Services is the ACE Group’s high-net-worth personal insurance business, which provides specialty coverage for homeowners, automobile, recreational marine, umbrella liability and valuable collections insurance for individuals and families with emerging and established wealth. Policies are issued by Bankers Standard Insurance Co. and ACE Insurance Co. of the Midwest. Additional information can be found at: www.aceprs.com . The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com .