Phoenix, Ariz.–Fewer policyholders are underinsuring their homes than 10 years ago, but the industry still needs to do more to plug the gap, especially in the face of recent catastrophic events, a panel of industry experts said.
In 1994, 73 percent of all homes were underinsured by an average of 35 percent, according to Robert Dowdell, chairman of Marshall & Swift/Boeckh, a building cost information service based in Lawrenceville, N.J. The figure has improved to 59 percent of all homes underinsured by an average of 22 percent, he said. The change represented insurance in the amount of $8 billion, he added.
His comments came yesterday during a panel discussion on insurance and property value evaluations at the National Association of Mutual Insurance Companies annual convention here.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
