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.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 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.
