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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.

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