A recent ACE Private Risk Services survey found that families are typically overpaying for unneeded insurance coverage—and that trend has only been getting worse since 2010.

High-net-worth clients are particularly susceptible to this trend, often overlooking savings opportunities. More than half of insurance agents surveyed by ACE say rebalancing their personal insurance portfolio can help reduce clients' premiums while still strengthening insurance protection.

Here are five strategies ACE recommends agents share with high-net-worth clients on how to better manage and possibly reduce insurance premiums.

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