Tough market for home insurance for high net worth individuals

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“Honestly, there have been so many different changes in the last two years in the home insurance market,” said Maria Geary, director of RightSure’s Private Client Group. “It’s not just specific to the affluent market. But for this specific market segment, we’re actually seeing a lot more spending. The traditional ways they used to spend their income were phased out for a time, but there was still a need to buy. So we’re seeing a lot of home buying. We see a lot of secondaries. We see larger collections, which is interesting.

“What I’ve seen is an upward trend, honestly, to a lot of natural disasters and a lot of confusion with these price increases,” said Barton Beckley, mass risk manager with the client group. deprived of RightSure. “I see a lot more policy reviews happening as a frequency and as a normality for a lot of these customers, just to review their book of business and make sure they’re in the right place – you know, with the right carrier. , with the right adequate covers.

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“Consumers aren’t used to the tough market we find ourselves in now,” said Jeff Arnold, founder of RightSure. “And so the mindset is that insurance would just go down, right? They’re not used to premiums going up or up, and so they’re often faced with sticker shock when renewing It’s a great time to be in the business because you can actually use all of your counseling and advising skills to dissuade them But yet we’re seeing price increases, premium increases in all areas, so we are in the middle of a very tough market.

“And sadly, I don’t think this market realizes that insurance companies need to take prices and raise their rates,” Geary said. “So it’s a tricky conversation, and I think it will continue over the next couple of years, where with every renewal we have to do a thorough review of what’s needed and what’s not – because rates will go up across the board for all markets.

Watch the full interview here.

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