Seacoast Blog Five Things You Need to Know If You Write High Value Homes

The “high net-worth” or “affluent” consumer market is relatively small. If we define “high value homes” as valued in excess of $1 million, that will include at least 1.2 million US households. Nearly half of these households are in catastrophe prone areas of the country, typically in coastal areas. According to a recent article in Insurance Journal, it is estimated that 40% of high value homes are underinsured. Often homeowners will only carry enough insurance to cover their mortgage or the sale price of them home but not nearly enough to rebuild the home in the event of a total loss....