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5-STAR INSURERS: HOME could lose its insurability and ask unit owners to assume responsibility of the damage and repair bills.” According to HUB International, “an uptick in claims in the apartment and condominium market due to fires, water escape, wind/hail and flooding have reduced the number of insurance carriers willing to write this class. For this reason, moving into 2021, multi-family residential can expect to see another 20% to 50% increase, along with
further increased deductibles in their general property coverage. Residential apartment and condominium properties looking to weather this storm will need to show underwriters what type of controls they have implemented to prevent common, high-frequency and -severity water and fire claims.” Together, these trends should keep home insurance providers busy in the coming year.
HOW WE CHOOSE THE BEST ‘Market-leading’ is a phrase many insurance companies like to use when describing their products. Now nine companies can claim that title on the back of hard market research from the people who matter most: insurance brokers. To select the best home insurance carriers for 2021, IBC enlisted some of the industry’s top experts. Throughout a 15-week process, our research team conducted one-on-one interviews with specialist brokers and surveyed thousands more within IBC’s network to gain a keen understanding of what insurance professionals think of current market offerings. Brokers were first quizzed on what features they thought were most important in a home insurance policy and then asked how the insurance providers they dealt with rated on those attributes. Insurers were measured on the strength of their relationships with brokers, ability to handle claims, underwriting expertise and, most importantly, the strength of the individual products they provide.
NUMBER OF AWARD WINNERS BY CATEGORY Dwelling coverage
Claims
8 Contents coverage
5
Customization
7
Personal liability
5 Underwriting expertise
8 High net worth
Customer service
8
68
4
5
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03/02/2021 7:53:39 am