Home Insurers Take On Home Repairs
Some insurers are proactively helping wealthy clients make repairs and drafting action plans to prevent future losses, reports the Wall Street Journal. High-end insurers like Chubb, Pure, AIG Private Client Group, and Cincinnati Insurance increasingly use risk-management specialists to evaluate clients’ properties and, if necessary, help secure contractors to make upgrades and repairs. Technicians will install water and temperature sensors connected to mobile apps that alert homeowners of possible danger. Some insurers also have in-house art preservationists and restoration experts who can help develop an “escape plan” for fine art, valuables, and collections when disaster is imminent.
Sean Kevelighan, CEO of the Insurance Information Institute, says some personalized service insurers provide to their high-net-worth clients will one day be available to homeowners with standard policies. “You’re seeing some of the technology coming into mainstream products. What we’re seeing is an overall shift from detecting and repairing to protecting and preventing,” he says.