Securing the Castles.More than 7 million people worldwide have $1 million or more in assets--an 18% increase from two years ago. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the current economic expansion is a decade old and unemployment is at a 30-year low. This wealth and prosperity is illustrated by changes in the housing market. Homes in the $300,000-plus range were the fastest-growing segment of the new-home market between 1993 and 1997. As the number of luxury homes rises with the growing number of millionaires, insurers are making a more concerted effort to tap this high-end market, offering products that cater to the well-to-do. These policies promise to protect the wealthy against the loss of their luxurious homes, expensive jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. , designer kitchens, fine art, wine cellars and high-tech security systems (See "Raising the Roof," page 26). The insurance products being marketed to the wealthy have names that suggest luxury and exclusivity--AIG offers "Private Collections" to cover art, jewelry and other fine collectibles, and Hartford's "Distinct Advantage" targets homes in the $300,000-plus range. But it's not just the wealthy that need homeowners insurance. Home ownership in the United States is at an all-time high, with owners living in 67.2% of the nation's occupied homes, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census . With so many people owning their homes, insurance agents have more opportunities to sell additional coverage, such as flood insurance Flood insurance denotes the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands and floodplains that are susceptible to flooding. (See "Cash Stream," page 39). The key is convincing homeowners, especially those who don't live next to a large body of water, that they need flood insurance. H.S. Toby Turner, a vice president with Lanier Upshaw, a property/casualty agency in Lakeland, Fla., makes a compelling argument. "Flooding can happen anywhere," he said, "and the risk is increasing. Urban development is causing major changes in the natural drainage drainage, in agriculture drainage, in agriculture, the removal of excess water from the soil, either by a system of surface ditches, or by underground conduits if required by soil conditions and land contour. of land. Torrential rainfall, poor drainage systems Noun 1. drainage system - a system of watercourses or drains for carrying off excess water system - instrumentality that combines interrelated interacting artifacts designed to work as a coherent entity; "he bought a new stereo system"; "the system consists of a , excessive snowmelt--they can all cause flooding." David Hilgen editor |
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