There is no doubt that wealthy people tend to have lots of “stuff” (don’t you love how I state the obvious). Insurance companies are now trying to capitalize on that fact by offering specialized policies for the wealthy. What a brilliant idea.
Of course, a bunch of those wealthy folks are building (or already owning) big homes full of “stuff” in coastal areas, and these new offerings come just in time – property and casualty rates are definitely going to rise. And P&C isn’t the only product headed their way – there is also a policy coming out to protect against liability for screwing up the family trust. If hedge funds start heading south, those trustees are going to need it!