Summary
Gaming seats are still uncommon in American homes, but they are emblematic of a long-term trend. Since the 1980s, Americans have bought bigger homes, expanded existing ones and outfitted them with increasingly valuable appliances, art and collectibles. A survey released in February found that, on average, 66% of insured homes in 2007 were undervalued by an average of 18%. That's an improvement from before 2002, when 73% of homes were undervalued by an average of 35%, said Peter M. Wells, president of Marshall & Swift/Boeckh LLC. With few exceptions, writers of homeowners insurance have taken on the job of informing customers about the issues of undervaluation, Wells said. Art collections also merit special attention. Among Chubb's core group of high-net-worth customers, some buy $20 million to $30 million worth of art "at a clip," said Dorit Straus, worldwide fine arts manager with Chubb Personal Insurance. Chubb also works with clients to protect their art. Straus said company representatives visit clients with significant collections to see how pieces are installed and framed and to give curatorial advice.
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Extract
Coming Up Short
Anybody know what "gaming seats" are? They're cushy, upholstered chairs used while playing video games.
One home, insured by the personal lines business of the Chubb Group of Insurance Cos., has eight of these high-end seats. Each is equipped with a sound system, game controls and a plasma video screen.These gaming seats and associated equipment would cost a lot to replace-perhaps $25,000, according to a Chubb spokesman. By the way, the seats are separate from the property's home thea...See the full content of this document
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