Here are a few real-life examples of our high-value home insurance policies, services, and expertise in action:
Water Damage Protection
A storm dropped more than six inches of rain in a three-hour period, flooding homes and destroying property. One homeowner who thought he had adequate coverage on his $8.3 million home was astonished to learn, after his home sustained $1 million in damage in the flood, that the company that had insured his home for 20 years would renew his policy only if he agreed to insure it without coverage for water damage. That’s when, at the homeowner’s request, AIG Private Client Group stepped in.
Our risk management team inspected the home and determined that the installation of a sewer backflow prevention device would protect it from sustaining a similar loss in another storm. The homeowner installed the device, protecting his home and property from future water damage, and we were able to insure his home—with coverage for water damage.
Flood Disaster Averted
While watching the morning news, a senior underwriter with AIG Private Client Group saw that a nearby river was rising fast and about to breach its banks. He immediately alerted our risk management team, who called all of our policyholders with homes located in the flood zone to let them know they were in danger. Our team reached one owner of a home situated right on the riverbank, whose property and belongings looked to be in immediate peril, and found that she was out of town—with no way to get back to secure her home before the flood hit. The policyholder gave our team the access code to her front gate and we immediately dispatched a team to sandbag the perimeter of the house. Water soon began creeping up the property but, thanks to our team’s quick action, the home escaped without water damage. Our team remained on the scene and kept watch until the danger had passed, and our policyholder returned to her home after the flood to find her home and possessions safe and dry.
New Construction Issue Resolved
Our policyholder was building a new home and scheduled a site inspection with one of our risk management specialists, as the general contractor was finishing construction. Touring the property, our specialist noticed a small water stain on a plaster wall. The contractor explained that the stain had been caused by a leak that had occurred several months prior but had since been fixed. To make sure that the leak had been addressed, our specialist used a moisture meter to inspect the wall. Sure enough, the leak was still there. Leaves and construction debris had blocked water from draining from the roof properly and excess water was collecting on the flat roof and running down the interior of the walls. Our specialist made sure that the blockage was removed and the roof was cleared of water, and a roofing contractor was brought in to repair the damage and make sure the problem would not recur. Had our specialist not been so thorough, the leak might have caused significant—and possibly irreparable—water damage not only to our policyholder's new home, but also to our policyholder’s belongings. Thankfully, the leak was fixed and our policfyholder could move in feeling secure.
Birthday Party Festivities Saved
One week before her daughter’s 15th birthday party, a pipe burst in one of our policyholders’ homes, causing significant water damage to the basement ceiling, walls, carpet and furniture, as well as to a first-floor bathroom. When she contacted an AIG Private Client Group claims specialist about the damage, the policyholder was frantic: Now that the basement was unusable, where would she host the party? Would she have to postpone—or even cancel?
Our claims specialist listened to our policyholder, understood that she needed more than just coverage for replacement and repair and offered a solution: Find an alternate location for the party and we would cover the additional costs. The policyholder found just the spot and the party came off without a hitch.