People who have higher net worth typically have unique insurance needs that must be addressed. The average insurance policy is designed with people who have more modest means in mind. They have coverage limits and exclusions for high-value items, such as:
You must work with an agency that understands and caters to the needs of high net worth individuals in order to get the right kind of coverage for possessions that are somewhat unique to those within your considerably higher than average, income bracket.
Coverage for Special Home Features
Think of all the custom features your home has. From architectural focal points to luxury touches such as:
- Wine Cellars
- Custom Swimming Pools
- Pool Houses
- Wine Collections
- Artwork and Sculptures
Not only do these items often have values that exceed the limits of standard home insurance protection. They often require appraisals, upon acquisition, to substantiate their worth. Working with an agency that specializes in high net worth insurance protection can help ensure you are not underinsured for acquisitions intended to be investments.
Garage Coverage for High Net Worth Individuals
Depending on where your interests lie, your garage could easily be filled with expensive cars, equipment, and tools to keep them operating in top form. Not only do the cars themselves have intrinsic value that goes beyond the standard depreciation rate, in fact, many will increase in value as fewer models are available on the road, they also defy standard insurance practices and need specialized coverage. This is key if you have any of the following:
- High Value or Custom Vehicles
- Antique Vehicles
- Restored Vehicles
- Recreational Vehicles
While sailing vessels and yachts aren’t commonly stored in your garage, they do have special insurance protection needs to consider as well.
Liability Protection for High Net Worth Individuals
Another critical consideration is liability protection for high net worth individuals. Your financial status alone makes you a target for nuisance lawsuits of many varieties. From disgruntled household staff to people looking for opportunities to cash in through trials, you need general liability and umbrella protection that far exceeds the protections required by most households.
You also need to consider insurance coverage for domestic staff who work for you. This includes a wide variety of household staff members, such as:
- Personal Chefs
- Housekeepers/Cleaning Staff
- Gardeners and Groundskeepers
The more people your household employs, the greater the need for protection for your family and your staff becomes. In addition to additional homeowner’s insurance and umbrella protection, you may want to consider employment practices liability insurance, too.
At Hummel Group, we work with you to assess your risks, identify insurance coverage gaps, and find the perfect balance of protection for our high net worth insurance clients. Our mission is to make sure your protection is complete.
Contact us today to review.