High net worth individuals face many complications when buying insurance. Which is why it is so important to stay on top of the situation and review your insurance coverage annually. An annual insurance review can help you explore changing needs that reflect life events and other occurrences in the previous year.
The beginning of a New Year is the perfect time to conduct an intense policy review to make sure you have all the insurance protection you need, to eliminate possible coverage gaps, and to ensure you’re not paying for coverage that no longer applies to you.
What Types of Protection are Unique to High Net Worth Individuals?
While the average person falls into a neat coverage package to get all the insurance protection they require, high net worth individuals have special needs traditional insurance might not offer, such as:
- Fine art insurance. Most homeowner’s policies will not cover replacement value on your art investments. If you’ve acquired new works of art or eliminated some pieces from your collection, your insurance coverage needs to change in order to reflect the purchase or sale of individual works of art. The same holds true for high-value antique furnishings, furs, jewelry, cars, and wines.
- Ransom insurance. Kidnapping and extortion remain very real risks for high net worth individuals, especially those who travel frequently. This protection could prove invaluable, especially if the bulk of your money is tied up in assets and trusts.
- Domestic employee insurance. Many high net worth individuals fail to protect themselves from potential liability lawsuits levied against them by domestic help they employ or liability relating to the actions of their domestic help as well. This coverage provides that key protection.
- Umbrella liability protection. While it is likely you do have this essential coverage for high net worth individuals, the question you need to review annually is whether you have sufficient umbrella protection. High net worth individuals are more frequently targeted with nuisance lawsuits and liability claims than the average person. This requires extensive time, energy, and money just to fight the claims made against you in court. Solid umbrella liability protection is essential, in addition to a higher than average standard liability policy.
Why do High Net Worth Individuals Need Specialized Coverage?
As a high net worth individual, you have a greater responsibility to the people who work for you, work with you, and depend on you (children, elderly parents, spouses, etc.). It is your job to protect your net worth whenever possible and insurance is an excellent tool for managing your risks.
Your life can change a lot in a single year. The birth of a child. Divorce. Caring for elderly parents. Illness. Marriage. Children leaving for college and starting lives of their own. All these things create new insurance challenges for you. Deland Gibson Insurance is dedicated to helping you manage your high net worth insurance needs with what works best for your unique situation. Contact us today and let us review your policy to make sure your risks are properly managed, and your protection is complete.
Providing Peace of Mind Through Proactive Service
Deland, Gibson: a Trusted Choice, Five Star Accredited independent insurance agency. Established in Massachusetts in 1900, Deland, Gibson is a 4th generation family-run insurance agency that has thrived working as a trusted advisor for its client base. We work with individuals and businesses to lower their Total Cost of Risk. We analyze a client’s direct and indirect costs and implement risk reduction plans to address areas of business, hazard, or strategic risk.