{"id":12593,"date":"2018-09-12T13:28:26","date_gmt":"2018-09-12T13:28:26","guid":{"rendered":"https:\/\/delandgibson.com\/?p=12593"},"modified":"2021-07-22T17:02:28","modified_gmt":"2021-07-22T17:02:28","slug":"high-net-worth-insurance-trends","status":"publish","type":"post","link":"https:\/\/delandgibson.com\/blog\/2018\/09\/12\/high-net-worth-insurance-trends\/","title":{"rendered":"High Net Worth Insurance Trends"},"content":{"rendered":"

Belonging to a high net worth (HNW) family comes with its share of challenges. Having accumulated financial wealth, expensive goods and pristine properties, HNW people are often exposed to complex property and liability risks that average consumers are not. To protect their interests, HNW individuals need high-value insurance coverage that concurs with their multi-faceted lifestyle<\/a>. The following are some of the most important high net worth insurance trends wealthy people are tracking in 2018.<\/p>\n

Catastrophic Events<\/strong><\/h2>\n

Over the last few years, climate changes have increased the threat of wildfire, hurricanes<\/a> and flooding across the country. Although these threats impact everyone, HNW people are at greater risk due to owning multiple properties in affected areas. In the Boston area, the combination of blizzards and torrential rains triggered unprecedented flooding that destroyed homes and businesses alike.<\/p>\n

To reduce their losses, HNW people need tailored insurance solutions that fully protect their investments. Customized home insurance policies that offer increased limits, broader coverage, extended replacement cost, flexible options for settling claims and allow for higher deductibles are more likely to align with a HNW person’s needs in protecting them against loss from catastrophes.<\/p>\n

Personal Collections<\/strong><\/h2>\n

HNW people are known to be passionate collectors of such luxury goods as fine art, rare wines, posh jewelry<\/a>, antique cars and more. Many of these collections are stored at home, although some may be displayed in galleries or museums. With valuable collections, there\u2019s always the risk of theft, damage or loss. Having collections accurately appraised is important to obtaining adequate insurance protection that covers replacement costs. Property insurance for collections should cover valuables while in storage, en route to a museum or gallery, on display, when taken abroad (such as wearing jewelry to special events) and in the event of \u201cmysterious disappearance.\u201d<\/p>\n

Lifestyle<\/strong><\/h2>\n

There are explicit risks to living the life of the rich and famous. An active lifestyle that includes global travels and perilous adventures with family and friends increases exposure to accidents which could lead to injured parties suing for damages. Personal umbrella liability coverage can help protect HNW individuals against liability risks that could cost them millions of dollars in lawsuits. Umbrella policies range from $1 million to tens of millions of dollars, giving HNW families ample leeway to select coverage that fully protects their assets. Professional liability coverage protects the interests of HNW individuals holding positions on nonprofit or for-profit boards.<\/a><\/p>\n

Personal Assets<\/strong><\/h2>\n

It\u2019s not uncommon for HNW families to put ownership of personal assets into LLCs, trusts or other legal entities. Before doing so, however, they should review ownership procedures to ensure their insurance aligns with the entity\u2019s policies. By working with an experienced HNW insurance agency when setting up insurance coverage for trusts and LLCs, HNW individuals can ensure they have the protection they need.<\/p>\n

HNW individuals can greatly benefit from the help of experienced HNW insurance agents in preserving their financial security.<\/p>\n

More Information on HNW Insurance Requirements…<\/strong><\/h2>\n