Insurance for High Net Worth Individuals
High net worth individuals require some additional insurance considerations. Whether you have luxury items, full staff, high-value properties, and more, there are many reasons why you should consider added protection. Put simply, as wealth increases, so do exposures and risks. Take a look at some considerations when you’re looking to protect your possessions and assets.
Your property or properties will need adequate protection to stay safe. Consider increasing your liability coverage in case there are any injuries occur on your property, whether it’s in the pool or on the trampoline. An umbrella policy can cover you and family members that live in the house if you are found negligent for accidental injuries to another person or their property. In addition, you may need to increase your coverage if you have items of high value, such as antiques, jewelry, fine art, and more. The more luxurious items that are acquired, the more coverage should be carried.
An umbrella policy is designed to provide additional liability coverage beyond your existing insurance policies. For example, if a guest slips and falls in your vacation home, your umbrella policy can help to cover his medical expenses and legal costs when you exhaust your home insurance policy.
As a high net worth individual, you may need unique policies that are tailored to your needs. If you have a boat, you should consider watercraft insurance. If you own a collectible car, you will need special coverage that a standard auto policy would not be able to provide. From kidnap protection to sports memorabilia to extensive wine collections, your insurer can help you to craft a policy to protect your assets.
Don’t go another minute without ensuring your wealth is completely protected against risk. To get started on your unique insurance cover, talk to the team at Nahai Insurance Services today.