High-net-worth individuals face a new set of risks this year.
Most of what we do consists of relying on some form of technology. Whether we’re driving, sending an email, analyzing data, or connecting with loved ones far away, we turn to devices and machines more and more. While we rely on technology more, the safety of each device becomes essential to protect our identities, finances, and more. In 2017, there have been emerging risks that continue to threaten high-net-worth individuals, as well as the lack of insurance coverage.
The Internet of Things
While it drives efficiencies, the Internet of Things (IoT) also poses unique property and casualty risks for high-net-worth individuals. Cloud-connected devices include everything from mundane self-monitoring home appliances to wireless personal assistants.
While helpful, the major risk in this thriving technology ecosystem is that just a single connected object may allow access into the user’s privacy and security. In turn, this allows hackers to access extremely sensitive personal and financial data.
Many high-net-worth individuals are avid collectors of fine art, musical instruments, unique collections, and more. Despite the best practice of having a piece appraised every few years, many art collectors let reappraisals fall by the wayside. When a valuable possession increases in value, and this information is never relayed to an insurance carrier, a collector could be left facing a financial loss in the event of theft or damage.
Commit yourself to resolve insurance gaps and safeguard your finances and assets for the coming year. Are you still looking for a reliable way to secure your personal insurance? Contact the professionals at Nahai Insurance to secure a reliable policy that your home needs and deserves.