insurance protection for the wealthy

Insurance Considerations for Those with a High Net Worth

As a high net worth individual, here are some of the insurance protections you should consider.

When it comes down to it, the wealthier you are, the more risks you face. This is why high net worth individuals must take extra precautions to protect their liability, property, and other assets. From home to specialty auto insurance in Plano, Texas, here are some of the coverage options that wealthy individuals should pursue.

High Value Home Insurance

If your home is worth more than $750,000, consider securing a high value home insurance policy. These policies offer higher coverage limits, giving the policyholder access to increased property, personal property, liability, and loss of use coverages without having to secure multiple policy riders.

Additionally, if you own several homes or properties, you need to secure coverage for them as well. To make things easier to keep track of, insure your primary and secondary homes through the same insurer. This way all your coverages are in one place and you have the chance to bundle your policies together to receive discounts.

Umbrella Insurance

As a wealthy individual, you are at higher risk for liability claims. Not only are people more likely to pursue claims against you, but you also have more assets at stake than others. The best way to protect yourself is by securing a personal umbrella policy. This type of insurance is designed to supplement the liability coverage offered by your existing homeowners, auto, and other policies. So, if you are saddled with a claim that exceeds the liability coverage on one of your main policies, your umbrella insurance will kick in and take care of the remaining cost of the claim.

Auto Insurance

Finally, high net value individuals are likely to own more than one vehicle at a time. Make sure that all your cars are bundled together under the same policy so you can access multi-car discounts. Additionally, if you own collectible cars or cars that are equipped with special upgrades, you may need to secure policy endorsements to ensure that these special features are completely covered.

These are some of the insurance considerations that wealthy individuals need to make. Do you have additional questions regarding your specialty homeowners, personal liability, or auto insurance in Plano, Texas? If so, contact the team at Tri-Star Insurance/HUB International. We are ready to assist you with all your coverage needs today.