Insurance for High-Net-Worth Individuals

Insurance for High-Net-Worth Individuals

Learn which coverages you should have as a high-net-worth individual.

As a high-net-worth individual, you need specialty coverages to ensure that you are protecting all your assets. Unfortunately, despite the large population of wealthy individuals living in the United States, this affluent section is often underserved from an insurance perspective. This is because standard insurance policies cannot offer adequate coverages for the unique exposures that high-net-worth individuals face. Interested in getting the right coverage to secure all your assets, but not sure where to start? Read on to find out about some of the insurance solutions that high-net-value individuals should consider.

Unique Risks

Unlike the average homeowner, a high-net-worth individual will likely need coverage for household staff such as maids, nannies, drivers, cooks, and gardeners. Additionally, affluent individuals generally require more extensive coverage to protect their various homes, boats, cars, and recreational vehicles. Finally, wealthy individuals might require more in-depth liability and life insurance insurance coverages to ensure that all their financial assets are not compromised by lawsuit or sudden death.

High-Value Insurance Solutions

To address your unique coverage needs, you should seek out the following forms of coverage.

  • Unlimited replacement coverage for custom homes that have specialty features.
  • Coverage for multiple properties, both domestic and abroad.
  • Valuable Articles coverage for particularly valuable belongings such as jewelry, fine art, collectibles, and so on.
  • Personal watercraft/yacht coverage, including liability and workers compensation insurance for hired captain and crew.
  • Coverage for aviation exposures.
  • Protections against kidnap and ransom situations.
  • Independent Directors & Officers Liability insurance for your business.
  • Workers compensation for household staff.
  • Umbrella insurance with high coverage limits (ranging from $5-$100 million) to fill any coverage gaps.

If you are a high-net-worth individual, make sure you are getting the right coverage to protect all your holdings and assets.  Ready to find the right policies to meet your needs?  Then contact the experts at Tri-Star Insurance/HUB International in Plano, Texas.  Our dedicated team is ready to assist you with all your coverage needs today.