High-Net Worth Homeowners Need Special Valuables Coverage
High-net worth individuals know that their assets need special care and protection. As your net worth increases over time, the value of your homes, cars, and other assets likely grow too, often leaving you exposed to new and various risks.
One of the biggest areas of concern for high-net worth individuals is whether or not you have enough personal property coverage for your valuables. Specialty homeowners insurance policies for clients with extensive assets offer higher limits and greater protection than standard home insurance policies. These high net worth insurance programs offer a wide range of personal property coverage for valuable collections of jewelry, art, wine, antiques and other valuables up to limits that are well outside the range of most standard policies.
Yet even with a high net worth policy, you can still be left without sufficient coverage for your valuables, because of course, these policies still have limits. For the best protection, consider a valuables policy for your collections. Valuables policies are scheduled personal property riders or endorsements in which you can declare the value of each piece or group of pieces on your policy. Under a scheduled personal property rider, you are not restricted by the limits imposed by the homeowners policy, and you will have coverage for all perils, not just the standard perils outlined in the main policy. Typically scheduled personal property is not subject to a deductible.
Valuables policies from specialty high net worth carriers also provide protection against fluctuations in the replacement cost of certain scheduled items. In addition, you will also have coverage for losses due to breaks or fractures of fragile items, something that would not be covered under a standard policy. You can also choose to cover groups of items or collections with blanket coverage—an overall coverage amount set for the group, e.g., for your entire wine collection—which helps if scheduling individual items is overwhelming.
High net worth individuals might also need coverage for yachts and airplanes, kidnap and ransom protection, employment practices and workers’ compensation for private staff, and excess liability protection. We work closely with wealthy individuals and families, and have the expertise and knowledge you need to be sure that you are placing the protection of your assets in the right hands.
Are you a high net worth individual looking for a comprehensive insurance program, and special protection for your valuables and collections? For a personal consultation, call us today at 877-352-2121, or e-mail us at beready@clark-mortenson.com.
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