Standard home, auto, and other personal insurance policies can cover most people, but if you’re part of an affluent household, then you’ll need an even greater level of protection. High net worth insurance policies are specifically designed to protect you and your family’s unique assets and lifestyle, which can include everything from custom homes and luxury condos to yachts and watercrafts. Find out more about high net worth insurance below, the types of coverage you should prioritize, and how we can help create a plan for you in the Greensboro, GA region.
Who Needs High Net Worth Insurance?
The term high net worth individual is used to describe a person who has at least $1 million in liquid or investable assets. They typically possess valuable material assets as well that require special insurance policies to ensure adequate protection. High net worth insurance may feature expanded coverage limits and other benefits not found in traditional insurance policies.
If you own some of the following assets and want to avoid the possibility of significant losses in the future, then it’s time to consider high net worth insurance.
- Custom Built Homes
- Luxury Condos
- High-Value Vehicles
- Fine Art
- And More
Start By Prioritizing Your Most Valuable Asset
Everyone’s insurance needs are different, but for many, even high net worth individuals, our home is the most valuable asset. Homes are one of the largest investments people will make in their lifetime, and some individuals may even own a second property like a summer coastal house or a mountain getaway.
As such, securing high net worth home insurance should be a priority, and you’ll want a policy that covers all the risks. When you meet with your insurance broker, be sure to ask about the various options available to protect your home or properties.
For example, high net worth home insurance may allow the policyholder to completely rebuild their home if costs go beyond the coverage limit, pay for a large amount of repairs, or allow you to use the insurance money to build somewhere else if the home is destroyed. Dwelling coverage is customizable and will help you prepare for any unforeseen circumstances.
Review Your Automobiles and Other Material Assets
Making sure you have the best home insurance is key to protecting both your biggest asset and your lifestyle. However, there are other types of insurance policies that affluent individuals should consider too.
If you own a high-value vehicle, such as a luxury or classic car, or an expensive watercraft, then you’ll want to look into high net worth auto and boat insurances. Some of the benefits may include an agreed value policy for your car or boat, higher liability limits, coverage for personal effects, and more. Automobiles and watercrafts are major purchases that need the right coverage.
High net worth individuals may also want to check out other insurance policies that specifically cover fine art, jewelry, wine, antiques, and other unique collectables. As part of your home insurance, you can add on expanded contents coverage, which provides a better level of protection for these expensive items in your home.
Contact Our Team For More Info
Interested in getting high net worth insurance? An independent insurance broker like our team at R&R Insurance Group can design the right plan for you and your family that will cover all your bases. Our service area includes Greensboro, GA, Eatonton, Lake Oconee, Madison, Monroe, and beyond.