High Net Worth Coverage for Individuals
All homeowner insurance policies are not the same, and this is especially the case for high net worth individuals with high valued homes. The reason is that the average homeowner policy simply doesn’t adequately protect against situations where the standard liability limits usually won’t cover the cost of repairs. When tragic accidents occur, like a fire, to someone with a high net worth home, a standard policy simply won’t provide the necessary coverage.
That is where high net worth home insurance in CT can really help. Doctors, lawyers, actors and other professionals need to purchase the right policy for their situation, eliminating gaps in coverage, and perhaps saving money. The liability limits on many of these umbrella policies can be as high as $50 million.
Greater liabilities need higher coverage amounts
If an incident happens at their home where someone is injured, high net worth individuals are much more likely to become victims of lawsuits, whether frivolous or not. These high net coverage plans can not only save money, but also protect against these worst-case scenarios.
Insurance for homes, cars, fine art, jewelry, and other material assets is a critical part of wealth management. Once the risks and exposures are made clear, the only acceptable solution is to upgrade to a more suitable program that best fits any current needs. Most successful individuals will make significant purchases over time, a seasonal residence or a collector car.
Fine art they own may be insured with one agency, independently from a policy that covers their expensive vehicles. With this situation, it can become more difficult and expensive to manage all of these separate accounts. By consolidating with one agent and one carrier, it can simplify paperwork as well as help avoid coverage gaps.
Family members may also increase exposure to unidentified risks. For example, having a youthful driver may increase the need for higher liability limits, or frequent vacations abroad may bring the necessity for kidnap and ransom coverage to be in place. Depending on the circumstances, an emergency preparedness plan may even be needed for members of the family who are elderly or have special needs.
An individual’s liability coverage limits should always match or exceed his or her net worth. If claims of property damage and personal injury have the potential of putting assets at risk, the last thing anyone wants is a lack of proper home insurance in CT to provide solutions.