The Insurance Needs of High-Net Worth Individuals

The Insurance Needs of High-Net Worth IndividualsAs a qualified insurance agent, you understand the importance of providing the necessary coverage and limits for your high-net worth clients. While they likely want to protect their largest investments, such as homes, cars, and boats, do they understand the full extent of what they need to protect? In this article, we’re going to explore the needs of these affluent individuals, and how the right High-Value Home Insurance policy can give them the peace of mind they deserve. Share with them the following information and ask Mavon about access to coverage intended for specialized products and higher limits.

While a specialized high-net worth insurance policy will provide the necessary tailored protection to recover or replace their affluent items such as paintings, jewelry, and sculptures, excess liability is also recommended. According to Biz Journals, affluent individuals often choose personal umbrella or personal excess liability policies, which provide expanded coverage and increased protection of their assets beyond what is provided under homeowner and auto insurance policies.

Having enough insurance.

What’s more, wealthy individuals often employ other people who should be considered under their insurance protection. This includes, but is not limited to:

  • Nannies
  • Drivers
  • Cooks
  • Trainers
  • Gardeners
  • Contractors

In addition, it’s important for high-net worth individuals to evaluate their current insurance policies. Especially for those who have earned their wealth independently, it’s likely that their assets have outgrown their current policies.

Specialized protections.

In addition to the above-mentioned protections, we also extend coverage include more features than a standard policy, including:

  • Extended replacement cost to restore or repair a home to its original beauty even if it takes more than the policy limits provide.
  • Sewage and drain coverage.
  • Increased jewelry limit protection.
  • Increased liability limit protection.
  • Risk management.
  • Equipment breakdown coverage.
  • And many more.

About Mavon Insurance

At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (877) 426-2866.

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