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How do I know if I need affluent house insurance?


How do I know if I need affluent house insurance?

Published Thursday, April 20, 2017

Do I need affluent house insurance?

You don’t have to own a multi-million-dollar house to consider affluent insurance.  Certainly the old adage, “The more you have, the more you have to lose,” applies to the amount and type of insurance you need.  But part of the consideration is also your view of insurance as a risk management tool.  Answer these simple questions to determine if you need an upgrade in your insurance product.

  1. Would it cost $500,000 or more to rebuild your house?  Y / N 
  2. Do you have financial assets greater than $300,000?  Y / N 
  3. Is your family annual income greater than $250,000?  Y / N 
  4. Do you own a boat, sports car, or motorcycle?  Y / N 
  5. Do you have a secondary home?  Y / N 
  6. Do you have a collection, such as artwork, jewelry, guns, etc.?  Y / N 
  7. Do you own a business?  Y / N 

If you answered yes to three or more of these, you should consider affluent insurance. 


What is affluent insurance?

Not all insurance policies are created equal!   A home policy is NOT the same from carrier to carrier.  Just like cars, you can buy the economy version or the luxury version.  Determining which one is best for you can make all the difference when a claim occurs.

Various carriers offer special policies for affluent families.  Consider one of these possibilities:

In general terms, affluent insurance policies are designed for homes with more amenities, higher quality construction, unique features, outbuildings, etc.  Here are some of the coverages you’ll find in a affluent policy:

  • Higher limits on special items, such as jewelry, furs, guns, etc.
  • Extra coverage for high-tech electronics, communication systems, home theaters.
  • Rebuilding to code, if building codes have changed.
  • Extended rebuilding cost. If a fire destroyed the home and the policy limit was insufficient to rebuild, some policies pay as much as an extra 100 percent.

On the liability side, many of these policies are equipped to respond to board involvement, alleged acts of libel and slander, and offer higher limits than standard policies.

Of course, you’ll want to review the carrier’s specific offerings against your needs.  And that’s where we come in.  We’ll explore your family and business situation to really understand what you have at risk.  We’ll also address your risk tolerance when crafting a final program for you.  In the end, you’ll have custom insurance for your custom life.


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Aren’t we all trying to save some money? 

When you go insurance shopping, it’s smart to look at more than just the price.

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