Coverage for High-Net-Worth Families: What You Need to Know

For high-net-worth families, traditional insurance is not sufficient to protect their unique assets and lifestyles. From luxury homes to fine art and rare collections, high-net-worth families need customized  coverage  to safeguard their wealth against the unexpected. 

Why High-Net-Worth Families Need Specialized Coverage 

Standard insurance often falls short for affluent individuals, leaving key risks unprotected. Here’s why specialized coverage matters: 

• High-Value Assets: Often, traditional policies do not offer the limits needed to sufficiently cover luxury homes, vehicles, and collectibles. 

• Complex Risk Profiles: High-net-worth families may face additional exposures that mainstream families do not. Affluent families may have a high profile in their community, employ domestic workers, host events at their residence, to name a few.  Each of these activities creates additional liability exposure. 

• Customized Needs: Often affluent families have collectibles, like jewelry and rare art, which require specialized coverage. 

• Global Lifestyle: Frequent travel and international property ownership necessitate global coverage. 

 

Key Types of Coverage for High-Net-Worth Families 

1. High-Value Home Insurance: Specialized home insurance designed to protects luxury homes considers the home’s unique construction, upscale finishings, fine craftsmanship required in the event of a loss.

2. Personal Liability Insurance: Affluent families have more liability exposure than mainstream families. Knowing that lawsuits are unpredictable, having sufficient liability limits is essential. Most policies offer legal defense costs, an invaluable coverage for high-net-worth families.

3. Coverage for Luxury Vehicles: High-value carriers often provide replacement cost or agreed value on  high-value cars that standard carriers would not insure. Coverage may include original parts and international travel protection. 

4. Fine Art and Collectibles Insurance: Where standard carriers may shy away from high-value collections, high-net-worth policies are designed to offer coverage for exceptional fine art and collectibles. Policies typically covers collectibles based on their appraised value with no deductible. 

5. Cyber Liability Insurance: Cyber insurance is an ever-increasing necessity as cyber criminals expand their fraud to texts. This coverage protects against identity theft, ransomware, and data breaches, and often includes financial fraud and reputation management. 

6. Life  Insurance: Life insurance at high limits can be an essential component of a sound estate plan, preserving the family wealth for the next generation.

Through our Private Client Group, we offer tailored policies that protect your assets, lifestyle, and future.

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