Here Are Some Reasons For Choosing High Net Worth Insurance
Do you own high-value property or possessions? Do you enjoy expensive hobbies, such as collecting fine art or classic cars?
Generally speaking, the lifestyle you lead as a high net worth individual, means you have very specific insurance needs and will require a greater level of cover than that offered in most standard insurance policies. If you don’t have an insurance policy tailored to your individual requirements, you could unwittingly be putting yourself and your assets at risk.
Insurance For High-Value Possessions
If you own numerous high-value possessions, ensuring each and every item is adequately insured is both a complex and time-consuming task. You might overlook items you rarely use and forget to insure them, or disregard the true value of items you use from day-to-day.
Very often due to time restraints and complexities, research into the market value of the items to be insure can be inadequate. This could potentially lead to valuable items being under-insured, and it’s you who’ll lose out if the item is stolen and needs replacing.
Property And Possessions Fully Protected
High net worth insurance is guaranteed to give you peace of mind in knowing that your property and possessions are fully-protected and covered for the appropriate sum.
A quality high net worth insurance policy diligently records all expensive possessions, in particular rare items and those that are expensive to replace. It also covers risks relevant to you – for instance, if you employ cleaning staff, you might benefit from a policy that protects your possessions against cleaning incidents or theft by a cleaner. This type of coverage is known as employment practices liability coverage.
As a high net worth individual, you might assume that you don’t need life insurance as your estate is large enough to support and provide for your family in the future. However, without insurance your family could face extremely high estate taxes further down the line – standard rates are 50% of net worth and higher. Having insurance could potentially save an individual’s beneficiaries hundreds of thousands, if not millions of pounds, depending on the size of the estate.
Policies Best Suited To Individual Needs
Most insurers on the market offer policies aimed at high net worth individuals. However with so much choice on offer, it can be difficult finding the right level of cover for your individual needs.
As an insurance broker we can really help when it comes to finding the insurance policy best suited to you needs. We will conduct a thorough assessment in order to determine exactly what it is you need to protect, bearing in mind any specialist requirements you may have, for example coverage for jewellery or super car collections. Once we have all the details we can then search our database of reputable insurers. This will enable us to find a policy that provides the cover you need at a competitive price.
If you would like further information or to discuss high net worth cover then please get in touch, our contact details are here