High Net Worth
What is considered a high-net-worth individual when purchasing insurance?
A high-net-worth individual is someone whose net worth or liquid assets exceed at least $1 million.
High-net-worth individuals typically require more tailored insurance plans that accommodate a more complex, diverse estate or asset portfolio. This is where high-net-worth insurance provides superior, more comprehensive coverage for assets that standard insurance policies do not.
This can include insurance coverage such as:
- Fine arts
- Personal accidents
- Luxury items
- Car collections
- Jewelry
High Value Homes
High value homes (residences with a rebuild cost exceeding $1,000,000) come with many custom coverage considerations beyond just the need for higher limits. Often these homes feature a lavish outdoor living area including pools, hardscapes, guest houses, and caretaker living quarters.
It’s also typical for affluent families to passionately collect and protect expansive art, wine, and jewelry collections, all of which should be valued by appraisal and scheduled on a personal articles floater.
High Net Worth Insurance
Insurance for high net worth individuals differs from standard insurance plans because it offers coverage beyond basic assets like hospital care, property, or vehicle.
In addition to providing coverage for these fundamental types of assets, it can cover high-end or luxury assets and multiple iterations of those assets at once.
These can include:
- First/second/holiday homes
- Fine jewelry
- Heirlooms
- Vintage car collections
- RVs and motorcycles
- Yachts and boats
- Wine collections
- Passive income rental properties
Insurance for high-net-worth individuals can also cover special options not typically included in insurance policies, such as damage caused by libel, ransom, and flood-related losses.
We’re Here to Help
As a proud member of the White House, Tennessee, community, Wilkinson Insurance Agency stands ready to assist you in understanding and addressing your high-net-worth coverage needs. Contact us today to learn more.