High net-worth home insurance coverage is a collection of additional services that are available to individuals with a significant number of assets or high-value homes. It usually has more hands-on service and higher limits than a typical insurance policy.
Higher Policy Limits
One of the biggest benefits of high net-worth home insurance is expanded coverage limits. These not only apply to your property as a whole but also to individual items like cash, jewelry and art. You can generally buy an endorsement for a luxury home with a steep replacement cost or an expensive item with most homeowners insurance companies. However, high net-worth insurance policies provide higher limits without any additional endorsements being necessary.
Related High Net-Worth Insurance Policies
Often, high net-worth home insurance companies provide related insurance coverage that may be applicable to their customers. This may come in the form of an extended policy that is still part of the home insurance or a separate policy altogether. These coverage options could include:
- Insurance for a second home
- Boat insurance
- Luxury vehicle insurance
- Travel insurance
Better Customer Care
High net-worth home insurance companies generally provide a higher level of care when compared to typical home insurance companies. In addition, high net-worth home insurance companies are generally more experienced when it comes to dealing with high-value homes and furnishings.
If you are a high net-worth individual, there are lots of things to consider when it comes to insurance. Having the right type of coverage can make all the difference.