Insurance For High Net Worth Individuals


Personal Insurance; A safety Net For High Net Worth People

There are many benefits to having been blessed with wealth. You may have a vacation home, boat, plane, or get to travel the world. But individuals with high net worth have increased risks that need to be managed. Personal insurance policies created for high net worth individuals can have much higher limits than average policies, providing the adequate coverage high net worth individuals need for more expensive homes and automobiles, as well as valuable collections, yachts and aviation.

Many “standard” personal insurance policies have limitations that create the need for a different personal insurance approach.

Personal Insurance Risks For High Net Worth Individuals

  • Foreign travel
  • Expensive art or gun collections
  • Expensive jewelry
  • Private aviation
  • A greater amount of cash in the home
  • Expensive or custom vehicles
  • Watercraft that are not covered under a normal policy
  • Hired staff
  • Custom homes with unique or one of a kind construction
  • Homes in foreign countries
  • Involvement in charities that create new risks
  • Custom furniture or other personal items
  • Imported fixtures

Personal Umbrella Insurance

Umbrella insurance products are designed to supplement ordinary insurance policies with additional liability coverage. For example, if a high net worth individuals guest is hurt on their property and their homeowner’s insurance coverage does not cover the liability cost, Umbrella Insurance will step in. Furthermore, if the injury was covered by the homeowner’s insurance policy, the umbrella policy can assist by giving larger overall limits of liability to compensate for damages. High-net-worth individuals should also consider obtaining umbrella insurance in proportion to their net worth to protect themselves from personal responsibility and the need to liquidate assets to pay for damages to a third party.

Affluent individuals often choose a personal umbrella policy, which provides expanded coverage and increased protection of their assets beyond what is provided under homeowner’s and auto insurance policies.

DSM agencies are members of Trusted Choice. Trusted Choice is an agency recommendation engine. They represent Independent Insurance Agencies that agree to deliver exceptional client experiences. By maintaining standards that exceed expectations, Trusted Choice agencies put the needs of their clients first. Because they’re independent, they’re not restricted to the limited products provided by one single insurance carrier. As an Independent Agency recommended by Trusted Choice, DSM works for you, not for the insurance company.