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 an 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
These are just a few of the personal insurance issues that can create real problems for you. Call our office for a free review. Please contact us or give us a call to learn more. You can also request a quote if you’re ready to start on a policy. Valley oaks Insurance Agency is proud to provide insurance in Roseville, Sacramento, Lincoln, Granite Bay, Rancho Cordova, and Folsom, CA. We also serve other areas in the state.
The information shared in this blog is provided and written on an opinion basis and for informational purposes, they do solely represent the opinions of Valley Oaks Insurance.