High net worth insurance is not something that is talked about widely, but it should be. If you own or are planning to acquire high net worth items such as art collections, luxury cars, yachts, or second homes, then you need high net worth insurance. Unlike standard insurance policies, high net worth insurance is tailor-made to safeguard your most valued possessions and provide complete protection. In this blog, we will explain what high net worth insurance is, who it is for, and what you need to know before buying it.
What is high net worth insurance?
High net worth insurance is insurance coverage designed for individuals who have high-value possessions. It offers protection for assets that standard policies don’t cover because they exceed the usual policy limits. It includes a range of coverage options, including personal liability coverage, flood and earthquake coverage, and coverage for specialised vehicles like yachts and private jets.
Who needs high net worth insurance?
Anyone with a net worth of over a million pounds should consider high net worth insurance. High net worth individuals need this type of insurance because their assets may be worth significantly more than what a standard insurance policy will cover. It is essential to ensure your possessions are sufficiently covered. High net worth insurance is important for people with substantial assets such as expensive homes, jewellery, art collections, and multiple properties.
Why do I need high net worth insurance?
The answer is quite simple – if you are wealthy and have high-value possessions, you need high net worth insurance. High net worth insurance offers specialised coverage for your most valuable assets, and protects you and your family against potentially devastating losses from lawsuits and accidental damage. If something happens to your expensive jewellery or your vintage Ferrari, you need to make sure you are covered to avoid financial hardship.
What should I consider before purchasing high net worth insurance?
Before deciding on high net worth insurance, it is essential to evaluate the value of your possessions, as it will provide a clear idea of how much coverage you need. When considering a policy, ensure that it covers the full replacement cost of your personal assets. You may also want to consider whether the policy offers liability coverage in case of incidents when you may be held accountable for damages. Lastly, look for policy options that offer worldwide coverage, so you have coverage for your possessions at all times, no matter where you are.
If you own high-value assets, high net worth insurance is an absolute must in today’s world. It provides complete protection and peace of mind that your valuable possessions are appropriately insured. Please don’t take the risk of not having enough coverage for assets worth millions of pounds.
Whether it is your high value main home and its contents, your luxury car, jewellery or art collection, we will research the market and assist you to help choose the right option. Please contact us to find out more:
T: 01403 785775
E: info@omnidavis.co.uk.
