HNW Insurance: Live Large, Insure Simply

July 20, 2020
Written by Paul West, PRMA

beach house covered by HNW insuranceSuccessful people tend to live life on a larger, faster scale. The things you own, the places you go, the ways you interact with the world: all add a layer of complexity to your personal  risk profile. When compared to the list of things that could go wrong in the average household (fire, flood, burglary) your list is longer—sometimes multiplied across several properties—and quite a bit more nuanced.

The good news? Despite your complex risk profile, your HNW insurance plan can still be simple.

Easy to access. Easy to understand. Easy to trust, thanks to elite agents and carriers who specialize in advising high-value homeowners like you. In fact, with the right agent and carrier on board, your insurance plan can be completely stress-free—from coordinating the proper coverage, to resolving a claim… if and when that need arises.

Here are just a few of the ways our team of specialty agents and our HNW insurance partner carriers outperform today’s mass market options:

 White Glove Claims Service

Your life is too busy to navigate customer service menus, wait for return calls, or chase down your latest account manager. Specialty carriers understand this. The companies we partner with all offer streamlined claims processes to reduce handoffs, delays, and unnecessary steps to resolution. When something valuable is lost, stolen, or damaged, concierge-style teams are equipped to address the financial loss and beyond—often coordinating efforts to clean, repair, or replace a precious item on your behalf.

Flexible Coverage for Valuables

Mass-market insurance policies don’t make it easy to protect your valuable belongings. You could schedule pieces of jewelry, art, or other collected possesions individually…You could settle for a blanket limit that’s capped at some insufficient, preset level… A much better solution? Team up with experts who exclusively serve high-end households. Generous limits and flexible terms mean you don’t have to call your agent every time you buy something of value. You also don’t have to worry that certain loss events won’t be covered. And in many cases, you don’t even pay a deductible when a loss occurs.  Learn more about the value of carriers that specialize in HNW.

Comprehensive Risk Management

Insurance-wise, affluent households are more akin to small businesses than to standard-policy home and auto consumers. Yet agents and carriers unaccustomed to this space will still advise and underwrite according to generic household risk profiles. As such, successful families who lack a dedicated insurance specialist are often over-insured against the everyday threats (minor car accidents and appliance leaks), while being under-insured against major ones—like personal liability lawsuits.

Highly-educated insurance professionals, who specialize in wealthy clientele, are much better equipped to focus on complex risk management. In part, this means confirming personal liability limits are adequate, correctly configured, and maintained. It also means working in concert with tax and estate planning advisors—evaluating and modifying policies based on any new trusts and/or LLCs set up to shelter properties and financial assets.

Further, risk management means overseeing insurance for household employees (workers’ comp, EPLI coverage for wrongful termination, harassment, etc.); it means negotiating the incredibly nuanced terms of watercraft coverage and coverage for nonprofit board service, where necessary.

The last great recession created a significant uptick in uninsured drivers on the roads. Economic turmoil also tends to catalyze litigation. As we enter another major economic slump, wealthy families should be mindful of these and other risk factors, seeking a partner who understands how HNW insurance tools help hedge against them. So, let’s connect. Ask our Private Client Group to review your current coverage today: 508-948-3419. It’s a simple step, with a tremendous upside.