High-Net-Worth Individuals (HNWI) face insurance challenges different from the average purchaser. Their needs tend to gravitate towards different, unique, insurance products. The risk management that comes with wealth often involves more complicated situations and less obvious gaps in coverage. There is a tendency to find HNWI over-insuring certain aspects of their life while underinsuring others. High net worth policies help tailor policies to strike a balance between need and coverage.
For example, HNWI usually have expensive belongings or hobbies – sought after wine, art, horses, yachts, classic cars – each that require specific and lesser known insurance coverage. While many have insurance on these items, the insurance will not accurately cover the item because the policy does not fit the market value of the possession.
Good policies will cover against accidents involving cleaning staff or protect against suits from an employee or service agency. This employment practices liability coverage can cover these scenarios.
When it comes to homeowners insurance, many HNWI have multiple homes in multiple markets. Not only do the homes need coverage, but the items inside the home need to be separately insured with policies that extend the limits covered under a homeowners insurance policy. Also, different home need different coverage. A summer waterfront home will need different coverage than your normal day-to-day home. Not to mention, different homes are influenced by different factors whether that be local ordinances, regulations, or homeowners associations.
Using an insurance agent that understands these needs is integral to crafting a policy that actually does what it needs to do – protect your belongings in case of a catastrophe.
If you are a high-net-worth individual looking for an agent that understands your needs, look no farther than Corkin Insurance.
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Newton, Massachusetts 02459
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