High Net Worth Homeowners

High Net Worth Homeowners

If you happen to drive a Lexus, Mercedes, Jaguar or other high-end luxury car, why would you buy “Ford insurance?” Simple answer – you wouldn’t!

Same logic, if you live in a $1,000,000+ home, why would you buy “starter home insurance?” Again, if you knew, you wouldn’t!

Homeowners in high valued homes

High Valued Home

The wealthy and affluent in Clarence, Clarence Center, Williamsville and East Amherst are people who:

  • *Are way under-insured for their home
  • *Are under insured for their valuables
  • *Are wide-open to lawsuits for having low liability limits
  • *Are not properly protected with an umbrella or excess liability policy
  • *Are never asked “risk” questions but get quotes from standard insurance companies

The wealthy use “name brand” insurance because that is what they are exposed to on TV and online in ads. When the very best insurance companies they should be with – Chubb, AIG, Cincinnati, to name a few – they have never heard of. But these insurance companies have specialty divisions that only insure high net worth people and high net worth home. Plus, they have claims adjuster’s that do nothing but adjust the claims of these luxury homes & auto’s.

High Net Worth Homeowners

Many insurance companies with the “big names” don’t have similar divisions or specialize in the affluent. That is why high net worth people need to do their own research and seek out advice from other professionals. I know the “good hands” people or the “good neighbor” people cannot use these same high end insurance companies, as their not allowed to. So their access to a better insurance policy for the affluent is denied by their own insurance companies.

So the Mercedes sl500 driver, living in the 5,500 square foot home and having a $300,000+ salary, really needs to be aware of the limitation they may have when it comes to insurance protection. An Insurance policy with higher sub-limits for jewelry, guns, wine, collectibles, is worth considering when the risk of loss is greater to the homeowner.

High Net Worth Homeowners

A review by an independent insurance broker, who has access to these insurance companies, would be the wise choice for the affluent. Usually at the time of a claim is a high net worth person aware of the limited insurance coverage they carry. We never want to be the one’s saying “sorry, that isn’t covered” but the one’s saying – “no problem with your claim Mrs. Affluent!”

Be a smart insurance consumer!

 


Tom Larsen

 

 

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