Personal Insurance for High Net-Worth Individuals In The North Bay
For many people, standard insurance products like home, auto, life, and personal umbrella insurance are adequate to protect their families and their assets. However, for high net-worth individuals, there is much more to consider. There are millions of households in the U.S. with a net-worth of more than one million dollars, and almost one million of these households are in California, according to CNBC.com
People with a high net-worth need to look at insurance in a different way than others do. No longer are they trying just to insure a home or car, but instead they should be protecting their many assets through insurance. High net-worth individuals also have a different lifestyle that creates new risks that should be managed. Affluent individuals have a unique property and casualty insurance needs due to their exposure to risk and to the types of assets they own. Individuals with money become targets when anything goes wrong
Insurance Solutions for High Net-Worth Individuals
Personal Umbrella Coverage
High net-worth individuals need a competitive personal umbrella insurance policy with a limit of at least one million dollars. In some cases, depending on your wealth, you may need liability limits of up to five million dollars.
Domestic Employees Insurance
Individuals who employ cooks, housekeepers, nannies or others to work in their homes need to have insurance coverage for their employees. Having this kind of insurance helps protect you if your employee sues you for damages.
Coverage for Wine
Many high net-worth people have wine collections. A standard homeowner’s policy may not be adequate to respond to a loss. Wine insurance can cover the entire dollar amount of the wine with a limit for each bottle.
Fine Art Insurance
Fine art insurance can cover the full market value, or appraised value, on any art you own. Most standard homeowner’s insurance policies have limitations on the amount of coverage offered. Fine art insurance also covers the art when it is purchased; even it is away from your home.
Property Coverage for High-End Homes
High-end homes often have unique construction that requires special property insurance coverage. Custom construction drives the replacement cost higher. It is very important to have full replacement coverage that addresses all the custom and unique types of property in the home.
Like other products for high net-worth individuals, yacht insurance can cover the risk associated with owning a large yacht. Coverage can include insurance for a crew, the full replacement cost of the yacht, high-end construction, and personal property.
Coverage for Home-Based Businesses
Many high net-worth individuals operate home-based businesses. A standard homeowner’s insurance policy will not cover this risk. A commercial insurance policy is needed to protect the risks of operating a home-based business adequately.
Earthquake insurance should be part of your insurance portfolio. Your home and other property should be insured to full replacement for earthquake risks.
North Bay Insurance Brokers, Inc. is your trusted solution for homeowners insurance. We offer coverage options that are both flexible and affordable, and will work with you on an individual basis to find a policy that best suits your needs. Our team is dedicated to providing the assurance that your family and your possessions are secure.