Being a high net worth client means that your CT insurance needs are much different than the average family or citizen. Don’t settle for policies that won’t fill the gaps in the event that you suffer a catastrophic loss. Work with an insurer that specializes in private client services that can ensure protection for every aspect of your life.
Whether it’s homeowners and auto, life insurance, or other unique areas of high risk, for example, kidnap and ransom, aviation, equine, or valuable art and jewelry, you need someone who is experienced with providing the right insurance solutions for your class and lifestyle.
Before you begin the search for the right combination of policies and coverage considerations use these essential tips designed to help you understand how to best protect your assets, with information on how to better protect your home and other assets:
Hire an advisor to help organize your insurance program
You have likely acquired numerous assets over time, so it’s also likely that you insured them one at a time, using many different programs, which can leave you a bit unorganized and your assets expensive to manage. This is exactly the type of situation that can lead to gaps in coverage that will, unfortunately, only be revealed when a claim is unexpectedly denied.
The right insurer will help avoid running into this costly predicament by consolidating your coverage into easy-to-manage policies. One of the benefits of retaining an independent insurance agent or broker is that they are always working in your best interest.
Invest in adequate amounts of personal liability insurance
Having umbrella coverage will provide maximum protection that can prevent a lawsuit from putting many of your assets at risk. The last thing you need to be worried about is having insufficient limits. Make sure your liability coverage limits exceed your net worth.
Your insurer’s financial strength is extremely important
When choosing your insurer always look for financial stability. Look for CT insurance companies rated “A” or “Excellent” by A.M. Best because it’s important that your provider is “strongly capitalized” meaning that they will be able to pay your claims.
Only work with high net worth insurance specialists because your often-complex insurance situation really requires the best. For example, if you have a net worth of $2.5 million or more, most insurance carriers are not equipped to address your complex personal risk management needs. Speak to a specialist today to discover the best way to keep your valuable assets protected!