Many individuals that are considered affluent have earned their way into wealth and have amassed a number of expensive assets. These assets could include:
- Luxury primary residence
- Vacation homes
- Private jets
- High-value automobile collection
- Elite furnishings
- Priceless art
- Vintage wine collection
- Diamonds or costly jewelry
Protecting their valuable from destruction, loss, or the threat of theft needs to include more than a state-of-the-art security system.
The Damage of Being Underinsured
Since the average homeowner doesn’t face the same risks and financial hit when compared to the value of these assets, a standard homeowner’s insurance policy isn’t enough coverage. However, it could still be possible to have a special high-net-worth policy that doesn’t fully protect the financial investment of what you own. Should something happen, being underinsured is just as damaging as having no insurance? With the help of your agent, be sure to select high-value insurance options that address the unique circumstances of your home, its contents, and other valuable assets.
The Value of Your Assets
The right insurance plan will address the value of your assets, though this could happen in several ways. With a high-value policy, your limits and sub-limits will be a lot higher, making it easier for repair or replacement circumstances. The coverage options could also extend to cover the cost of living while the home is being repaired, landscaping coverage, and family protection coverage.