High net worth individuals require specialist insurance as they are known to have more complex risk exposures and requirements in order to maintain, protect and preserve their financial assets.
As a high net worth insurance broker you should ensure that every aspect of insurance is uniquely tailored to your clients’ needs, recognising that not all insurance fits the same mould. Knowledge, expertise and outstanding customer service should be at the forefront when it comes to high net worth individuals. Enabling you to enhance and protect their wealth while gaining trust and loyalty during the process.
From jewellery to wine pretty much anything and everything can be insured and as the insurance broker it’s your job to provide personalised, bespoke solutions to meet the needs of your wealthy client. We’ve compiled a concise list of some insurance covers that you should be offering to high net worth individuals.
1. Home and contents insurance
If your client owns a home that is valued significantly more than the national average of approximately £500,000 then it’s likely they’ll need high net worth home and contents insurance. This type of insurance requires a broker to demonstrate their expertise and inform the client on everything they need to know before they risk their most prized possessions and home.
Specialist cover may also be needed for unique properties such as listed buildings or buildings with thatched roofs.
2. Second home insurance
It’s likely that your high net worth client also has a second home, whether it’s a holiday home, rental properly or for investment purposes. Specialist insurance cover will be needed for if the property is left empty for an extended period of time or if it includes any special features such as swimming pools.
3. High value jewellery insurance
Jewellery can be included within house and content insurance, however more often than not these polices don’t provide appropriate coverage in the event that any high value jewellery item is lost, stolen or damaged. As jewellery can be both a sentimental and valuable item to your client, it’s best to offer separate insurance with the optimum amount of coverage needed to fully protect it.
4. Garden and grounds insurance
High net worth individuals may also need garden and grounds insurance to protect expensive items in their garden, on a balcony or on a patio that isn’t included in their home and content policy. Garden and grounds insurance can include cover from theft and damage for items such as high value equipment, plants, fountains and antique ornaments.
5. Motor insurance
Motor insurance for high net worth individuals often requires specialist advice from a knowledgeable and experienced insurance broker who understands the needs of drivers with prestigious performance vehicles, vintage cars or car collections. These types of high value cars need to be covered for a wide range of risks such as drivers and security.
6. Marine and aircraft insurance
Similar to motor insurance, a specialist insurance broker should also offer high value insurance to someone who owns any luxury maritime vehicles or aircrafts such as helicopters, private jets, motor boats or yachts. Typical policies should cover these vehicles from theft, fire, damage and liability but may also extend to medical and any possessions kept on the boat or aircraft.
7. Art collection insurance
Many individual fine art collectors insure their valuable pieces of art under the basic homeowner policy without realising that it may not cover the full value of the collection. This is where an experienced high net worth insurance broker can demonstrate their expertise and offer appropriate cover for if an item gets lost, stolen or damaged, leaving little room for flexibility when it comes to a claim.
8. Family protection insurance
If you have a wealthy, well-known client they may want a suitable insurance to protect both themselves and their family. By offering them a high net worth family protection insurance, tailored to their specific needs and risks, that covers stalking, home invasion or abduction, your clients will be fully prepared and supported should the unthinkable happen.
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