What is high net worth insurance? Everything you need to know - Stubben Edge

High net worth insurance can be a very important kind of insurance for those who want to protect their most prized items. Whether you’re investing in a car, new home or piece of jewellery that is of high value, it pays to be insured just in case anything goes wrong.

We’re looking at what high net worth insurance is, and how it can help those who need to protect themselves against theft and damage.


What is high net worth insurance? 

High net worth insurance is insurance for those who require a slightly higher level of protection against the theft and damage of their personal items. It could be that these individuals have a high net worth and therefore need extra protection because their general possessions are of a high value. Generally, these possessions will be expensive cars, homes and personal items such as jewellery and collectors pieces.  

It is also useful for those who are at a higher risk, and may need insurance to cover their higher risk lifestyle. This would normally be people like high profile athletes, politicians or those in the public eye. Standard insurance policies are unlikely to cover the needs of high net worth individuals and therefore high net worth insurance protects them.  

What can be covered by high net worth insurance? 

High net worth insurance can cover things like:  

  • High value homes
  • High performance cars
  • Collectors items
  • Jewellery and watches 
  • Designer clothing and gadgets
  • Boats and yachts 
  • Precious metals 

Why do people require high net worth insurance? 

People need high net worth insurance in the same way that people need regular insurance – it ensures that they are protected against the theft and damage of their personal property. 

It covers items that are high value in the event of accidents, theft, damage etc. and takes into account the fact that some items are irreplaceable. High net worth insurance is often required as it offers a more personal service that really takes into account what things are worth.

What are the benefits of high net worth insurance?

There are many benefits of having high net worth insurance, these can include:

  • A personalised policy that covers you for the harder to value items
  • Offers a common policy that covers different asset classes
  • Allows multiple property insurance under one policy, that can all be renewed at the same time
  • Agreed value on each asset is agreed in a bespoke way
  • Often they will offer a face to face service or a more hands-on approach
  • Can be used for commercial purposes too

High net worth insurance requires a unique and specialised service complete with exceptional customer service. Are you looking to localise your financial service marketplace in order to offer the best service to your clients? Take a look at the ways that Stubben Edge can boost your businesses offering. You can also read up on how insurance brokers can stand out in a competitive market for more information.

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