For most people, a typical homeowners’ insurance policy is more than enough to provide adequate financial coverage. However, if you are a person with a high net worth, you may find that typical home insurance won’t cut it. You may need insurance for expensive personal belongings and higher coverage limits to protect your luxury home. If this is the case, your best bet is a high net worth property insurance policy.
What Is High Net Worth Property Insurance?
High net worth property insurance is essentially an expanded version of homeowners’ insurance. It has higher coverage limits, covers expensive personal belongings like art and jewelry, and can deal with liability risks involving household employees. There are also many other coverage options that you can add on to your insurance plan to meet your unique needs.
What Types Of High Net Worth Coverage Are Available?
There are many different types of high net worth coverage that you can purchase. Some of the most common types are:
- High limit personal umbrella coverage
- Domestic employee coverage
- Wine coverage
- Fine art coverage
- Luxury vehicle insurance
- Kidnap/ransom insurance
- Yacht insurance
Having a high net worth can come with a lot of complications and risk. As the saying goes, “More money, more problems.” High net worth home insurance can help offer you the peace of mind you need.