In our beloved state of New Hampshire, where some of the wealthiest towns, including Windham, Hollis, and Bedford, there exist standard insurance policies that might not provide the comprehensive protection your high-value assets deserve. As specialists in the High Net Worth insurance market, we frequently encounter questions like “What is High Net Worth Insurance?” and “Who needs it?” In this article, we aim to address these common queries and illuminate the world of high value home insurance, crafted to cater to New Hampshire’s high net worth individuals.
Understanding High Net Worth Insurance:
High Net Worth Insurance is meticulously designed for families and individuals who possess substantial assets, whether in terms of value or quantity. Certain insurance companies exclusively cater to the high-end market, crafting policies tailored to support high-value assets and clients. These insurers possess the capability to cover higher-value homes, provide larger liability umbrella limits, and safeguard unique or expansive collections, including jewelry, wine, artwork, and more. Standard insurance markets typically lack the capacity, appetite, or ability to provide such specialized coverage.
Qualifying for High Net Worth Insurance:
If you feel that you’ve outgrown your current insurance provider, it might be time to explore transitioning to a high net worth insurance program. Several key indicators are considered when determining eligibility for the high net worth insurance market:
- Home Rebuild Value: Above $750,000 replacement cost
- High-Value Vehicles: In your possession
- Significant Liability Needs: Typically exceeding $3 million
- Complex Insurance Portfolio: Featuring numerous insurable assets
- High-Value Items/Collections: Such as jewelry, fine arts, antiques, sports equipment, and more
- High-Income Earning Individuals: Or those who have recently received a significant influx of funds
It’s important to note that you don’t need to meet all these criteria to qualify. They serve as key indicators to assess if the high net worth insurance market is a suitable fit for your needs.
Distinguishing Features of High Net Worth Insurance:
The high net worth insurance market sets itself apart through policy contracts, capabilities, member benefits, and claims support.
Policy Contracts: High net worth insurance policies feature robust contracts that often bundle the coverage you require. Standard market insurance policies typically offer a la carte-style coverage and endorsements that need to be pieced together. High net worth contracts understand the unique risks associated with high-value policies and include many of those coverages as standard. For instance, guaranteed replacement cost on home policies ensures an unlimited rebuild value, regardless of the insured amount listed.
Capabilities: Put simply, high net worth insurance companies have the capacity to insure higher-value assets and individuals that the standard insurance market cannot or should not cover.
Member Benefits: Most high net worth insurance providers offer member benefits, such as travel and medical evacuation programs or collection inventory support. These benefits are included at no additional cost to you.
Claim Support: High net worth insurance companies offer white-glove claims service and support. They employ adjusters who understand how to assess valuations for high-end assets.
Insurance Companies in the High Net Worth Market:
Of the insurance companies above, Chubb Insurance & Cincinnati Insurance have the capacity to handle very high net worth individuals (think homes over $5,000,000 in Dwelling Replacement Cost). Many standard insurance companies will cap the amount of dwelling coverage they can handle at $2,000,000 to $5,000,000, and there are limitations on Personal Umbrella liability limits as well.
We have written policies for some very nice homes throughout New Hampshire & the Seacoast that provide much broader protection & more coverage endorsements than a standard homeowner policy will provide.
If you believe it’s time to explore transitioning to the high net worth insurance market, our team is eager to guide you through our risk analysis process. During this evaluation, we assist you in determining the right insurance company for your unique needs and whether the high net worth market is the ideal solution for you and your family.
For a comprehensive discussion tailored to New Hampshire’s prosperous communities, including Windham, Hollis, and Bedford, please don’t hesitate to contact us at Portsmouth Atlantic Insurance. We are here to serve your exclusive insurance requirements, whether through email, online chat, or by phone. We look forward to providing you with unparalleled protection and peace of mind!
Contact Us today for Auto and Home solutions and learn more about how we can help. Give us a call at 603-431-4020, email at firstname.lastname@example.org or fill out the form on this page to get started.
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