Buying High Net Worth Insurance
Programs Include Excess Liability and Kidnap, Ransom and Extortion
Before you buy high net worth insurance, learn more. Find out about excess liability, high value home insurance and other high net worth insurance policy coverages.
High net worth insurance provides coverages for the unique needs of the prosperous. Insurance needs are based in part upon the economic situations of individuals and families. A comprehensive high net worth insurance policy includes coverage for excess liability, high value homes, collections, kidnapping, collector autos, private jet planes and more.
High Net Worth Insurance Includes Excess Liability
A comprehensive high net worth insurance policy includes excess liability insurance. Excess liability insurance provides people with additional liability coverage on top of their regular limits of liability. Standard insurance policies provide no more than $1 million dollars worth of liability. Excess liability in a high net worth insurance policy offers tens of millions of dollars of coverage.
High Value Home Insurance
High value home insurance provides coverages tailored for homes valued over $1 million. Expensive homes and mansions need specialized coverage in case of a loss, because repair costs will be high. High value home insurance promises to rebuild or replace homes in a way that will equal their current value at the time of the loss, without cutting corners.
Kidnap, Ransom and Extortion Insurance for High Net Worth Individuals
Kidnap, ransom and extortion insurance is a must for high net worth individuals. Ransom insurance helps individuals and their families cover expenses related to a kidnapping. High net worth individuals and families at risk for kidnapping may have to pay negotiators, medical expenses, legal and consulting fees in addition to paying a ransom. Kidnap, ransom and extortion insurance can help mitigate these costs and is also available as a one-time trip insurance policy for risks associated with travel.
Classic Cars, Exotic Cars and Collector Auto Insurance
Insurance for collector autos, exotic cars and classic cars is an important part of the high net worth individual insurance plan. Cars that have high values, are antiques or have been extensively modified will not receive adequate coverage with a traditional car insurance policy. The collector auto insurance policy provides car enthusiasts with an assurance that if a claim should occur the cost for original parts will be covered, as well as the cost to have cars repaired at a specialty auto repair shop.
Learjet, Corporate and Private Jet Plane Insurance
Private and corporate jet plane insurance for Learjets or other aircraft can be added to a high net worth insurance policy. These insurance policies cover the costs to repair corporate and private jets. Comprehensive private jet plane insurance also provides coverage for airport liability, pilots’ life insurance and workers compensation.
Art, Jewelry and Collections Insurance for High Net Worth Individuals
High net worth individuals and families with art, jewelry and collections need specialty insurance to cover their belongings. As with the other items listed here, the standard homeowner’s insurance policy will not provide adequate coverage for extremely costly items. Insurance for art, jewelry and collections are often included with a high-value home insurance policy and ensure that appropriate recompense will be made in case of a loss.
Talk back with a writer- tell Lisa Nichols about your experiences buying high net worth insurance.
