As a wealthy individual, you’re likely to face some unique insurance challenges and therefore you’re probably going to gravitate towards a unique source for your insurance products. Families with extreme wealth often have more complicated risk management needs in terms of the types of items they buy and own, and their needs aren’t likely to be met with any type of standard insurance coverage.
You should be concerned on both ends of the spectrum; over-insuring against minor issues while underinsuring against major concerns. The benefits of a Connecticut insurance policy for high-net-worth individuals and families are many, and are geared towards maintaining the balance between your specific needs and the coverage that will benefit you the most.
Being underinsured can spell disaster
As a high net worth individual (HNWI) you’re likely to have expensive possessions, such as wine collections, paintings and art pieces, and yachts, as well as expensive hobbies, like racehorses and classic cars. These are all items that need to be properly insured. Even when they are insured, it’s also very important to find out what each possession’s actual market value is in case the insurance purchased doesn’t properly fit the value of the item.
This is why choosing the right agent is so vital. Your ideal agent will diligently take note of all of your hard-to-replace possessions, make certain to get them appraised accurately, and then offer insurance solutions that will cover you against all risks.
Having the right high-net-worth insurance policies can safeguard you against everything from accidents resulting in damages, to theft by someone under your employ. In fact, as a HNWI you might want to cover your assets against possible lawsuits from an employee or other service agency. This is commonly known as employment practices liability coverage, and could potentially save you from paying substantial damages from a settlement.
As a HNWI you will likely encounter concerns related to estate taxes, and your high-valued home. Estate taxes for the wealthy can be quite high, and those with multiple homes in multiple markets will probably be best suited finding individual coverage for each property. With so much at stake doesn’t it make sense to get the right Connecticut insurance for all of your needs? Speak to an agent about your concerns today!