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The Fundamental Facts High Net Worth Individuals Should Know About Personal Insurance Coverage

The Fundamental Facts High Net Worth Individuals Should Know About Personal Insurance Coverage
If your financial advisor considers you to be a high net worth individual, you may want to consider securing specialized high net worth personal insurance to protect your uniquely extensive assets. High net worth individuals tend to require additional and sometimes tailored insurance. Review these fundamentals as you weigh whether to shop for this personal coverage.

You Should Consider Insuring All Your Biggest Assets and Liabilities

In general, high net worth insurance protects large assets and liabilities that may be difficult to cover under other, more general insurance policies. For instance, if you have an extensive personal real estate portfolio, cookie-cutter insurance may not be enough. Consider getting high net worth insurance if you own some or all of the following.
  • Luxury vehicles
  • Multiple homes
  • Boats
  • Household staff
  • Family heirlooms
  • Jewelry

Search for Personal Insurance That Could Be Helpful for Your Estate

Within the realm of high net worth insurance, you may be able to secure a highly tailored policy. Look for coverage that suits the specifics of your estate. Ask yourself questions such as:
  • Do you have a large estate to insure for tax purposes?
  • Do you need liability protections for exposures you or your children may face?
  • What additional personal insurance do you require on top of your current homeowners’ insurance policy?
For individuals with extensive personal assets, getting high net worth personal insurance may prove immensely valuable. Review these fundamental facts to determine whether you should look into getting this tailored type of insurance coverage.