Massachusetts - Home Insurance & Flood Insurance
  • HOME
    • Cape Cod, MA - Send me a Home Quote
    • Cape Cod, MA Home Insurance Protection
    • Arbella Insurance Discounts
    • Lloyds of London History
    • Safety Insurance Discounts
    • Cape Cod Massachusetts - Alternative to MPIUA - MA Property Insurance Underwriting Association "Fair Plan"
    • Cape Cod Real Estate
    • Hurricane Preparedness
    • Hurricane Survival
    • Hurricane Aftermath
  • FLOOD
  • Cape Cod Home Insurance
  • AUTO
    • Falmouth, MA - Send me an Auto Quote by a local insurance agent
    • InControl Driver Training
    • Arbella Insurance Discounts
    • Encompass Insurance Discounts
    • Cape Cod Massachusetts Plymouth Rock Asurance Discounts
    • Falmouth, MA Safety Insurance Discounts
    • Travelers Insurance Discounts
  • BOAT
    • Send me a Boat Quote
  • BUSINESS
    • Send me a Business Quote
    • Arbella Business
    • Non-Profit Insurance Packages
    • Bar & Tavern Insurance
  • LIFE
    • Send me a Life Quote
  • OFFICES
  • ABOUT US
  • eServices
    • Pay Your Bill Online
    • Report an Insurance Claim
    • Send me a Home Quote
    • Send me an Auto Quote
    • Send me a Boat Quote
    • Send me a Business Quote
    • Send me a Life Quote
  • Agent Login
  • Contact Us
  • Privacy Policy
  • HOME
    • Cape Cod, MA - Send me a Home Quote
    • Cape Cod, MA Home Insurance Protection
    • Arbella Insurance Discounts
    • Lloyds of London History
    • Safety Insurance Discounts
    • Cape Cod Massachusetts - Alternative to MPIUA - MA Property Insurance Underwriting Association "Fair Plan"
    • Cape Cod Real Estate
    • Hurricane Preparedness
    • Hurricane Survival
    • Hurricane Aftermath
  • FLOOD
  • Cape Cod Home Insurance
  • AUTO
    • Falmouth, MA - Send me an Auto Quote by a local insurance agent
    • InControl Driver Training
    • Arbella Insurance Discounts
    • Encompass Insurance Discounts
    • Cape Cod Massachusetts Plymouth Rock Asurance Discounts
    • Falmouth, MA Safety Insurance Discounts
    • Travelers Insurance Discounts
  • BOAT
    • Send me a Boat Quote
  • BUSINESS
    • Send me a Business Quote
    • Arbella Business
    • Non-Profit Insurance Packages
    • Bar & Tavern Insurance
  • LIFE
    • Send me a Life Quote
  • OFFICES
  • ABOUT US
  • eServices
    • Pay Your Bill Online
    • Report an Insurance Claim
    • Send me a Home Quote
    • Send me an Auto Quote
    • Send me a Boat Quote
    • Send me a Business Quote
    • Send me a Life Quote
  • Agent Login
  • Contact Us
  • Privacy Policy
Search by typing & pressing enter

YOUR CART

3/26/2017 0 Comments

12 Insurance Questions for High Net Worth Families

Picture
12 Insurance Questions for High Net Worth Families
Many high net worth families fail to adjust their insurance portfolios to protect their assets as their wealth grows. This is not uncommon as life has a way of getting very busy. A lot of people think once they have an insurance agent who has set up a comprehensive insurance program, it is on auto-pilot. But life happens and things inevitably change, thus it makes sense to review and update your insurance program to make sure you in fact actually have comprehensive insurance coverage.

What Is Comprehensive Insurance Coverage?

Simply put, comprehensive insurance typically includes home insurance, auto insurance, collector car insurance, boat (yacht) insurance, valuables insurance and umbrella liability insurance. In some cases it can also include workers' compensation and employment practices liability insurance, cyber insurance, and directors and officers insurance. There are even more types of insurance, but this list gives you a good idea of the types of insurance I am referring to.
High Net Worth Families and Comprehensive InsuranceMost entrepreneurs, business owners, and high net worth people understand the concept of risk. They have almost certainly taken a high level of risk while working to increase their wealth and assets over time. They also understand that it makes sense to minimize their downside by insuring against risks. Insurance is not exactly fun or sexy to talk about, yet one of the first questions people ask when something bad happens is, "Is it insured? Am I covered?"
In other words, we all know insurance is important, we just don’t like talking about it. (For related reading, see: Ways to Make Insurance Exciting.)
Although I am not licensed to help people with this type of insurance, it is certainly a topic of conversation when building a financial plan. I work closely with a select group of insurance professionals that understand all the nuances of comprehensive insurance and make sure to bring them into the planning process should a client have potential needs or simply to conduct a thorough review of their current coverage.
In working with entrepreneurs, business owners, high net worth families and insurance professionals, I have learned that there are some specific questions people should be asking when reviewing or considering changing their comprehensive insurance coverage.

Do I Have the Right Insurance Coverage?

This is typically the first question high net worth families ask themselves and their insurance agent. Addressing the following questions when designing and implementing your comprehensive insurance portfolio will help you better figure out the best insurance package for you, what the deductibles will be and how the claims process works if something happens. Ultimately it should lead to a very strong and comprehensive insurance solution to protect you and your wealth.
​
12 Questions High Net Worth People Should Ask When Protecting Their Wealth and Assets
  1. Who is your current insurance carrier and insurance agent?
  2. Do you have umbrella liability coverage that matches your net worth?
  3. Does your umbrella policy include excess uninsured/underinsured motorist liability?
  4. Will your homeowner’s coverage pay to rebuild your home with similar quality materials and craftsmanship?
  5. If you recently expanded or upgraded your home, did you notify your insurance agent?
  6. If you own a wine collection, a significant amount of jewelry, artwork or other valuable items, are they insured adequately? (For related reading, see: Homeowner Insurance Gaps to Watch out for.)
  7. Do you have at least $1 million in uninsured/underinsured liability protection?
  8. If you employ domestic staff like a nanny, housekeeper, gardener, or chef, do you have employment practices liability and workers compensation insurance?
  9. If you serve on a board, do you understand the organization's insurance may not protect you from liability lawsuits that may be brought against it?
  10. Have you considered raising your insurance deductibles?
  11. Is all of your insurance coverage (home, auto, collector car, boat, valuables, umbrella, etc.) with the same carrier? (Life insurance does not need to be with the same carrier as there rarely is a discount for adding it to the insurance package.)
  12. Have you informed your insurance agent about any safety and loss prevention devices (security systems) in your home and autos? 
Keep in mind that each person’s insurance portfolio will be different and unique to their needs. These questions are a great way to review and assess your current insurance coverage. Discussing all of this with your insurance agent, whether you already have one or are looking for a new one, will greatly improve the likelihood that you have the comprehensive insurance portfolio that is best for your situation.

Button Text
0 Comments



Leave a Reply.

    Picture
    Picture
    Picture
    Picture

    Insurance Info

    For all the latest up to date insurance rates for Cape Cod, MA.

      Quick Quotes

    Submit

    Categories

    All 5 Ways To Prevent Your Basement From Flooding Arbella Insurance Auto Insurance Bad Weather Driving Best Boat Insurance Best Car Insurance Best Insurance Best Policy Bourne Flood Insurance Bourne Home Insurance Buildings Buildings And Content Insurance Cape Cod Boat Cape Cod Flood Insurance Cape Cod Home Cape Cod Home Insurance Cape Cod Home Insurance Best Cape Cod Home Insurance Marthas Vineyard Insurance Falmouth Home Insurance Mashpee Home Insurance Cape Cod Home Insurance Falmouth Home Insurance Cape Cod Real Estate Cape Cod Home Insurance Falmouth Home Insurance Cape Cod Real Estate Universal Home Cape Cod Home Insurance Falmouth Home Insurance Cape Cod Real Estate Universal Home Universal Property Cape Cod Insurance Agency Home And Auto Insurance Car Insurance Car Owner Guides Centerville Home Insurance Home Insurance Agent Cape Cod Insurance Agent Cape Cod Insurance Agency Home And Auto Insurance Coastal Agents Alliance Community Outreach Contents Contents Insurance Dennis Home Insurance Yarmouth Home Insurance Vineyard Haven Home Insurance Nantucket Home Insurance Disability Safety Disaster Safety For People With Disabilities: What To Do When Emergency Weather Strikes Do I Need Flood Insurance Driver Safety Driving To Safety: The Car Owner's Guide To Emergency Evacuation Emergency Evacuation Emergency Evacuation Preparedness Falmouth Flood Insurance Falmouth Home Insurance FEMA Flood Program Flash Flood Safety: 5 Must Ask Questions Flash Flood Safety: 5 Must-Ask Questions Flood Flood Damage Flooding Flood Insurance Flood Insurance Costs Flood Insurance Rates FLOODS AND YOUR LIVESTOCK Guide Guide To Safe Driving Home Home And Car Insurance Home Insurance Home Insurance Agent Cape Cod Insurance Agent Cape Cod Insurance Agency Home And Auto Insurance Home Insurance Cape Cod Home Insurance Best Cape Cod Home Insurance Marthas Vineyard Insurance Falmouth Home Insurance Home Insurance Cape Cod Home Insurance Best Cape Cod Home Insurance Marthas Vineyard Insurance Falmouth Home Insurance Mashpee Home Insurance Sandwich Home Insurance Bourne Home Insurance North Falmouth Home Insurance Marion Home Insurance Household Insurance Information & Resources Insurance Insurance Emergency Strikes' Insurance Flood Insurance Policy Maps: Which Parts Of The U.S. See Flash Floods Most Often? Marion Home Insurance Plymouth Home Insurance Dennis Home Insurance Yarmouth Home Insurance Mashpee Flood Insurance Mashpee Home Insurance Mashpee Home Insurance Sandwich Home Insurance Bourne Home Insurance North Falmouth Home Insurance Narragansett Insurance National Flood Insurance Program Plymouth Home Insurance Dennis Home Insurance Yarmouth Home Insurance Vineyard Haven Home Insurance Nantucket Home Insurance Yarmouth Home Insurance Possessions Preparing For Vehicle Emergencies Prevent Flooding Replace Right Insurance Safe Driving Guides Safety Guide Safety Guides Tags: Safety Safety Insurance Sandwich Home Insurance Sandwich Home Insurance Bourne Home Insurance North Falmouth Home Insurance Marion Home Insurance Plymouth Home Insurance The Ultimate Guide To Hurricane Facts Universal Home Universal Property UPC Insurance MPIUA Mass Property Fair Plan Fair Plan Alternative Universal Insurance Universal Property UPC Insurance MPIUA Mass Property Fair Plan Fair Plan Alternative UPCIC Insurance UPC Insurance UPC Insurance MPIUA Mass Property Fair Plan Fair Plan Alternative Vehicle Emergency Kit Vehicle Safety Vineyard Haven Home Insurance Nantucket Home Insurance Yarmouth Home Insurance Centerville Home Insurance Water Damage Wind Vs. Hurricane Deductibles Wright Flood Yacht Insurance Yarmouth Home Insurance Centerville Home Insurance Home Insurance Agent Cape Cod Insurance Agent

    Home Insurance Quote
    Flood Insurance Quote
    Auto Insurance Quote
    Boat Insurance Quote
    Business Insurance Quote
    Life Insurance Quote

    Archives

    June 2021
    February 2020
    May 2017
    March 2017
    December 2015
    October 2015
    January 2015
    November 2014
    September 2014
    August 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014

    RSS Feed

Powered by Create your own unique website with customizable templates.