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
Basically, home contents insurance is insurance protection against the replacement cost that you would otherwise have to pay to replace the contents of your home in the event of then being lost, damaged or stolen. As is the case with home buildings insurance, the main factors contributing to grounds under which you can make a claim against your home contents insurance include theft/burglary, damage due to floods, burst water pipes or boilers, etc.
<b>There are, however, two very important factors that you need to keep in mind when insuring the contents of your home:</b>
<li> First, in the case of home contents insurance, it is rarely the case that your mortgage provider is going to insist that you have this type of insurance as part of your mortgage agreement;
<li> Second, regardless of whether you own or rent the property you are currently living in, you should still be looking to insure the contents of your home – as these are your personal possessions.
Two further aspects of home contents insurance also need to be considered carefully when you are checking out the different kinds of policies on offer. In some, but not all, cases you can be insured for your home contents even when the items listed in your home contents insurance policy are not actually physically located on the home ‘property’. So, for example,
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02632, 02636, 02635, 02574, 02543, 02649, 02534, 02649, 02559, 02561, 02562, 02532, 02532, 02664, 02637, 02675, 02664, 02638, 02639, 02641, 02660, 02670, 02672, 02647, 02645, 02646, 02661, 02671, 02631, 02633, 02650, 02659, 02669, 02643, 02653, 02662, 02642, 02651, 02663, 02667, 02652, 02666, 02657, 02554, 02564, 02573, 02575
<li> First, it is possible to claim when you are transporting items from one place to another and they are stolen.
<li> Second, home contents insurance is insurance against the replacement cost of the item being insured.
It does not, nor is it intended to, insure you against the nostalgic value of the item damaged/lost. So, for example, if you insure a picture your deceased grandmother gave you, which would cost £20 to replace, it makes little difference that it was your deceased grandmother who gave it to you and that it cannot, therefore, be replaced.
Although home contents insurance is, in all but a few very rare circumstances, a completely voluntary scheme of insurance to subscribe to, if you are in any doubt as to the value of this insurance scheme, take a quick mental inventory of the contents on your home and their value and then get a few quotes off the internet and you’ll soon be seeing the value of having your home contents properly insured.
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