isu armac insurance logo

High Net Worth Insurance

High Net Worth Insurance

As you rise up the ladder and reach new socioeconomic heights, you might find that the big brands you’re familiar with lack what you need. Most companies target the average consumer, and insurers are no exception. The majority of insurance policies focus on what middle-class customers need. However, once you pass a certain threshold, these policies become more cumbersome than helpful. The solution is an insurance product built especially for you: high net worth insurance.


High Net Worth Insurance

What High Net Worth Means

Most experts define a high net worth individual as someone with over a million dollars in assets. There’s some debate on this term as inflation has made being a millionaire less impressive in recent years, but insurance policies continue to rely on this number as a starting point. Most commonly, individuals seeking high net worth coverage have several million dollars or more. At this level, people have more valuable homes and possessions that merit extra coverage.

If you’ve had the kind of success that puts you into this category, congratulations. However, you might have noticed that the companies that have always covered you throughout life are no longer able to help you with your high value property. High net worth individuals have needs that most people don’t. Fortunately, there are insurers that specialize in offering policies to high net worth individuals.

Why You Need a Specialized High Net Worth Policy

The more wealth you accrue, the more unusual your situation becomes. While this is great for you, it can be problematic when looking to insure valuables. For example, if you have a family heirloom such as jewelry or an antique item, how do you insure it? Most insurance companies won’t know where to begin. Likewise, exotic items like classic cars or historical properties have special needs that cannot be satisfied by the average insurance policy. You need something better.

High net worth policies also provide coverage for assets held overseas. Since many individuals invest in property abroad or have holdings in other regions, it’s important to work with an insurer that can help you locally while covering property elsewhere. Finally, the most important resource you have is your time. High net worth insurers provide better service and handle more work for you so that you can spend your time doing more valuable activities.

What Does It Cover?

One of the great things about high net worth coverage is that it is very versatile. Insurers can write policies for anything you own, though some may have a minimum value for the item to qualify. You can bundle protection together for several items or you can craft customized policies for each. So, your policy might protect the classic automobile in the garage, valuable artwork, jewels, or all of the above and more.  

Make a list of items that you would like to insure and then speak to an insurance representative for high net worth individuals. Together, you can draft a policy that takes care of your possessions and give you peace of mind.