High net worth insurance is a collective term that describes insurance products designed to offer coverage to clients with high-value assets, like a home and other possessions valued over $750,000. But is a particular policy required for high-value assets, and where do you go if you need one? Let a Mel Foster Insurance agent point you in the right direction.
Mel Foster Insurance Policy Coverage
High net worth clients have specific needs and can often be underinsured when it comes to insurance coverage. These clients should ask questions to ensure their current policy language is not too restrictive. Mel Foster Insurance offers concierge-level service to meet the unique needs of higher net worth households while providing fully customizable insurance policies that include coverage for the following items:
- Primary, secondary and vacation homes
- Luxury autos
- High-end furniture
- Artwork
- Private collections and collectibles
- Rugs and furs
- Identity theft
- Kidnap and ransom
Take Three Steps For Peace Of Mind
The simplest way to determine if the best policy is in place to safeguard family and belongings is to follow these three steps:
- Review the current homeowner’s insurance with your Mel Foster Insurance agent
- Create a home inventory, which means making a list or video of your belongings
- Have valuables appraised and schedule a home-value inspection
High-Value Homeowners Quoting Process
Quoting a high-value home typically requires a thorough, on-site inspection of the property to identify specific characteristics and the overall build quality of the home. Then the necessary applications are prepared for submittal to the high-value insurance carrier. After the insurance company returns its initial quote, adjustments to the limits and coverages are considered, and approval from the client is accepted. It’s not unusual for the insurance company to complete their own physical survey and inspect the home a few weeks after the policies’ specifics are approved.
Find more guidance on home insurance options.