There are many benefits to having been blessed with wealth. You may have a vacation home, boat, plane, or get to travel the world. But individuals with high net worth have increased risks that need to be managed. Personal insurance policies created for high net worth individuals can have much higher limits than average policies, providing the adequate coverage high net worth individuals need for more expensive homes and automobiles, as well as valuable collections, yachts and aviation.
Many “standard” personal insurance policies have limitations that create the need for a different personal insurance approach.
- Foreign travel
- Expensive art or gun collections
- Expensive jewelry
- Private aviation
- A greater amount of cash in the home
- Expensive or custom vehicles
- Watercraft that are not covered under a normal policy
- Hired staff
- Custom homes with unique or one of a kind construction
- Homes in foreign countries
- Involvement in charities that create new risks
- Custom furniture or other personal items
- Imported fixtures
Umbrella insurance products are designed to supplement ordinary insurance policies with additional liability coverage. For example, if a high net worth individual guest is hurt on their property and their homeowner's insurance coverage does not cover the liability cost, Umbrella Insurance will step in. Furthermore, if the injury was covered by the homeowner's insurance policy, the umbrella policy can assist by giving larger overall limits of liability to compensate for damages. High-net-worth individuals should also consider obtaining umbrella insurance in proportion to their net worth to protect themselves from personal responsibility and the need to liquidate assets to pay for damages to a third party.
Affluent individuals often choose a personal umbrella policy, which provides expanded coverage and increased protection of their assets beyond what is provided under homeowner’s and auto insurance policies.
We are committed to providing clients with the highest quality insurance plans available combined with some of the lowest possible rates. Whether you are shopping for auto insurance, home insurance, life or business insurance, we can help you obtain the best coverage available with the lowest rate possible.
All of us at Cornhusker Insurance truly value the long term relationship with our clients, and are proud to give families, individuals and businesses the personal attention required when it matters most. When claims arise, we realize that it can be very stressful and will do everything possible to assure timely and complete recovery.