The Connecticut high net worth insurance market can be challenging for insurers and clients alike simply because with great personal wealth comes added responsibility. There are many things to consider when ensuring those high-value items kept in the home that need to be covered in the event of theft or damage, as well as other concerns unique to a higher income household.
Agencies that deal in private client services are often working with professionals, such as physicians, lawyers, actors, and athletes, and they understand the contributions that many of these individuals make. These often high-profile people can benefit from these services, and the agents can demonstrate their ability to help their financial growth.
For example, because they have a great deal of respect for those in the medical community (physicians who work long hours and work so hard to help others), agents want to provide them with a service to help them resolve many of their financial issues and concerns.
High value items need extra consideration
A knowledgeable agent can help to determine the proper amounts of insurance required, as well as help to recognize situations where those valuable items are more likely to become targeted, or damaged, and make suggestions on how to better protect them. This is the responsibility of the owner, but the agent who is acquired can certainly aid in the prevention of loss through instigating sound coverage options.
There’s no question that those with far more valuable belongings require an elevated level of coverage. For homeowners in possession of valuable items, such as fine art, jewelry, or even high-priced items like yachts and antique car collections, they can only benefit from a policy that provides enough coverage, which is crucial to protecting their investment.
Private client services are also available for wealthy individuals that employ a large staff to keep things running in their homes. They can purchase coverage for the exposures associated with having individuals working in their homes with all the risks inherent in this situation as well.
Terrorism threats are on the rise
Those possessing greater personal wealth also need to be concerned with the possible threat of extortion and kidnapping. These occurrences are far more common than one might think, and without proper guidance, particularly when travelling outside the US, a person may find themselves in situations where such activities are prevalent.
Speak to an agent today about securing Connecticut high net worth insurance coverage and rest assured that valued material possessions will likely stay safe for years to come.