There are certain exclusions to standard homeowners policies, which typically include high-value items such as jewelry, artwork, memorabilia, and collectibles, musical instruments, and electronics, among others. When going over your policy, make a list of the exclusions that apply to you, and see if you need additional coverage to protect your highly valued items. When it comes to insurance for high net worth individuals, there are likely to be unique needs, and it’s crucial that you determine whether you need additional coverage now, before an unexpected disaster occurs and you find yourself inadequately covered.
Where does one begin in determining the value of their items and whether they need extra coverage? The best way to start is by making an inventory of your belongings.
Document Your Belongings
You need a record of your belongings, both for insurance purposes and your own benefits. You can take a video doing a walkthrough of your home, documenting your belongings as you go. If you want a more complete inventory of your high dollar items, write down the make, model, serial number, purchase price, and the estimated value of the items.
Try to do it a room at a time, or at least document your high dollar items, and go through the rest of your house later. You can also upload everything to their secure servers and access it from any computer (which is good to know in case yours was stolen).
Make sure you have an accessible copy of this information off-property. You can leave a copy with a family member, store it in a safety deposit box, or upload a copy to an online backup system.
Determine Your Coverage Amounts
There are a couple of ways you can make sure you have enough insurance for your belongings. Is the total value of your belongings cohesive with insurance for high net worth individuals? You will be surprised at how often you may not have enough coverage for specific items. When reading through your policy, check to see which high-value items are covered, and which are not. Make sure your policy covers your items for full replacement value.
Typically, homeowners insurance policies provide broad coverage for your personal possessions, but may not cover certain losses, such as a stone falling out of a diamond ring, an antique statue that is accidentally broken, or a personal computer damaged by a flood.
Have your specialty items appraised so you can purchase a policy that reflects their needs. Insurance for high net worth individuals must correlate with the assets involved. Depending on the value of the pieces you need protected, it may need more protection with a separate Valuable Items policy to adequately cover items such as:
- Cameras and related equipment
- China and crystal
- Coins (rare and current)
- Golfing equipment
- Musical instruments
- Personal computers
- Stamps (rare and current)
- Fine art (paintings, etchings, pictures, oriental rugs, statuary, rare books, manuscripts, and bric-a-brac of rarity, historical value or artistic merit)
Insurance for high net worth individuals should be discussed with your agent to determine how your unique coverage needs can be met.
About Moody Insurance Worldwide
Moody Insurance Worldwide, a division of Moody & Associates that was founded in 1914, is a leading provider of risk management programs and insurance coverage to individuals and businesses across the East Coast. We write all sizes of businesses, with technical expertise in many key industry areas, and provide personal insurance programs for estates and high net worth individuals. Our licensed, experienced commercial account managers can work with you to determine the coverage that you need at a competitive rate. Contact us today at (855) 868-0170 to learn more about what we can do for you.