12 Insurance Questions for High Net Worth Families
12 Questions High Net Worth People Should Ask When Protecting Their Wealth and Assets
- Who is your current insurance carrier and insurance agent?
- Do you have umbrella liability coverage that matches your net worth?
- Does your umbrella policy include excess uninsured/underinsured motorist liability?
- Will your homeowner’s coverage pay to rebuild your home with similar quality materials and craftsmanship?
- If you recently expanded or upgraded your home, did you notify your insurance agent?
- If you own a wine collection, a significant amount of jewelry, artwork or other valuable items, are they insured adequately? (For related reading, see: Homeowner Insurance Gaps to Watch out for.)
- Do you have at least $1 million in uninsured/underinsured liability protection?
- If you employ domestic staff like a nanny, housekeeper, gardener, or chef, do you have employment practices liability and workers compensation insurance?
- If you serve on a board, do you understand the organization’s insurance may not protect you from liability lawsuits that may be brought against it?
- Have you considered raising your insurance deductibles?
- Is all of your insurance coverage (home, auto, collector car, boat, valuables, umbrella, etc.) with the same carrier? (Life insurance does not need to be with the same carrier as there rarely is a discount for adding it to the insurance package.)
- Have you informed your insurance agent about any safety and loss prevention devices (security systems) in your home and autos?