When you have a high-net-worth, odds are your property is going to reflect that. You may have a customized home, high-value jewelry and vehicles. Likewise, a lot of individuals also have staff that lives on site. This opens you up to a lot of risks and is why you may need a high net worth umbrella policy.
What Protections Do Umbrella Policies Offer?
Umbrella policies protect your assets, whether they are current personal assets or your future assets. While you are bound to have other insurance policies, umbrella policies cover incidents that your standard insurance may not. For instance, if someone slips on your stairs and suffers a serious injury, the umbrella policy provides additional financial help.
What Limitations Do Umbrella Policies Have?
All insurance policies have limitations. First, this is a personal insurance policy. This means that if you own a business, then your umbrella policy will not cover any business asset losses that occur. You need separate business insurance coverage for company protection. Also, most insurance policies will not cover you if you act recklessly.
If you have valuable assets and high-value property, you need to be able to protect it. As a high-net worth individual, standard insurance policies may not protect the value of all of your assets. Umbrella insurance for high net worth individuals, however, can protect you.