Private Client Insurance
If you want to secure the most robust and reliable coverage for your property and possessions, a private client insurance policy may be an invaluable investment. Private client insurance, also known as high net worth insurance, can provide ample financial protection for assets with values that may exceed the coverage limits of other policies. Lacking private client insurance may leave you without the means to recoup losses and require you to pay significant out-of-pocket expenses.
What Does Private Client Insurance Cover?
Private client insurance can cast a wide array of financial protection across many of your assets. Policyholders may commonly use this form of coverage to insure the following:
- High-value homes
- Valuable cars
- Boats and yachts
- Fine art
Types of Private Client Insurance
Private client insurance policies can often be customized to suit your needs and circumstances. Work with a qualified insurance professional to assemble adequate coverage to protect your assets and properties from various risks and exposures. Common choices may include the following:
- High-end home insurance—This may be suitable for particularly valuable residences or homes with unique features and attractive nuisances (e.g., swimming pools) that may require significant coverage limits.
- Multiple homes protection—If you own vacation homes or have additional dwellings, this coverage can ensure your properties are adequately protected.
- Classic car insurance—This coverage can provide financial protection for antique, collectible or valuable motor vehicles.
- Personal collections insurance—By including this coverage in your insurance portfolio, you may be able to receive compensation for losses related to valuable possessions, such as jewelry, art and clothing.
- Boat insurance—This coverage can cast a wide safety net across risks and exposures related to watercraft, such as hull damage, liability and onboard equipment.
- Personal umbrella insurance—If the liability limits of your other insurance policies are exhausted, this secondary coverage can reduce your out-of-pocket losses by rendering additional financial aid.
- Travel insurance—This coverage may help pay for losses and expenses arising from travel-related risks, such as lost luggage, trip cancellation and medical emergencies.
In addition to these common private client insurance components, you should thoroughly analyze your assets and circumstances to identify potential coverage gaps. For example, employment practices liability and workers’ compensation policies are advisable if you employ a household staff or other domestic employees.
Get the Right Coverage
Your property and possessions may hold significant monetary and sentimental value and must be adequately insured. Unfortunately, standard insurance policies may only sometimes provide suitable financial protection for certain assets. Consult The Deluca Agency’s dedicated professionals. Our agents are well-equipped to help you assess and address your private client insurance needs. Contact us today to get started.