Contrary to popular belief, the majority of wealthy individuals in the United States created wealth independent from family lineage. When one becomes wealthy in any nation, the number of risks that you open yourself up to increase immensely. Insurance for high net worth individuals is a topic that is not spoken about too often due to the assumption that these people have enough money to cover any expense. While this could potentially be true depending on the party in question, the vast majority of wealthy individuals are either underinsured or are exposed to new risks that often require insurance.
Ensuring Vacant Dwellings
Wealthy people often travel year-round and have vacant residences across the country. If they own real-estate, the exposure increases if these homes do not have current occupants. Many prosperous citizens do not believe insurance for high net worth individuals is necessary for vacant dwellings. However, these properties are often susceptible to fires, and the amount of fire damage is often irreversible if left unattended for too long.
Ensuring Family Offices
As services such as Slack and Microsoft Teams become more popular, more citizens will begin working from home. If you are a wealthy individual, you likely already have an office at one of your residences. With this said, a basic insurance policy is often not enough to cover the total value of your assets for this operation.