Houston Texas High Net Worth Insurance
High net worth individuals have extensive value to their names that demand comprehensive protection. Bowen, Miclette & Britt in Houston, TX helps clients find high net worth insurance coverage to protect their belongings, regardless of complexity.
What Is High Net Worth Insurance?
High net worth insurance refers to any policies designed to protect individuals with high-value homes, cars, antiques, jewelry, and collections. It can also protect those who travel extensively for personal or business reasons. Many high net worth insurance policies cover people with higher profile professions, like individuals in the public eye with further protection needs. These individuals turn to high net worth insurance because standard policies lack the comprehensive coverage they need.
Why Do You Need It?
High net worth individuals have higher loss potential than average policyholders, so coverages need to reflect the volume of these risks. Potential risks that high net worth individuals face include:
- Weather losses: Weather events like wildfires, hurricanes, and flooding can lead to damage for anyone, but high-value properties require higher coverages to provide appropriate compensation.
- Cybercrime: With many connected devices and communication with external staff, high net worth individuals are at risk of ransomware, phishing scams, identity theft, and other data breaches.
- Employee risks: Relying on household staff, such as caretakers, housekeepers, and assistants, can lead to injuries on the job and employee practices liability.
- Security breaches: Owning a range of valuable items makes security a priority. While a reliable security system can offer protection, coverages can provide additional loss control.
- Estate taxes: High net worth individuals often have considerable expenses and debts, and estates may drain quickly without a primary income earner.
What Does It Cover?
High net worth insurance can include various coverages to address several types of risk. At BMB, we perform a risk assessment to control losses and determine the ideal coverages for your lifestyle. A significant aspect of this process is the documentation and appraisal of high-value items to quantify risks.
While coverages vary based on individual lifestyle, potential coverages can include:
- Homeowner’s insurance
- Personal excess and professional liability
- Auto insurance
- Personal cyber liability
- Life insurance for high-net-worth individuals
- Watercraft insurance
The Benefits of BMB
At Bowen, Miclette & Britt, we specialize in risk mitigation and loss control through insurance coverage. Our brokers advocate for your coverage needs to establish policies that offer comprehensive protection against high-level risks.
BMB brokers strive to develop strong relationships with every client to understand their distinct requirements and address their pressing concerns. Through our insurance service portal, our clients can access their coverages, contact our team, and stay connected to shifting requirements. As one of the top 100 brokers in the United States, our experience and knowledge enable us to guide clients to policies with competitive rates and exhaustive coverage.
Contact Us for High Net Worth Homeowners Insurance
BMB helps high net worth individuals find insurance coverage with a consultative approach. Through our values of knowledge, vision, accountability, and service, we protect our clients, mitigate risk, and control losses. Contact BMB today about insurance for high net worth individuals and risk management solutions.
