November 10, 2017 by Tia Becker, Manager of Personal Insurance, Burns & Wilcox Canada
Homeowner policies aimed at individuals with a net worth of $5 million or more are available through specialty markets. High-net-worth policies can provide features suitable for wealthy clients, such as higher limits for valuable collections and custom finishes, access to subject matter experts, and kidnap and ransom coverage.
High-net-worth homeowners are lucrative prospects for brokers placing home insurance because many wealthy people are underinsured. Some are simply not buying home insurance with high-net-worth features and there is a lack of high-net-worth policies that meet their needs.
It is rare for a wealthy person to actively seek out a high-net-worth policy, mostly because many are unaware of the need for one. That puts the responsibility on the insurance industry to educate these individuals.
When picturing a high-net-worth individual, one might think of celebrities and high-ranking executives. In fact, homeowners in the market for high-net-worth insurance tend to be business owners or just plain hard-working people who started from humble beginnings, saved for their entire life and do not see themselves as affluent.
Read the full article in the Digital Edition of the October 2017 Canadian Underwriter.
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Tia Becker, Manager of Personal Insurance, Burns & Wilcox Canada