In New York, the standard homeowner’s insurance typically provides little to no coverage for high-value possessions such as expensive jewelry, antiques, paintings, and collectibles. This is mainly because of the high risk involved. A policyholder can opt to raise the coverage limits for these items or purchase an insurance rider. Even so, achieving full coverage is still challenging, considering their high-value nature. That’s where private client insurance comes in. Here’s detailed information on this topic.
Traditionally, private clients were those with a vast net worth, including at least a 1-million dollar invested asset. However, as the world evolves, the definition of private clients has also been changing gradually. In the modern world, a private client doesn't have to earn millions of dollars. Most people earn less than $ 1 million but still fall in the category of private clients. In fact, most of those who fall into the private client market don't even realize they do. Even more striking is that they don't know how exposed they are. Underinsured assets and mass market coverages threaten the valuables they have worked hard to earn.
Insurance companies mostly shun high-value items due to the enormous risk involved. That's why most home insurance coverages exclude them. Just in case you’re lucky to get your high-value items covered, you will have to pay exorbitant home insurance premiums. Private client insurance solves this by offering coverage for high-value belongings such as mansions, jets, and jewelry. It is basically a comprehensive coverage that pays for liability and damage costs for high-value possessions. For instance, if you accidentally crash on a building with your private jet, causing the building to tumble, private client insurance will pay for the resulting liability costs.
Also read: Everything you should know about product liability insurance
As mentioned, private client insurance provides high coverage limits compared to standard insurance policies. Therefore, apart from enjoying comprehensive coverage and high limits, you can also get:
Personalized service Unlike mass market insurance carriers that sell all types of insurance, only specialized agents deal with private client insurance. This means that you will be dealing with an agent who knows the ins and outs of private client insurance, and you less likely to go wrong.
More control over your coverage – Private client insurance is special coverage that only protects your high-value possessions. This is unlike other general policies that can cover several things under the same policy. Having a specific policy for high-value items gives you more control over your coverage. For instance, you can quickly increase or decrease your coverage, add or remove an item from it, and generally modify it to suit your needs.
More protection – A good insurance policy provides enough coverage such that in the event of peril, you will not have to pay for the losses out of pocket. Unfortunately, less than one-third of U.S. homeowners have enough home insurance. For such people, one peril is enough to throw them into financial turmoil. Private client insurance prevents such problems by providing sufficient protection for all your high-value items.
Private client insurance is suitable for anyone with high-value possessions that may not fit standard property insurance policies. If you’re looking for comprehensive private client insurance coverage in New York, contact the team at Graystone Insurance Group for swift assistance. We will create the best policy customized to your needs.
