High Net Worth Individuals and Underinsurance

Are you an Underinsured High Net Worth Individual?

Off the shelf insurance policies are fine if your requirements are straightforward. But for those with luxury lifestyles, standard insurance policies aren’t enough. Unique lifestyles require unique cover.

It takes a strong, competitive broker to negotiate the best policy with insurers. It’s our mission to protect you, your family, your world and everything it includes.

High Net Worth Insurance vs. Standard Insurance Policies

Using insurance from a comparison site or going direct to an insurer will most likely leave gaps in your cover. This means that if the worst were to happen and something goes wrong, your possessions would not be properly protected. These situations cause unnecessary hassle and great emotional distress.

Most of the complaints we hear from new clients is that the level of cover they had received previously wasn’t right. They under-estimated the cost and total value of their belongings. Insurance companies then did not pay out the full cost of lost items when they went to make a claim.

From high value items, to irreplaceable heirlooms, Private Clients and High Net Worth individuals are more likely than anyone else to be underinsured. But with Romero Insurance Brokers’ high net worth insurance, the single article limits are much higher!

What is insured under Private Client Insurance?

Our team at Romero Insurance Brokers are proud to be able to cover anything, however unique it may be. We have experience protecting a diverse portfolio of items; from extensive vintage car collections, to rare wines, to some of the finest homes in the world.

Homes, cars, sculpture, antiques, jewellery, watches; all are frequently underinsured. Calculating the expense of what it costs to replace them can be difficult, and for some priceless items, impossible. But to be properly covered, this measure is essential. Which is why we have put together a list of important tasks to help prevent high net worth individuals being underinsured.

  • Walk round each room of your house and estimate the value of all the items you’d want to save in case of a fire or irreparable flood damage.
  • Then also calculate the cost of your clothing, electrical items, bikes and possessions of considerable material value.
  • Then add the cost of your carpets, curtains, fittings, chandeliers and utensils.
  • Then calculate the cost of rebuilding the house. This includes the value of the house, the labour and the time it would take.
  • Now look at your home and contents insurance policy wording, does it cover the total sum you’ve calculated?
  • Does it specifically cover your art collection, antiques or collectables? Perhaps you are required to list these items – Is the list up to date? New items must be registered within a certain timeframe after purchase or risk not being covered.

Why high net worth individuals need a broker

We understand double checking you’ve got everything covered can be incredibly time consuming due to the potential complexities and uniqueness of your portfolio. If you’ve done this yourself or through an insurer, items may be bundled together, and therefore their sum would most likely not be correctly covered. At Romero Insurance Brokers, we will eliminate this uncertainty.

We offer visitation for our clients. We will come to see you face to face, build a relationship and help you accurately value your items. We believe in the importance of a good client-broker relationship.

Working with you, we will determine all the items which require adequate cover, and utilising our experience, value your portfolio correctly. We will then use our relationship with insurers to provide you with the best cover for the best price on the best terms. We will also know how to cover your unusual items, able to determine the level of insurance required.

That Broker-Client Relationship

The relationship you build with your broker is so important to getting the right cover. And because we’re independent, we can offer you the time that’s needed to correctly settle your insurance and to negotiate the best rates. We skip the jargon, talk to you straight, and warn you of the reality and serious consequences that come with not being properly covered.

No call centres. No hold music. No complicated contact forms. You get a dedicated point of contact who is there for you at all times. Our concierge-level service is second to none, with dedicated handlers helping you every step of the way.

Important Update for Motor & Fleet Policy Holders