High net worth insurance is a liability-centric, niche insurance product (comprised of multiple policies and coverage layers) that is designed to protect the unique lifestyles of the world’s wealthiest individuals. This customizable package of insurance policies is surrounded by a comprehensive core liability policy such as a high-value home, condo or co-op insurance policy which forms the base of a healthy high-net-worth insurance package.
High net worth families often own multiple high value properties (rebuild cost over $1,000,000). A core high-value home insurance policy gives the ability to extend liability from a primary residence (a home) to other owned locations—such as secondary houses, condos, etc. A standard home insurance policy is simply not designed to meet the unique coverage needs of a high net worth family.
To further protect the high-net-worth family, individual policies in the high net worth package are typically surrounded by an excess liability policy—commonly referred to as an ‘umbrella policy’. If the liability from the core home insurance policy is exhausted (the limit is reached), the excess liability policy can extend over the underlying core policy “excess coverage” to the policyholder. In addition to extending liability coverage, high net worth insurance packages often combine insurance for luxury and collector automobiles, yachts, and coverage for valuable collections.
Coverage Considerations for High Net Worth Homeowners
High value homes (residences with a rebuild cost exceeding $1,000,000) come with many custom coverage considerations beyond just the need for higher limits. Often these homes feature a lavish outdoor living area including pools, hardscapes, guest houses, and caretaker living quarters. It’s also typical for affluent families to passionately collect and protect expansive art, wine, and jewelry collections—all of which should be valued by appraisal and scheduled on a personal articles floater.
Secondary lake and beach homes require specialized coverage to account for windstorms and flooding. Vacation properties, multinational residences, and villas come with a separate set of considerations in a high net worth insurance package. Luxury, exotic, antique, and collector automobile insurance can be combined under one policy for a discount.
Of course, liability is of utmost importance for a high net worth family. Broad liability coverage, high limits and even cyber liability coverage options are available under most high net worth insurance packages. Traditional home insurance may leave costly coverage gaps. With high net worth insurance, that same homeowner can be covered by a custom-designed package, including higher coverage limits, excess liability, and specialized policy features.
The high net worth insurance package can offer broad language, provide custom coverage and is often less expensive than attempting to increases coverage and limits on a traditional home insurance policy. It’s also not always possible to package together multiple homes, automobiles and watercrafts with a standard home insurance policy—especially across multiple states. With a high net worth insurance package, the more individual policies you add to the package, the more savings you can realize.
Top 7 High Net Worth Insurance Companies
In the high net worth insurance market, a handful of companies rise to the top, offering flexible protection to cover more types of losses combined with higher coverage limits for your home, belongings, and liability risks. Our concierge team of private client insurance advisors have hand-picked the finest insurance carriers focused on the unique needs of high net worth families for this list.
If you own a home with a rebuild value over $1,000,000 and other high value assets, PURE membership might be right for you. Backed by global insurance giant Tokyo Marine, PURE uses what’s called a reciprocal model, where the insurance company (PURE) is owned by its policyholders and managed by another company (PURE Risk Management) who runs day-to-day operations. The goal of this model is to maximize policyholder satisfaction and incentivize fair premiums, not the highest the market will bear.
Pure insurance boasts a remarkable 95%-member retention rate resulting from industry leading service and claims. New Pure members are reporting an average annual savings of more than 20% on homeowners’ insurance by switching to PURE.
With PURE Insurance you can package:
- Condo & Co-Op
- Jewelry, Art & Collections
- Personal Excess Liability
- Fraud & Cyber
- Yacht & Sailboat
PURE insurance offers unique policy options designed for the high net worth homeowner:
- Guaranteed Home Replacement Cost -Guaranteed Replacement Cost ensures your luxury home is fully rebuilt to your standard, even when the cost to rebuild exceeds your coverage limits
- Flexible Rebuilding Options – This is the option to receive a cash settlement instead of rebuilding your home in the event your home is destroyed
- High Jewelry Limit Included – The Pure high value home insurance policy includes $50,000 of coverage for lost or stolen jewelry
- Flexible Deductible Options & Waiver of Deductible – A Flexible deductible amounts. Deductibles of $25,000 or less are waived for covered losses exceeding $50,000
- Similar Loss Prevention Coverage – For covered losses greater than $10,000, Pure will contribute up to $2,500 to help you implement a solution that reduces the likelihood of a similar loss. Pure members often use this benefit to invest in whole-house generators, leak detection systems, and other loss prevention solutions.
About PURE Insurance:
Privilege Underwriters Reciprocal Exchange (PURE) is an American property insurance company established in 2006. It caters to high-net-worth customers.It offers insurance for homes with a rebuild value of more than one million dollars, automobiles, watercraft, jewelry, art and other collections, personal excess liability (umbrella), and flood. The company is based in White Plains, New York.PURE is a member of the PURE Group of Insurance Companies (the PURE Group). Source Wikipedia
Cincinnati High Net Worth Insurance
The Cincinnati Insurance Companies is a publicly-traded property and casualty insurer listed on the Nasdaq under ticker (CINF). Rated A+ (Superior) by A.M. Best, an independent provider of insurer ratings since 1899, Cincinnati also ranks among the nation’s top 25 property casualty insurer groups based on net written premiums.
Cincinnati’s Executive CapstoneTM policy was developed to provide peace of mind to high net worth families by protecting their lifestyle, home and assets and is available exclusively through a Cincinnati appointed agency.
Coastal Insurance Solutions and Cincinnati can tailor an insurance program to protect everything from your home and its distinctive features, valuables and collections to autos and watercraft with a wide range of coverage options.
- Home – Designed for high-value homes with a reconstruction value of $2M+.
- Auto – Provides coverage for personally owned vehicles, antique or collector vehicles, motorcycles, or motorhomes.
- Personal Articles – Covers precious and valuable items at their appraised values.
- Umbrella – Protects against covered losses exceeding the amount of liability insurance you have under your home or auto policy up to $25 million.
- Yacht and Oceana – Provides coverage for watercraft vessels 20 feet in length or larger
About Cincinnati Financial
Cincinnati Financial Corporation offers property and casualty insurance, its main business, through The Cincinnati Insurance Company, The Cincinnati Indemnity Company and The Cincinnati Casualty Company. The company has 1.01% of the domestic property and casualty insurance premiums, which ranks it as the 20th largest insurance company by market share in the U.S
Chubb Insurance Masterpiece
Chubb is a premium insurer that specializes in serving successful families and individuals. With over a hundred years of experience in 50+ countries around the world, Chubb is a household name among high net worth individuals.
Chubb knows that your home is more than bricks and mortar. It’s full of memories and you’re reflected in every detail. So, if you experience a claim, you’ll want more than a check from your insurer. You’ll want your life back, and to rebuild without hassles, headaches, or delay.
Chubb’s Masterpiece policy offers protection for high net worth families with various options.
- Extended Replacement Cost – With extended replacement cost coverage, after a covered loss Chubb will pay to have your home repaired or rebuilt to its original condition-even if the cost exceeds your policy limit. We will even pay for upgrades made necessary by the loss due to modern building codes.
- Temporary Living Arrangements – If your home cannot be lived in due to a covered loss and you need a temporary residence while your house is rebuilt, Chubb will help you find a place to stay where you’ll be comfortable, whether that’s at a similar home in your school district if available or a suitable hotel.
- Risk Consulting – Through complimentary home appraisals, Chubb will visit your home to carefully note the things that turned your house into your home and make sure you are fully protected. Chubb risk consultants also assist with security and fire prevention advice.
- Cash Settlement – In the event of a covered total loss, if you decide not to rebuild or to rebuild at another location, Chubb offers a cash settlement, up to your policy limit. The choice is yours.
- Replacement Cost Coverage – If the things inside your home are damaged, Chubb will replace the details that turned your house into a home, from upgraded appliances to custom cabinets, flooring, or carpentry. Chubb will also replace upgraded appliances based on the exact or latest model available. Chubb will ensure that your belongings are covered for the amount it costs to replace them today, without deduction for depreciation, up to the limit you chose on your policy. And Chubb doesn’t require you to replace them. You may choose a cash settlement instead.
About Chubb Limited
Chubb Limited is an American company incorporated in Zürich, Switzerland. It is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and the largest publicly traded property and casualty company in the world. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage.
AIG’s Private Client Group
AIG Private Client Group protects the lifestyles and legacies of many of the most successful individuals across the U.S by offering robust risk management solutions and broad coverage to preserve high-value assets and personal liability. AIG Private Client Group members receive expert guidance to help bolster family safety and property protection as well as concierge-level claim service that is there when it matters most.
AIG Private Client Group are committed to serving the unique needs of high-net-worth customers. AIG Private Client Group policyholders include:
- Nearly 40% of the Forbes 400 Richest Americans
- Over 50% of the American-based collectors on the ARTnews Top 200 Collectors list
- Owners of roughly 13,000 boats, including 150+ mega yachts
- 12 of the past 16 Automobiles to win the Pebble Beach Concours d’Elegance “Best in Show”
AIG believes that true trust comes from true partnerships. In collaboration with Coastal Insurance Solutions, AIG Private Client Group can address complex risks that come with wealth and proactively identify problems before they become disasters.
American International Group, Inc. (AIG) is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled subsidiary. AIG serves 87% of the Fortune Global 500 and 83% of the Forbes 2000.
National General Insurance
National General Insurance Group, recently acquired by Allstate Insurance, feature a product designed for high value homeowners called NatGen Premier.
NatGen Premier client’s partner with their independent agent to customize a package that can cover their homes, autos, liability, personal collections, and flood protection.
A NatGen Premier homeowners policy surrounds your home, belongings, liability, and well-being with protection. NatGen Premier not only covers a house and its contents, but also help you maintain your lifestyle throughout your claims experience.
Depending on the size, value, and location of your home, NatGen Premier can add various layers of coverage and optional endorsements such as:
- Extended Replacement Cost
- Water Back-Up
- Ordinance & Law
- Equipment Breakdown
- Service Line Coverage.
Homes insured for $750,000 or more can be covered by the Premier Client Home Endorsement which includes important and unique coverages designed for high value homes, such as:
- Guaranteed Replacement Cost
- Large Loss Deductible Waiver
- Cash Out Option
- Unlimited Loss of Use
National General Insurance Group has a financial strength rating of A- (Excellent) from A.M. Best and an A+ rating from the Better Business Bureau.
About National General Insurance
National General Insurance, formerly the GMAC Insurance Group is a Winston-Salem, North Carolina-based property and casualty insurance company. The company was founded in 1920. The holding company for National General Insurance Personal Lines is National General Holdings Corp. As of August 2016, the company was owned by Barry Karfunkel and his family.
VAULT is a company built specifically for high net worth clients through a partnership known as a ‘reciprocal insurance exchange’. Similar to PURE Insurance’s model, this structure brings together an exclusive, responsible group of high net worth families with similar lifestyles to allow for preferred pricing structures and sustained premiums over time.
In the reciprocal insurance exchange, members may receive money back over time as the VAULT member rewards program distributes surplus back to the membership during profitable years.
Founded in 2017, the leadership team at Vault Insurance is a collection of insurance veterans with decades of success and expertise in the high-value home insurance market. The team at VAULT is dedicated to delivering a modern insurance experience featuring advanced technologies and personalized concierge services.
For homes that are difficult to insure due to unique risks or location, VAULT Custom can create a custom solution. VAULT combines many of the base coverages expected and some unexpected extras like pet injury coverage.
VAULT strives to help members prevent claims from happening in the first place. VAULT’s wide array of risk management services can be tailored to help you proactively protect your homes and valuables from fire, theft, natural disaster and so much more by helping members mitigate every kind of risk, including:
To help prevent hazardous incidents, VAULT offers:
- Home security system assessments
- Travel itinerary safety reviews
- Identity theft recovery services
To ensure your at home employees are suitably vetted and appropriately prepared, VAULT can assist with:
- Background checks
- CPR and certified First Aid training
To protect your home from emergencies, VAULT will assist with:
- Infrared and mechanical inspections
- Lightning suppression and horticultural resources
- Water damage prevention services.
To ensure your valuables are well cared for, VAULT can assist with:
- Valuation and appraisals
- Inventory tracking and video documentation
- Garment conservation services
- Transit services
Nationwide Private Client
Nationwide Private Client is a division of Nationwide Mutual Insurance Company that provides insurance and risk management services to high net worth individuals. They offer a range of insurance products, including home, auto, umbrella liability, and personal excess liability coverage, as well as coverage for valuable items such as art, jewelry, and collectibles. Nationwide Private Client also provides concierge services and access to a network of trusted advisors, such as attorneys and financial planners, to help clients manage their risks and protect their assets.
Over the last 90 years, Nationwide has grown from a small mutual auto insurer owned by policyholders to one of the largest insurance and financial services companies in the world.
Since 1926, Nationwide has committed to meeting its customers’ unique insurance needs and setting the standard for exceptional service. This dedication has earned them a sterling reputation in the industry with an A1 rating from Moody’s, as well as top marks of A+ from both AM Best and Standard & Poor’s.
Nationwide Private Client Solutions:
- Comprehensive coverage: Get the coverage you need with insurance that’s crafted to match your unique lifestyle!
- Commitment to service: We provide comprehensive assistance to make your experience effortless and seamless. Our team takes a personalized approach, ensuring that each customer receives an unforgettable journey with us.
- Risk Solutions program: Safeguarding your future is within reach – comprehensive prevention tools can help protect you from potential risks and unexpected disasters.
- Specialized claims service: When faced with the unknown, our claims experts are there to ensure that any issues at hand will be swiftly remedied. Their diligence and professionalism guarantee a satisfactory outcome every time.
- Long-term financial stability: Our firm has gained recognition worldwide for providing top-notch insurance services and continues to be the reigning leader in our field, earning enviable ratings from esteemed industry organizations.
Where Can You Get High Net Worth Insurance?
High net worth insurance packages are exclusively customized and sold via independent insurance agents. Only a limited number of handpicked agencies with longstanding private client insurance experience are appointed to partner with these exclusive insurance companies to offer bespoke high net worth insurance.
A small number of premier insurance companies offer these products tailored to the unique needs of high net worth families. Chubb, PURE Insurance, Cincinnati Insurance, AIG Private Client, VAULT, and National General are all highly regarded insurance companies with products reserved for high net worth homeowners.
If you own a high value home, we recommended speaking with our team of state-licensed advisors to learn more about high net worth home insurance packages. With Coastal Insurance Solutions, our team of advisors will partner with you to tailor a package to your unique needs and compare quotes from the finest high net worth home insurance companies.
High net worth households require more than simply higher coverage limits to properly protect their hard-earned lifestyles. From high value home insurance to coverage for luxury cars, valuable collections, and watercraft, the top 6 high net worth insurance carriers offer products specifically designed for the exceptional needs of high net worth individuals.
Standard home insurance bundles designed for the mass market may leave you exposed with coverage gaps. At Coastal Insurance, we work with high-net-worth individuals and families across the nation to build a comprehensive insurance package that address your specific needs without compromise. Partner with Coastal Insurance Solutions to tailor a custom insurance package and compare rates from all of the top 6 high net worth insurance companies. If you need coverage or it’s time for an insurance review, reach out to our experienced private client advisors to learn the best ways to safeguard your home and family. Protecting your legacy is our top priority.
- Pure High Net Worth Insurance, Cincinnati’s Executive Capstone Package, Chubb’s Masterpiece Insurance Package, AIG Private Client Group, National Generals Premier Package, VAULT High Net Worth Insurance and Nationwide Private Client are the top 7 high net worth insurance companies.
- High net worth families with homes with rebuild values over $1,000,000 require a specialized high value home insurance policy at the center of a high net worth insurance package.
- Individual policies in the high net worth insurance package can be surrounded by an excess liability policy commonly known as an umbrella liability policy.
- High net worth families include many policy under their insurance package including: Luxury automobiles, Exotic Cars, Antique Auto Collections, Collections, Watercraft, Yachts, Jewelry, Fine Arts, Musical Equipment and more.
- Our team of private client advisors at Coastal Insurance Solutions can help you compare and customize your high net worth insurance package from all 6 of the top high net worth insurance companies.
The Cost to Insure a Multimillion-Dollar Home
About the Author
David W. Clausen is the CEO of Coastal Insurance Solutions. With over 20 years' experience and over 1 billion insured, David and Coastal Insurance Solutions are the recognized leaders in high net worth insurance. For the fourth consecutive year, David Clausen has been awarded Top Producer by Insurance Business America and the 2023 Agents of The Year by Insurance Journal. David is a trusted high net worth insurance expert who’s published more than 200 articles. His articles & press releases have generated over 500K pageviews and has been featured on blogs such as Google News, Yahoo Finance, CNBC, Market Watch, Fox, The New York Times, etc. David founded Coastal Insurance Solutions in 2001 after earning a BBA from the State University of New York College at Oswego.