Luxury and High-Value Home Insurance Packages

Luxury and High-Value Home Insurance Packages2020-01-29T12:42:03-05:00

Designed for New Jersey’s Finest Homes

Exceptional Coverage Designed for Those with More Than Most

  • Protect your Assets & Legacy with Exceptional Coverage
  • Experience Peace of Mind with Extraordinary Claims Handling
  • Receive Confidential Risk Analysis from our Team of Concierge Underwriters
  • Minimize Liability Exposure with Enhanced Coverage Options to $100 Million

The Finest Homes Deserve the Finest Protection
Insure Your Estate with the Best*

*Only the most distinguished insurance professionals in the US have access to this suite of insurers.

More Than $1 Billion Covered

A Quarter-Century of experience protecting the property, wealth and legacy of financially successful families.

Your Time is an Asset

We know your time is valuable, so we deliver an experience that minimizes the strain on your schedule. Our advisors deliver insurance that is fast, simple & affordable.

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Exceptional Protection For Financially Successful Families

We understand the emotional and financial investment involved in owning a high-value home. Our dedication to protecting your family’s assets, wealth, and legacy is our only priority.

If you own several homes or vehicles; wine or art collections; or travel extensively, our suite of products are specifically designed to protect your family from the risks associated with their unique lifestyle. We work with the highest-caliber insurers in the industry, including PURE, Chubb, AIG, Cincinnati Insurance, NatGen Premier, to provide you with the protection that best fits your needs.  After all, the finest of homes deserve the finest protection.

Our concierge-level advisors have taken a pledge to offer ethical, confidential, and honest advice while providing world-class customer service. Contact your Coastal Insurance agent today. We’ll work with you closely to help you find the coverage you need— without breaking the bank.

Insurance Considerations for High Net Worth Households

With an increase in assets and net worth comes an increase in risk and exposure. High net worth families have unique insurance considerations and often need a more comprehensive coverage solution. Under-insurance or uninsured risks are among the more common problems, but both can be solved with the right policies and experienced guidance.

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Cyber Risk

We often think of cyber crime as a problem for businesses and municipalities, but it can be a big risk for high net worth families as well. Financial means can create a more attractive target while an increased number of connected devices per household increases the attack surface, providing cyber-criminals with more ways to breach your digital world. High net worth families and individuals can have financial exposure as big or bigger than that of a small company — but may not be as well secured.

While there are now some cyber insurance products designed to protect individuals, expect these solutions to evolve over time to meet a changing risk model. For example, PURE Starling is available as an endorsement to a PURE home insurance policy and provides protection against cyber fraud, system attacks, and ransomware, with coverage limits of up to $1 million for some types of cyber risks.

Weather Risks

Weather-related risks vary depending on location, but the Northeast has a long history of hurricanes and storm activity, often the costliest type of weather because of the long duration and lingering effects. Hurricane Sandy was among the most destructive of recent storms in the Northeast, causing damage to nearly 100,000 homes, businesses, and government buildings.

Flooding is a common cause of damage and requires a thorough coverage solution. Other types of water and wind damage bring their own set of coverage considerations. Insuring a high net worth home requires a white-glove touch because one overlooked risk or one area of underinsurance can be extremely costly or can lead to an irreplaceable loss.

It’s important to choose an agency and insurer that can work with you to identify risks or even consult on ways to reduce risks.

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Personal Liability Coverage

The size of liability judgments har risen steadily in recent years, with judgements of $10 million or more becoming increasingly common, doubling from the highs commonly seen less than a decade ago. Many high net worth families and individuals have an umbrella policy in place, but it’s also important to review coverage amounts and new risks. Life changes quickly and it’s essential that insurance coverages are matched to new purchases, family changes, or even a change in net worth.

Professional Liability Coverage

It isn’t uncommon for high net worth individuals to hold a position on a board or to volunteer time with non-profits, charities, or other organizations. An umbrella policy combined with the liability coverage from your home insurance policy is an important first step, but can leave many risks without coverage.

If you’re a board member, for example, you may be covered by the organization’s directors and officers liability insurance. However, it’s important to remember the coverage limit is split between all the board members, meaning only a percentage of the coverage may be available to you. A $1 million policy might only offer $100,000 in per-person protection if a 10-member board is facing lawsuits. You may be able to add directors and officers coverage to your umbrella coverage or a standalone professional liability policy may be a better fit. A conversation with your trusted independent insurance agent can help find professional risk and pinpoint the best coverage solution.

Employee Risks

Staffing is another insurance concern for high net worth families. Nannies, housekeepers, assistants, and other household workers require special risk consideration, both to protect their safety and to protect your assets against unpredictable losses or work-related liability. In some cases, it may be appropriate to pair existing coverage with an Employment Practices Liability Insurance (EPLI) policy, an Employee Dishonesty Policy, or other coverages to protect against risks related to domestic employees.

Much like the insurance needs for a $100 million corporation differ from the needs of a corner store, high net worth families have more considerations when insuring their assets and the family’s exposures. As always, a candid conversation with your independent insurance agent can help uncover risks — and the potential scope of those risks — as well as detail coverage options, crafting an insurance solution specific to your needs.

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*Only the most distinguished insurance professionals in the US have access to this suite of insurers.
New Jersey High Value Homeowners Insurance