Individuals with a high net worth and significant assets will require additional insurance, depending on how they are classified. There are three different classifications for high net worth insurance coverage. Here’s how to tell which category reflects your own insurance needs.
Ultra High Net Worth
At the top of all net worth insurance classifications are what is called Ultra High Net Worth Individuals. This includes individuals and/or households that can claim $30 million or more in liquid assets. Ultra high net worth insurance policies will provide superior coverage for homes, collectibles, jewelry, and even vehicles owned by the Ultra High Net Worth Individual.
Very High Net Worth
Special high net worth insurance will also be advantageous for those who are considered Very High Net Worth Individuals, such as those people or households that claim between $5 million and $30 million worth of liquid assets. This covers a very broad range of income and assets, and will also offer improved coverages in most basic areas.
High Net Worth
Lastly, the most common type of high net worth insurance will cover individuals and households that claim between $1 million and $5 million dollars of liquid assets. These are called High Net Worth Individuals and these policies are extremely common, bolstering all other regular insurance policies with additional coverage.