The insurance market has been booming in recent years due to a variety of policy increases. However, the niche market has been increasing at a significantly lower rate. As the right insurance portfolio will ensure your valuables and your assets are protected, especially in the event of an accident or an emergency, NJ High Value Homeowners Insurance is critical.
Oftentimes, a lack of understanding or knowledge about these policies contributes to the lack of coverage. Affluent individuals often assume that standard policies are sufficient. But, a $700,000 home with a maximum coverage amounting to one million dollars is not adequate for a $4,000,000 vacation home in Montauk. Therefore, it’s important to note the limits of coverage as they pertain to your personal circumstances.
Further, carrying a standard insurance policy would not be sufficient for an affluent individual. If they did only carry the bare minimum, that means that their expensive jewelry, art, collector cars, yachts, and more wouldn’t be properly covered-if, at all.
In addition, the lifestyle of affluent individuals poses specific risks and exposures. Therefore, speak with a trusted insurance professional to discuss your specific needs and how to adequately protect yourself. These include, but are not limited to, heavy reliance on staff and advisors, communication (libel and slander) that can cause irreparable damage to one’s reputation, directors & officers, and valuable assets to protect.
About Tri-State Insurance Agency
At Tri-State Insurance Agency, we are committed to protecting homeowners against the broad spectrum of perils they face. Whether it is your full-time residence or vacation spot, our high-value homeowner’s insurance is custom written to meet your specific needs and offers higher coverage limits and inclusions that traditional policies. For more information, contact us today at (888) 990-0526.