As part of Hawaiʻi’s community of successful entrepreneurs, you are likely concerned about the future of your property. If you own a high-value home or multiple properties, private client insurance provides essential protection against potentially costly scenarios.
The primary benefit of private client insurance is the ability to customize your estate’s insurance premiums into a single, comprehensive policy with one premium and one customer service contact. This consolidation is necessary for protecting high-value homes and assets since separate policies often leave costly coverage gaps that can go unnoticed until it’s too late.
This brief guide highlights the benefits of private client insurance in Hawaiʻi, which protects your high-value homes and properties and allows you to focus on your business.
What is Private Client Insurance?
Private client insurance is similar to conventional personal property and home insurance but expands on its key protections. It is designed for high-value homes and individuals looking for comprehensive coverage in a customizable package.
Here are some of the features included in packages as compared to conventional insurance:
- Higher coverage limits
- Customizable policy options
- Additional risk coverage
- Upgraded customer service
Many traditional home insurance policies cap home values at $1 million, with added liability coverage of $500,000 or less. If you need coverage beyond these limits for a high-value home in Hawaiʻi, private client insurance offers the best way to customize a policy for your situation.
Private client insurance policies allow you to personalize an insurance package with important policies that protect your high-value home and property. They not only offer higher liability limits than conventional policies but also contain more specialized coverage types than traditional policies can provide, as discussed below.
Benefits of Private Client Insurance
For entrepreneurs in Hawaiʻi, private client insurance offers several core benefits that can prevent costly coverage gaps, including the following:
More Complete Property Coverage: High-value individuals often own multiple properties, including primary residences, second homes, and vacation homes. Private client insurance makes it easier to insure these assets by consolidating coverage through a single provider.- High-Value Asset Coverage: Many entrepreneurs own antiques, jewelry, art, vehicles, and other high-value assets. Traditional policies usually exclude or limit coverage for these items. Private client insurance offers high-value individuals the channels they need to protect these assets, including coverage for damage, theft, and replacement costs.
- High-Value Weather Damage: Those in Hawaiʻi are no strangers to inclement weather and its potential impact on high-value homes and properties. Floods, hurricanes, earthquakes, and fires cause damage beyond the coverage limits of normal policies. Additionally, landslides, rockslides, tsunamis, and other less common disasters are real threats that warrant this extra coverage.
- Non-traditional Liability Coverage: Entrepreneurs often face non-traditional risks, such as fiduciary liabilities, which traditional insurance packages oftentimes do not cover. For example, if you are in a decision-making capacity overseeing an employee benefit plan, this aspect of private client insurance is essential to protect yourself from potential liabilities.
- High-Value Individual Liability Coverage: As a high-value entrepreneur, identity theft, extortion, and ransom could damage your estate. It protects you from losses in these situations, allowing you to focus on the safety of you and your family during trying times.
- Travel Insurance Coverage: As an entrepreneur, you may frequently travel throughout Hawaiʻi or overseas. Private client insurance can include high-value travel insurance to consolidate your protections under one policy umbrella.
This list of benefits highlights many important considerations, but it is not exhaustive. The main advantage of this type of insurance is the ability to bundle multiple high-end policies into a personalized package that suits the needs of the individual property owner’s lifestyle, assets, and resources.
Contact Atlas for Private Client Insurance Options in Hawaiʻi
As a high-net-worth entrepreneur in Hawaiʻi, you enjoy a personalized lifestyle that may include high-value homes, vehicles, properties, collectibles, and more. Traditional insurance policies cannot offer complete coverage for these items, but private client insurance can collect the policies you need into an advantageous bundle that makes sense in your situation.
Contact Atlas Insurance to learn more about private client insurance for high-value homes and properties. For nearly a century, we’ve helped individuals and businesses in Hawaiʻi customize insurance solutions to the needs of their estates. Our experienced team can help you create a personalized private client insurance plan that provides peace of mind in financially stressful times.