Filed Under:Agent Broker, Personal Lines Business

10 Questions to Discuss with HNW Clients

Ensure wealthy clients have comprehensive coverage by discussing these crucial questions

Part of an agent’s job is to find the best solutions to protect a client’s assets, even in the worst-case scenario. For high net worth individuals, specialty carriers are often required for home, auto and personal liability insurance. Getting the right coverage for a client’s needs can help protect them against unexpected losses, and prevent clients from overpaying to be underinsured.

However, there are many basic questions that are often overlooked by clients to determine if high net worth-specific insurance is needed.  Looking out for a client’s best interests, agents should ensure that the following questions are addressed in order to find comprehensive coverage that protects clients against life’s unexpected risks.


Do you have umbrella liability coverage, and have you chosen a coverage amount that matches your net worth and future employment income stream?

Will your homeowners’ policy pay to rebuild your home with similar quality materials and craftsmanship no matter how much it costs?

If you recently expanded or upgraded your home, did you discuss it with your insurance agent?

If you own a significant amount of jewelry, artwork, fine wine, or other precious items, have you insured them with a valuables policy and made sure to account for any change in value from year to year?

Do you have at least $1 million in uninsured/underinsured liability protection, and does it apply to more than vehicular accidents?

If you employ household staff such as a nanny, caretaker, or chef, do you have employment practices liability insurance?

If you serve as an unpaid board member of a charitable organization, do you realize the organization’s insurance program may not fully protect you from liability lawsuits brought against it?

Have you recently evaluated the potential for reducing the cost of your insurance program by raising your homeowners and auto policy deductibles?

Have you consolidated your homeowners, valuables, auto, watercraft and umbrella liability policies with a carrier that offers a package discount?

Have you and your agent discussed all the safety and loss prevention devices in your homes and autos?

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