High Net Worth Insurance

At The Juengel Agency, we have had the opportunity to work with many families whose insurance needs surpass the average household.  These folks have a high net worth, a home with designer or highly custom interiors, valuable or exotic vehicles, collector vehicles, and high dollar artwork and antiques.

The reason they call The Juengel Agency is simple.  We have an expertise in what is involved with properly insuring these risks.  We also have access to the top high net worth or affluent lines insurance companies.  These make us well suited to help you protect what you have worked hard for.

82% of high net worth families and individuals with a total of $5 Million in assets or more, believe that their wealth makes them a target for lawsuits.  This is according to a white paper released by ACE, one of the top high net worth insurance companies in America.

This fear is very well founded, especially in today’s litigious climate where a jury is more likely to look less favorably upon high net worth individuals and families, and return higher personal injury awards. For example:

“A $19 million award in New Jersey to a pedestrian suffering mild brain injuries and permanent scarring after being struck by a vehicle”  – ACE white paper

Here is the white paper from ACE regarding liability lawsuits and high net worth households.

A startling percentage of these high net worth families are under insured or they carry their insurance with a company who is not well suited to handle the high levels of protection needed and the ability to quantify the value of high end property.

Some examples that makes a person a target of a lawsuit:

  • Have a high household income
  • Have a home worth more than $500,000
  • Have received or will receive a large inheritance
  • Sit on a board of directors for a nonprofit or other corporation
  • Drive a “luxury” or “exotic” vehicle

A solution does exist to protect you.


The Juengel Agency has you covered

Our agency specializes in high net worth insurance in North Carolina, South Carolina and Ohio.  Because we are an independent agency, we have access to the top specialty high net worth insurance companies.

These companies understand the concerns of high net worth families and offer the best insurance solutions to protect their wealth and adequately replace their homes, vehicles and personal property.

“One of the most surprising aspects of a high net worth insurance package, is that the annual cost is often comparable to the standard companies, while providing an even greater amount of coverage and a superior understanding of high value assets and liability exposures.”

We have found that many of the standard or mass market and highly advertised insurance companies (State Farm, Allstate, Farmers or Nationwide) do not have adequate products or coverage models to fit the demands and needs of a high net worth households.  These “mass market” insurance companies are built to handle the needs of many with a standardized insurance model.

Their replacement cost estimators are fine tuned for homes ranging from $150,000 to $500,000.  So when they insure a home where the replacement cost is higher, they often miss the mark and under-insure the property all while charging rates that are higher than necessary.  These policies lack the coverage and surprisingly cost at or around that of a high net worth insurance package.

Only specialty companies like Chubb (ACE), Lloyd’s, AIG Private Client or Pure have the products a high net worth household truly needs, like:

  • Guaranteed Replacement Cost
  • Agreed Value on luxury and exotic vehicles
  • High Value Personal Liability Umbrella policies ($1 Million to $100 Million)
  • Appropriately scheduled personal property (Artwork, jewelry, antiques, etc)
  • Water and Sewer Backup at full value (Standard companies limit $25,000)
  • Policy Deductibles to match your risk tolerance

Why you need a comprehensive high net worth evaluation from our agency:

If you live in North Carolina, South Carolina or Ohio and are not currently insured by a high net worth insurance company, we can sit down with you and review your current policies.  Unfortunately in many cases, we find significant coverage gaps when a home or family is not protected by a company that specializes in high net worth.

A large reason for this gap is that standard insurance companies doesn’t have a high net worth insurance product and their agents don’t have access to underwriters and claims adjusters who specialize in these matters.

This is where we can help.

Because we are an independent insurance agency, we have access to not one, but multiple companies who’s sole specialty is high net worth insurance in NC and many other states.  Here is a recent evaluation completed by The Juengel Agency:

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As you can see, there are strong distinctions between what a standard insurance company can offer and the pricing models they are best suited for.  The Juengel Agency is experienced and poised to offer an evaluation for the high net worth family in NC, OH and SC, then provide a solution that protects at the highest level.


Cost vs. Value

At The Juengel Agency, we strive to inform our affluent or high net worth clients on what options are available to them and what tremendous value those options bring.  All while at a cost that is incredibly reasonable, given the level of service and the robust coverages available.

As the previous evaluation has shown, when you choose a high net worth insurance plan you do not have to sacrifice cost in order to significantly increase the value of your risk management strategy.  When an insurance company has experience and a firm understanding of the risks that affluent households are exposed to, they are perfected positioned to offer a truly robust product at a price that you can readily agree with.

 

With The Juengel Agency as your advocate and risk advisor, coupled with the high net worth insurance companies that we have access to, you are guaranteed to have the strongest team in place to protect your income and assets.


What can you expect from your High Net Worth Insurance experience?

When you contact us to do a comprehensive high net worth insurance evaluation we have steps in place to ensure you have the best protection and experience possible.

  • Gathering Information:  We need to know about your home, automobiles, artwork and jewelry and other assets as well as your income. This is the first and most important step and with this information we can begin to build a strategic protection plan.
  • Searching for the right company:  With that information we reach out to our partners to see which will be the best fit for your family.  We will find which high net worth insurance company has the best rates. Also, if there are any special circumstances that require additional attention, we’ll find a company that can accommodate those.
  • Proposals and Recommendations:  We come back with one option or a few options to review with you.  We go through each proposal so you have a full understanding of what your coverage does and does not cover.  At this point we may offer some recommendations based on the information.
  • Decision and Follow Up:  Once you have decided on proposal that you are comfortable with we bind coverage, making it effective.  At this point, most high net worth insurance companies will schedule a time to come to your home and fulfill a multi-point inspection of your property.  This ensures that the most accurate replacement cost has been selected for your property.  They will also note any recommendations to help mitigate losses or tighten the security concerns at your property.
  • Policy Delivery:  After the inspection is complete, your final and full policy is sent out.  You now have in place, the industry’s best option for high net worth families and individuals.
  • Renewal and Looking Forward:  Unlike most standard insurance companies, renewal time is extremely important to us.  From year to year many things can change.  We need to know if you have updated your home, changed vehicles, added new drivers or need to remove a driver.  We don’t leave your side at this important time and unlike ANY other insurance company, we will re-shop your policy to make sure you are still getting the best coverage at the best rates.
  • Claims:  The main reason you buy insurance and  where a high net worth insurance policy shines.  Each policy comes with the comfort of knowing that if the worst should happen, a claims team is in place that understands how to protect your assets and rebuild your home to the specification and detail that you demand.

Claims

When it comes to insurance, nothing matters until you need to file a claim.  The experience you have will vary greatly depending on the company you have chosen to protect you.  When most people hear about insurance claims, there are weeks that go by, estimates to gather, and possibly debating over the value of this or that.

Those types of experiences tend to happen when you choose a company that is suited to the mass market, in other words, the standard insurance companies who are not experienced with property or vehicles of high worth.

“No quibbling, no nitpicking, no haggling, no blue book values, no delay.  A policy insured through a high net worth insurance company offers white glove service, fast and accurate.”

If that day should ever come where you need to file a claim for a catastrophic loss or lawsuit, being insured by a High Net Worth Insurance company offers tremendous peace of mind.

One of our favorite examples of high net worth insurance in action is a video testimonial from a Chubb client.  The experience is unlike anything else.  Please contact us to see how we can elevate your insurance to the level you deserve.

https://youtu.be/7vttmQQTdks?list=PLjkcybmvPHcRp0arnPL2FKtGDpGac1pH3


What Types of Policies are Available

  • High Value Homeowners
    • Guaranteed Replacement Cost
    • Higher Internal Limits
    • Higher Deductible Options
    • Sewer and Drain Backup Coverage at Policy Limit
  • High Value Auto/Collector/Antique Cars
    • Agreed Value (No Depreciation)
    • Higher Deductibles
    • Higher Uninsured Motorist Limits
    • OEM Parts
  • Valuables
    • World-wide coverage
    • Mysterious Disappearance or Accidental Loss
    • Newly Acquired Items coverage (90 days)
    • Scheduled or Blanket coverage
  • Excess Liability and Umbrella Coverage
    •  High Policy Limits ($1 Million to $55 Million)
    • Defense Counsel provided outside of policy limits
    • Expanded Uninsured Motorist Limits
    • Libel and Slander coverage
    • Broad Insured and Injury Definitions
  • Flood, Earthquake, Landslide
    • Access to Private Flood markets
    • Extended Coverage beyond NFIP and FEMA
    • Excess Flood Options and Broader Coverage
    • Cleanup and Avoidance Coverage
    • Additional Bundle Discounts
  • Watercraft
    • Coverage from small sailboats to luxury yachts
    • Agreed Value on total losses
    • Replacement Cost on repairs
    • Higher Liability and Uninsured Boater Limits
    • Named Storm Prevention

Many of the preceding coverages are not options on your Standard or Mass Market Companies.  That is very telling because if they can’t offer the right coverage, it’s hard to understand how they properly rebuild your home, defend your assets in a lawsuit, or replace your fine artwork and valuable antiques.

Knowing that the right coverage doesn’t have to cost more makes these high net worth insurance companies the ideal place to insure your risks.  Because these companies are only available through independent insurance agencies, we are perfectly positioned to assist.  You get the benefits of having a local agent who is available for you at any time coupled with the strength of the industry’s top high net worth insurance companies.

Give Us a Call

We are experts when it comes to protecting high net worth families and individuals.  Staggering statistics suggest that a majority of high net worth families are under insured.  This doesn’t have to be the “norm” and we intend to educate through our blogs and one on one consultations with our affluent clients.

Here is the white paper from ACE regarding High Net Worth Families being Under Insured.

These standard insurance companies have injected themselves into a market place in which they are not well suited.

High Net Worth Insurance in NC is very specialized for affluent families who have considerable assets and property to protect.

The Juengel Agency wants to be your advocate and risk advisory.  We hope you will give us a chance to help.  Click here to request a High Net Worth Evaluation!

Request Your Proposal Here

Are you ready to save time, aggravation, and money? The team at The Juengel Agency is here and ready to make the process as painless as possible. We look forward to meeting you!

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