How do I know if I’m a high net worth individual who needs specialist insurance?

When you work hard to be successful, you often don’t fully appreciate the wealth you’ve amassed.

Having worked extensively in this sector since 1976, Nowell & Richards are well positioned to understand and advise on your insurance requirements.

Even some of the most successful corporate business leaders, professional sportspeople, business owners and highly-successful entrepreneurs do not know that as a high net worth individual they may require specialist tailored insurance.

So how do you know if your insurance is fit for purpose and suitable to your lifestyle?

Who is a high net worth individual?

In order to be considered as a HNWI, your assets – excluding your primary home and its contents – must be worth around £755,000.

Surprisingly, most of the HNWIs we represent had no idea how much their assets were worth when we first spoke to them about the importance of protecting them with specialist insurance.

In most cases, it’s because they’ve accumulated wealth or assets over a long period of time and it’s easy to under-estimate the values of property and possessions.

The media also promotes insurance as a commodity which should be chosen by comparing quotes and special offers, rather than the professional application and provision of suitable cover.

How do you know if you’re a HNWI?

Having provided HNWIs with tailored insurance solutions for decades, there are a number of signs which can be used to identify people who we feel we can help the most.

In most cases, a HNWI has one or more of the following assets:

  • House worth £650k and up – depending on where they live
  • Second home or holiday home
  • 3 or more prestige cars in household
  • £250k of contents – including clothes
  • £50k of jewellery (or higher)
  • Art which is worth £50k-plus

Why do HNWIs need tailored insurance?

If you’ve worked hard to become wealthy or acquire multiple cars, watches, jewellery or homes; it’s important to properly protect them for every eventuality.

At Nowell & Richards, we provide tailored insurance for high net worth individuals so they can relax safe in the knowledge that their assets are suitably insured.

By listening and understanding your lifestyle, we can analyse the broad insurance market as independent advisors and use our expertise to protect your investments and family.

We can insure your:

  • Home and Contents
  • Watches
  • Fine art collections
  • Second homes
  • Overseas homes
  • Property portfolios
  • High-value cars
  • Car collections
  • Jewellery
  • Designer clothing
  • Gadgets and technology

We aim to build a long-term professional relationship with our clients. We act in your best interests, offer impartial advice and want to be viewed as a trusted advisor.

If we believe your assets can be better protected, we’ll let you know why we think this, so that you can choose the right solution for your needs.

In the event of an incident, our dedicated claims handlers will be immediately on hand to assist personally. They will lead the claims process on your behalf and work with the insurance provider to ensure your assets are promptly replaced at their full agreed value. No forms to fill in, no hassle, no worries.

We believe this professionalism and dedication is what sets us apart from mass market insurers and other insurance brokers – providing you with complete reassurance.

If you’re a HNWI and you want to learn more about our tailored concierge insurance services, please get in touch or call 01785 255514 – we’ll be happy to provide expert advice without any obligation.

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    N&R is a leading Private Client and Commercial Insurance broker. We provide tailored insurance for high net worth individuals and business owners, offering a trusted and discreet service.

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