High Net Worth Insurance in Ontario
What is High Net Worth Insurance?
Your success deserves to be celebrated and protected. We’ve created a high-net-worth insurance package for accomplished individuals to protect their valuable assets. While ordinary personal insurance is a good investment, it may not be enough if you own luxurious possessions. With high-net-worth insurance, you can rest assured that your insurance company realizes the real value of your belongings and can protect them adequately. High net worth insurance can include coverage for homeowners insurance, auto insurance, travel insurance, and even life insurance.
GET A QUOTEWhy Choose Affiliated Insurance?
Customized Insurance Solutions
Our team of insurance experts goes above and beyond to tailor insurance plans for each client. We understand that no two clients have the same insurance needs and make sure each one gets enough coverage to secure their peace of mind. Get comprehensive insurance solutions based on years of experience and expertise with Affiliated Insurance.
Quality Customer Care
We provide quality customer care for all our clients with various communication channels, such as phone, email, and live chat. You can contact us anytime and get a quick response because we understand that your time is valuable. Expect expert guidance and professional friendliness from our trained and experienced team.
Industry-Leading Tools
We use the best industry-leading trends and tools to provide a high-quality service to our clients. Our true-and-tried tools help us identify insurance gaps that we can help you fill. We also have a 24/7 self-service online portal that allows you to submit claims and manage your insurance products.
What is a High Net Worth Individual?
High-net-worth individuals are people who possess at least $1 million in liquid assets. That means their investable money, like cash, money market instruments, and marketable securities, must reach $1 million or more.
High-net-worth individuals have common characteristics, like having multiple homes, diversified investment profiles, and luxury assets, like collector cars, jewelry, fine arts, and collectibles. Their homes usually have lavish items, like pools, guest houses, and hardscapes.
At Affiliated, we value the hard work that has led a high-net-worth individual to where they are. That’s why we create specialized insurance solutions and risk management services to cover all their large assets without any gaps.
Why Successful Individuals Need Specialized Insurance
Higher Coverage Limits
With high-net-worth insurance solutions, you can extend your coverage limits to cover your needs. Standard personal insurance doesn’t cover luxury homes, exotic cars, fine art, and jewelry. On the other hand, high-value home insurance ensures you get extended replacement cost coverage for your home and its contents. It also protects high-net-worth clients against market fluctuations.
Extended Liability Coverage
Liability insurance is crucial for a high-net-worth family. Personal excess liability, also known as personal umbrella liability coverage, is often included in a high-net-worth insurance package. It gives you the highest liability limits to ensure you’re ready for any scenario. A personal excess liability policy protects clients in the courtroom by covering defence costs and legal fees.
Moreover, high net-worth liability coverage options offer worldwide coverage for travel, liability, and property risks.
Protection for Multiple Residences and Luxury Items
The majority of high-net-worth individuals own multiple residences, including their primary home, vacation home, and more. Standard home insurance doesn’t cover all these properties. However, high-net-worth insurance includes all of them under one policy. Moreover, high value contents insurance covers luxury items that standard home insurance might not include in coverage.
What Does Our High Net Worth Insurance Cover?
High-Value Home Insurance
High-value home insurance is for homes that exceed the coverage limits of standard home insurance. These homes often have unique architecture, custom materials and luxury features that make them more expensive to replace.
This specialized insurance ensures that if damage or loss occurs, the home can be restored to its original condition without financial stress. It also covers high-end items and offers risk assessments and personalized claims handling.
Fine Art Insurance
Fine art insurance covers artworks like paintings, sculptures and other valuable pieces. Standard home insurance may not cover fine art’s full value, especially with factors like appreciation over time. Fine art insurance protects against theft, accidental damage and loss.
It also accounts for depreciation due to damage and may cover restoration costs. Some policies offer an automatic increase in coverage if an artist’s death causes the artwork’s value to increase.
Jewellery Insurance
Jewellery insurance is for valuable pieces like engagement rings, necklaces, watches and heirlooms. With 70% of reported personal property thefts, including jewellery, standard home insurance often only provides limited coverage for such items.
Specialized jewellery insurance protects against theft, loss, accidental damage and mysterious disappearance. Policies require professional appraisals to determine the correct value and ensure the right coverage.
High-Value Contents Insurance
High-value contents insurance covers personal items in the home that are worth a lot, like electronics, antiques, collectibles and luxury furniture. Standard policies often have low coverage limits for individual items, which may not be enough for high-value belongings.
This specialized insurance ensures each item is covered for its full value and gives you peace of mind against risks like theft, fire and accidental damage. Accurate valuation and regular appraisals are necessary to maintain the right coverage.
Classic Car Insurance
Classic car insurance is for vehicles that are considered classic, vintage or collectible. Unlike standard car insurance, this policy accounts for the car’s agreed value, rarity and the cost of special repairs. Coverage includes theft, damage and loss during normal use and when the vehicle is in storage. Policies may also offer coverage for spare parts, roadside assistance for classic cars and allowance for attending car shows or exhibitions.
GET A QUOTEHow Much Does High Net Worth Insurance Cost?
It’s hard to give an estimate of how much high-net-worth insurance costs because of the many factors at play, like asset value, location, and individual risk profiles. However, we can give an average cost for some of the most common types of high-net-worth insurance.
- High-value home insurance: Approximately $1,913 per year for standard home insurance as of 2024. A home with a higher value and more unique features costs more to insure.
- Fine art insurance usually ranges from 1% to 2% of the value of the appraised item. For example, if the art piece is worth $20,000, the annual insurance premium could cost between $200 and $400.
- Jewellery Insurance: Like fine art insurance, the cost ranges from 1% to 2% of the appraised item’s value. An engagement ring that is worth $5000 might cost $50 to $100 per year.
- High-value contents insurance: depends on the value of the appraised items and the coverage limits that you and the insurance company agree on.
- Classic Car Insurance: Ranges between 1% and 3% of the car’s appraised value. A car valued at $200,000 would cost between $2000 and $6000 in annual insurance premiums.
Factors That Affect the Price of High-Net-Worth Insurance
- Location: Living in areas with high-risk exposure to crime and natural disasters may increase the premium.
- Value: Insured items that have high value increase the premium rate.
- Claims history and risk profile: A client with previous claims and a high-risk profile may get a higher rate than one with no previous claims.
- Security measures: A secure home with an advanced security system gets a lower premium.
- Coverage limits: Higher policy limits mean higher premiums.
Our Property Insurance Products
We offer a suite of property insurance products that cover your shelter and keep you financially safe.
We Serve These Areas in Ontario
- High Net Worth Insurance Oakville
- High Net Worth Insurance Burlington
- High Net Worth Insurance Collingwood
- High Net Worth Insurance Toronto
High Net Worth Insurance FAQs
The estimated net worth for a high-net-worth individual is $1 million in liquid assets, such as cash, money market instruments, and marketable securities, which can be quickly turned into cash.
For high-net-worth individuals, it’s best to go with companies with specialized insurance that cater to people with high insurance needs. Expensive cars need higher coverage limits and more protection overall.
High net worth individuals are more likely to experience identity theft, fraud, employees’ lawsuits, business disputes, and defamation cases. Moreover, they have more assets to protect with a higher risk of theft and vandalism. That’s why they need higher coverage limits and more specialized insurance solutions.
Coverage typically includes:
- High-value homes and vacation properties
- Luxury and classic automobiles
- Fine art, antiques, and collectibles
- Jewelry and valuable personal items
- Yachts and private aircraft
- Personal liability and umbrella coverage
Get a Quote
Your valuable assets are in safe hands with Affiliate insurance. Get coverage now!