High Net Worth Insurance Toronto
As a successful high-net-worth individual, you understand that you cannot put a price on the things you value. We can help you protect all your valuable assets and help you celebrate your success with ease of mind. With our high net worth insurance products, we reassure you that when unexpected events happen, you will be covered by comprehensive insurance solutions, including travel insurance and even life insurance. Get tailored solutions that honor your achievements with Affiliated Insurance.
GET A QUOTEWhy Choose Affiliated Insurance?
Coverage Made for You
Affiliated Insurance is an independent insurance brokerage dedicated to helping you. We provide you with the best coverage for your high-value homes and belongings, making sure your insurance needs are met. When it’s time to file a claim, you will find that we have your back, always, offering claims advisory to ensure you’re on the right track.
Excellent Customer Service
We treat our customers with utmost care, providing the best customer service available round the clock. Reach out to us anytime on one of our communication channels, which include phone, email, and live chat. Our customer support agents are trained to provide expert guidance with a professional attitude, ensuring you receive exactly what you need.
Expertise Put to Good Use
We’ve been in the market for over a century, and we utilize our extensive experience to remain one of the best. We know how to help our customers, providing timely advice, affordable options, and comprehensive coverage solutions. We’ve perfected the recipe for a good insurance brokerage. Our insurance for wealthy individuals is a testament to that.
Why High Net Worth Insurance is Important for Successful Individuals
Higher Coverage Limits
High-net-worth insurance offers policyholders higher coverage limits to protect their valuable large assets. In comparison, standard policies, like home insurance and auto insurance, may not cover the real value of high-net-worth belongings. Insurance isn’t a one-size-fits-all, but high-net-worth insurance can extend to cover your demanding insurance needs.
Extended Coverage Options
With high net worth insurance, you get coverage for all your luxury homes, including your primary home, secondary home, and vacation home. Unlike standard home insurance, you can include multiple homes under one policy. Not to mention that with higher coverage limits, you can include more of your luxurious belongings.
More Liability Protection
High net worth insurance provides you with extended liability coverage, also known as umbrella policy that protects you more than standard policies. With personal excess liability, also known as personal umbrella liability coverage, your high-net-worth family gets a specialized protection package. You get a higher liability limit to protect you in the courtroom and coverage that includes travel, liability, domestic staff, and property risks.
Risk Factors for High-Net-Worth Homes in Toronto
Underinsurance
Most high-net-worth individuals struggle to find adequate coverage that truly celebrates the fruits of their successful endeavors. The ordinary personal insurance coverage options they find are always limited and don’t fulfill their demanding insurance needs. They often don’t cover the custom features and unique architectural characteristics.
At affiliated insurance, we make sure to pair our clients with insurance companies that truly serve their needs with specialized insurance solutions, without needing to compromise or pay more.
Climate Change
High-net-worth individuals also suffer from the catastrophic natural disasters that result from climate change. The extreme heat, risk of flooding, and worsening extreme heat are all dangers that homes in Toronto face. With Affiliated Insurance, we can help you get the right endorsements to always be prepared for the weather.
Theft
Another major risk homeowners face is related to crimes like theft, whether it is physical theft or financial fraud. In Toronto, there is a high rate of theft, and the statistics show that burglary and robbery, led by organized criminals, will continue increasing. With the right insurance policy, homeowners can rest assured that their stolen items will be replaced fairly and adequately.
Liability claims
A high-value home usually has heavy foot traffic, with staff and guests frequently visiting, and a lot of high-profile events taking place. This lifestyle can bring some legal trouble from many incidents like personal injury, which not only costs money but also reputational damage. Affiliated Insurance ensures you get extended liability coverage that protects you and everyone around you.
What Does Our High Net Worth Insurance in Toronto Cover?
High Value Home Insurance
Your luxury home, with the unique architecture, custom materials, and luxury features, requires higher coverage limits than the average Canadian home. That’s why standard homeowners insurance doesn’t cut it. With high-value home insurance, you get personal liability coverage, dwelling coverage, and additional living expenses. you can also get additional coverage, like overland water coverage, identity theft coverage, and more.
Fine Art Insurance
For your tasteful artworks, like paintings, sculptures, and other valuable items, standard home insurance isn’t always enough to cover the full value. Getting fine art insurance factors for things like appreciation and depreciation over time, and protects against theft, accidental damage, and loss. And if the artist who created the artwork dies, causing the piece’s value to increase, some policies offer an automatic increase in coverage.
Jewellery insurance
With specialized high net worth jewellry insurance, you can get protection against theft, loss, accidental damage, and mysterious disappearance for your shiny accessories. Valuable items, like engagement rings, watches, heirlooms, and necklaces, can be covered for their true value after getting a professional appraisal. With more than 70% reported thefts in the area, standard home insurance can only offer so much protection.
High-Value Contents Insurance
As a successful individual, your personal belongings are worth a lot than the average home insurance policy can protect. Your electronics, antiques, collectibles, and luxury furniture can all get more inclusive coverage with high-value contents insurance coverage. To make sure your items are always priced correctly, accurate valuations and appraisals are necessary to get the exact coverage you need.
Classic Car Insurance
We know how much you value your car collection. That’s why we protect them with classic car insurance, which includes classic cars, vintage cars, and collector cars. Classic car insurance accounts for the car’s agreed value, rarity, and special repair costs.
Classic car insurance offers protection against theft, damage, and loss during both normal use and storage. You may also get coverage for spare parts, roadside assistance services, get an allowance for attending shows or exhibitions.
How Much Does High-Net-Worth Insurance Cost in Toronto?
On average, high-value property insurance costs anywhere between $2,500 to $10,000+ per year. Other types of high net worth insurance also don’t have a fixed rate, but differ depending on many factors, like the amount of coverage, location, coverage option, and more.
At the end of the day, it’s important that you and the insurance company agree on a rate that matches your insurance policy terms.
Factors that Affect the Price of High Net Worth Insurance
- Amount of coverage: The more coverage you add, the higher the cost gets. The same applies to the coverage limits. Additional coverage adds up to the cost, especially, for high net worth clients, but it can also increase protection and personal safety.
- Location: Areas that have high crimes rates or extreme weather conditions may get higher premiums than other areas.
- Your claims history and risk profile: In insurance, your profile, including the claims you made before, are a factor every insurance company considers when calculating insurance prices.
- Security measures: Securing your home goes a long way in getting you an affordable insurance policy. Insurance companies see having features like an anti-burglary system and surveillance as signs you are serious about keeping your home safe.
Our Property Insurance Products
We offer a suite of property insurance products that cover your shelter and keep you financially safe.
Our High Net Worth Insurance Service Areas
High Net Worth Insurance Insurance Toronto FAQs
In Toronto you’ll see luxury/high-net-worth homes concentrated in neighborhoods such as:
- The Bridle Path.
- Forest Hill (South and North).
- Rosedale.
- Lawrence Park.
While there is no fixed amount to how much umbrella insurance you should have, it’s best to roughly match your net worth to make sure you’re adequately covered in all scenarios.
High-net-worth homeowners’ insurance has more coverage for valuable assets, extended liability coverage, and the ability to include multiple homes in your policy. Generally, it’s a more extensive and upgraded version of standard policies.
Yes, for your own benefit, your jewelry should be appraised before getting coverage. It ensures that if stolen, lost or damaged, you get paid fairly for their value.
Yes, wealthy individuals are at higher risk of lawsuits because of their high profile lifestyle and large number of valuable assets. Generally, they face risks, like theft, defamation, personal bodily injury, fraud, employee disputes, and more.
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Your valuable assets are in safe hands with Affiliate insurance. Get coverage now!