While standard mass-market insurance can meet the needs of most people, high-net -worth individuals and families need customized solutions that are tailored to their needs.
Success brings new opportunities, but also new risks
High Value Home Insurance. More expensive homes require customized coverage that many agents are unable to provide. Cost replacement value insurance, multiple residence insurance, extra coverage for disasters, and working with a carrier that can respond quickly when you need them are key. Knowledgeable insurers will not only insure your home, but they will also provide sound advice on how to mitigate risks through a detailed survey of your properties. If you are thinking about your homeowner’s insurance, read our blog Homeowners Insurance Under Pressure.
Fine Art, Collectables, and Jewelry. The things you now own, and your family may cherish, may exceed the coverage that standard policies allow. Custom policies allow you to pinpoint your risks with precision and insure what matters most.
Liability. When you have a lot, you have a lot to lose. You may be managing multiple homes or have workers that could be injured on your property. You may own luxury or classic vehicles, boats, or planes. You may employ domestic staff that may need worker’s compensation insurance. A custom evaluation of your exposures can be beneficial to your peace of mind. It often makes more sense to transfer the risk to an insurance company rather than carrying perpetual potential liability on your family’s balance sheet.
Your Trust and Estate Plan. Upon your passing, your assets may be subject to state or Federal Estate taxes. In addition to providing for these expenses, customized insurance strategies can provide liquidity for tax payments for less liquid assets such as businesses and properties. This allows more value to pass on to your beneficiaries rather than to tax collectors.
Your Life. A neutral party can help you examine different types of life and disability insurance to match the policies to your needs, age and other risk factors, while keeping your lifestyle in mind.
How Crestwood Can Help
As an independent wealth advisory firm, Crestwood views insurance as a component of your complete financial picture. We offer unbiased advice to help you manage your risk as well as your investments. Please contact us if you are not working with Crestwood.
There is no cost – and no risk – to starting the conversation!
This document is provided for general informational purposes only by Crestwood Advisors, an investment adviser. Crestwood Advisors does not provide legal advice, and this document should not be construed as containing legal advice. For legal advice, consult with a licensed attorney. This document should not be construed as containing tax advice. For tax advice, consult with your tax adviser.
