The first reason the affluent need better insurance than the man on the street is of course that they have more to protect. For instance, a regular household insurance policy may only cover single items up to a value of £5,000 and it is likely that the HNW will own many valuables worthfar more than that.
The second is the sheer range of assets the wealthy need to insure. Aside from jewellery and high-end watches, there are likely to be art, antiques, designer handbags (and clothes), wine and collectibles within the home along with several expensive vehicles on the drive – and that’s just the primary residence. Any further properties will need to be covered just as well as the first for building and contents, and if they are situated abroad or used for rental things can start to get very complex indeed.
As a consequence, the third reason HNWIs need special insurance is to save them a huge amount of time, hassle and worry. The affluent often find that regular banks fail to understand their lifestyle and needs, but wealth managers do with alacrity. Similarly, obtaining all the cover you need from an everyday insurer might be a real battle, whereas a private client provider will rapidly read the situation and ensure that nothing is omitted.