Private Client & High Net Worth Risk Management
Standard insurance carriers are not built for your lifestyle and a standard homeowner’s policy leaves gaping holes in your coverage. Bowen, Miclette & Britt functions less like an insurance agency and more like a personal risk office, auditing your portfolio to protect against the unique liabilities of wealth. BMB in Houston, TX, helps clients find high-net-worth insurance coverage to protect their belongings, regardless of complexity.
What Is High Net Worth Insurance (and Who Is It For)?
High net worth insurance is specialized coverage designed for individuals and families with significant assets, often including high-value homes, luxury vehicles, valuable collections, and higher liability exposure. These policies typically offer higher limits, broader protections, and service features that standard personal lines policies may not provide.
It can also protect those who travel extensively for personal or business reasons. Many high net worth insurance policies cover people with higher-profile professions, like individuals in the public eye with further protection needs. These individuals turn to high net worth insurance because standard policies lack the comprehensive coverage they need.
Why Standard Policies Fall Short for High-Net-Worth Households
High net worth individuals have higher loss potential than average policyholders, so coverages need to reflect the volume of these risks. Potential risks that high net worth individuals face include:
- Weather losses: Weather events like wildfires, hurricanes, and flooding can damage anyone, but high-value properties require higher coverages to provide appropriate compensation.
- Cybercrime: With many connected devices and communication with external staff, high net worth individuals are at risk of ransomware, phishing scams, identity theft, and other data breaches.
- Employee risks: Relying on household staff, such as caretakers, housekeepers, and assistants, can lead to injuries on the job and employee practices liability.
- Security breaches: Owning a range of valuable items makes security a priority. While a reliable security system can offer protection, coverages can provide additional loss control.
- Estate taxes: High net worth individuals often have considerable expenses and debts, and estates may drain quickly without a primary income earner.
Specialized Coverage for High-Value Homes, Collections, and Liability
High net worth insurance can include various coverages to address several types of risk. We perform a risk assessment to control losses and determine the ideal coverages for your lifestyle. A significant aspect of this process is the documentation and appraisal of high-value items to quantify risks.
While coverages vary based on individual lifestyle, potential coverages can include:
- Custom Home & Coastal Property
- Personal Excess Liability (Umbrella)
- Auto Insurance
- Personal Cyber Liability
- Life Insurance for High-Net-Worth Individuals
- Domestic Staff Workers’ Comp
Who We Serve (Executives, Family Offices, Real Estate Investors)
- C-Suite Executives: Protecting against D&O exposures and public-facing liability.
- Family Offices: Consolidated risk programs for multi-generational families and trusts.
- Real Estate Investors: Master policies for mixed personal and commercial portfolios.
Concierge-Level Access & Market Leverage (The BMB Advantage)
At BMB, you bypass the call centers and gain direct access to a dedicated senior advisor who knows your specific portfolio. We don’t just maintain relationships; we act as your personal risk office, auditing your coverage annually to ensure your protection evolves as fast as your assets do.
High-net-worth risk changes fast, new properties, new vehicles, staff changes, renovations, travel, and evolving liability exposure. We run annual coverage audits and coordinate with your advisors when needed, so your program stays aligned with your assets and lifestyle. You’ll have a dedicated senior advisor, proactive reviews, and advocacy when it matters most.
Who Typically Needs High Net Worth Insurance?
High net worth insurance is often a fit for households with high-value homes, multiple residences, valuable personal property (jewelry, fine art, collections), domestic staff, or higher public visibility. It’s also common for executives, business owners, and families who want higher liability limits and more customized coverage due to complex risk exposure.
What is the Difference Between Standard Homeowners Insurance and High Net Worth Insurance?
Standard homeowners insurance is built for common exposures and typical property values. High net worth policies are designed for higher replacement costs, broader coverage for valuables, higher liability limits, and coverage features that better match complex lifestyles, like multiple residences, coastal properties, and scheduled collections. The biggest difference is usually in coverage breadth, limits, and how claims are handled.
How Much Umbrella Insurance do High Net Worth Insurance?
Umbrella (excess liability) needs depend on your net worth, income, public profile, and exposures. Many high net worth households carry limits well above standard levels to protect future earnings and assets. The best approach is to review your full risk profile and ensure your underlying policies and umbrella align.
Do High Net Worth Insurance Policies Cover Coastal Properties?
Many high net worth programs can cover coastal or catastrophe-exposed homes, but coverage structure and carrier appetite can vary. The key is building a program that accounts for wind/hail, flood considerations, higher deductibles, and proper valuation, so the policy responds the way you expect after a major event.
Why is Personal Cyber Coverage Relevant for High Net Worth Households?
High net worth households are frequent targets for ransomware, identity theft, phishing, and account takeovers, especially when multiple devices, vendors, assistants, and smart-home systems are involved. Personal cyber coverage can help with incident response, restoration, certain fraud losses, and the professional services needed after a breach.
Schedule a Private Risk Review
We take a consultative approach to helping high-net-worth individuals find insurance coverage. Through our values of knowledge, vision, accountability, and service, we protect our clients, mitigate risk, and control losses. Contact BMB today about insurance for high-net-worth individuals and risk management solutions.
