12 Top Issues for Affluent Personal Insurance Buyers

By: Advocate Brokerage

12 Top Issues for Affluent Personal Insurance Buyers

By Roz Binday

Coastal Locations

With the memory of Superstorm Sandy fresh in all our minds, the issues of flood insurance and wind concerns are ones we’d like to address! Our customers on The Long Island Sound, in Florida, the Hamptons, and coastal areas of NJ, Connecticut, Rhode Island, Massachusetts, and Maine should especially be aware of the rarity and high cost of homeowners insurance due to wind concern for properties on or near the water.   Food for thought: virtually no homeowners polices include flood loss, but 65% of those losses occur in low hazard flood plains, leaving many customers underwater, both literally and figuratively.

          Large Homes Under Construction or Renovation

Construction and renovation can be a headache in more ways than one—these projects bring with them added insurance costs that customers should be aware of.  There are many risks involved during the process, and if not handled correctly, these risks can drive premiums up.  If the insurance company is not notified in a timely manner the risks of a renovation can take valuable insurance coverage away. A little foresight and planning can cut future premiums in half following the completion of construction.

Valuables-Articles– to Insure, or Not?

Having expensive things sometimes means taking on expensive risks. Different insurers will treat coverage and recovery differently, and often coverage is limited unless you schedule your valuable items.  We will help you determine how to navigate the many approaches to protecting jewelry, silver, furs, fine arts, wine and other collectible items.


Once just an issue for our friends on the West Coast, the Northeast had a whopping 8 temblors up to magnitude 2.0 just in the Hudson River Valley. Unless specified, homeowner contracts don’t provide cover for this danger, but the good news is that great coverage is available in most areas for surprisingly affordable rates

          The Liability Risks of Board Membership

Being a board member of any organization can be an incredibly enriching and rewarding experience. However, these rewards sometimes come with added risks—individuals can be held personally liable for actions their board takes, and there are nuanced differences in risks and remedies involved in non-profit and for-profit board service that anyone participating should be aware of. Advocate will help keep you on top of those risks.

          Hidden Risks Associated with “Toys” of the Affluent

At Advocate, we believe that anyone who has worked hard for their money deserves to play hard as well!  Leisure time should be spent wisely though—your insurance program might not cover all the liabilities associated with new “toys”: jet skis, ATV’s, snowmobiles, dirt bikes, etc. So that you remain properly protected and your liability coverage doesn’t fall through the cracks, it is important that we are notified before you purchase new “toys!”

 Appropriate Personal and Umbrella Limits 

How much is enough? What are the factors driving the risk, and how does one choose a limit? Who writes high limits, and what are the costs? Surprisingly affordable at prudent limits, and perhaps your single largest personal insurance consideration. Umbrella coverage can provide the most important asset protection in your insurance portfolio.

High Deductibles and Other Self Insurance Techniques

Saving your insurance for bigger claims is cost efficient and advisable—insurers often will impose penalties on those who submit many small claims.  We’ll help you determine what are appropriate deductible levels for different assets and types of coverage.

Auto Insurance—Commodity Purchase, or Not?

As a responsible driver, you should be aware of the factors influencing whether or not buying coverage at the rental car counter is a good decision.  Common insurance issues, like whether or not the insurance “follows the car,” and who is covered, are very relevant!

Personal vs. Commercial Insurance

When you’re an individual running a business, you need to know how you’re covered.  When does a business insurance issue cross over into personal territory? Insurance implications for use of trusts, LLC’s, and how to protect them—these are issue you need to understand, and Advocate can help.

“Advisory” vs. “Product” Approach on Personal Insurance 

Insurance is the last step in risk management, and you should view your insurance broker as a trusted financial advisor—a member of a small handful of qualified and professional individuals. 

Report a Claim Make a Payment Get a Quote About Advocate Personal Insurance Business Insurance Client Resources Contact Us