In recent years, the insurance sector has seen a quantifiable growth, but niche markets are rising at a substantially lower rate. Despite the 9 percent growth in high net worth individuals, niche insurance companies are not experiencing a proportionate flow of high net worth clientele.
The lack of education and awareness contributes to this deficiency. Affluent individuals often assume that standard policies are sufficient. But a $700,000 home with a maximum coverage amounting to one million dollars is not adequate for a $4,000,000 vacation home in Montauk. This pattern is evident in every personal insurance policy. It’s not feasible for an affluent individual and an average salary individual to both carry an x amount of coverage on personal possessions. If this were so, a yacht, collector car, art and jewelry collection would be improperly covered. Why invest millions into an art collection, if you are not willing to invest in a policy to protect it?
HNW insurance provides premium products and services for their specific needs and exposures. Because of their lifestyle, affluent individuals are susceptible to unique risks. Consequently, it’s essential to speak with an agent familiar with these specific risks. This includes; heavy reliance on staff and advisors, communication (libel and slander) that can cause irreparable damage to one’s reputation, directors & officers and valuable assets to protect.
The Byrnes Agency provides signature personal insurance solutions to affluent individuals and families in high net worth communities in and around Connecticut. We’re a resource for clients that have significant assets that require special insurance programs and a level of coverage that exceeds what is typical.
Discerning individuals look to Byrnes Agency’s expertise.
Our portfolio of clients is built on referrals and multiple family generations, a testament to the confidence they have in our ability to safeguard their lifestyle. Contact our local Connecticut insurance location nearest about our high net-worth insurance programs. We look forward to speaking with you.
- Dayville Office
- Norwich Office
- Woodstock Office