keeping expensive jewelry stored in a safe or bank vault .
The high-net-worth market is also underserved by insurance companies . Think about how many insurers offer homeowners insurance in your state , and then how many of them will insure a $ 20 million home . Certainly , if there was more competition in this market segment , homeowners would benefit with the resulting lower rates . Value Versus Price
Although many insurers are commoditizing their insurance products with their television advertising , the deciding factor should be the value of the insurance product , not the price . Yes , high-net-worth clients want to pay less for a product just like anyone else , but the concern should be about the value , and this is where the agent earns his or her money . As a trusted advisor who manages the everyday risks of your clients , the “ price ” word should not be an important part of the conversation . “ Needs , solution , and value ” should be a mantra by which a trusted advisor lives . Value Of The Umbrella
Agents who offer umbrella coverage to every client typically earn more than agents who don ’ t . They understand the liability limitations on a homeowner ’ s policy and the need to offer more protection . Not all , however , understand how to calculate the need , and in many cases , they may leave their clients insufficiently protected .
To calculate an umbrella limit , the agent must ask their client for the total amount of at-risk assets ( assets that the insured can be forced to liquidate ) and then quote the umbrella for at least that amount . Anything short of that number leaves clients exposed . The high-value homeowners program provides umbrella coverage far beyond standard personal umbrella coverage and will meet the needs of most high-net-worth prospects and clients . Why Build Your High-Net-Worth Client List ?
From an insurance standpoint , there are several attributes that make working with high-net-worth clients enticing to an agency :
1 . Their need for higher limits is significantly greater , which may result in higher premium dollars .
2 . Affluent customers tend to have very full schedules and would
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