High net worth insurance in New York, designed around your whole household
High net worth insurance is coverage written for households with valuable homes, collections and more to protect from a lawsuit. For families with a Manhattan apartment, a house in Westchester or on Long Island and perhaps a second home elsewhere, it usually brings everything under one coordinated program instead of a stack of standard policies.
Gordon Companies is a family-owned, independent brokerage that has worked out of Midtown Manhattan since 1968. Chubb has recognized our agency for its personal and commercial insurance work, and we compare high net worth programs on your behalf. You will always deal with a real person, never a call center.
What high net worth coverage can include
Programs vary by carrier, but a high net worth policy typically starts from broader policy language and higher limits than a standard form. Depending on the carrier and your needs, a program can include:
- Primary, secondary and vacation homes, often on one coordinated program
- Fine art, jewelry, watches, wine, rugs, furs and other collections
- High-value furnishings and contents
- Fine and collector automobiles
- Personal liability with excess or umbrella limits above it
- Identity theft and fraud expense coverage
- Kidnap and ransom or similar crisis coverage on some programs
High value homes
A standard homeowners policy with a few endorsements is not the same as a policy designed for a high value home. Many high net worth forms offer broader terms on rebuilding, so a home with custom finishes can be restored to its original quality. If you are not sure which you have, we can compare your current homeowners policy with a high net worth form.
Apartments and townhouses
For a co-op or condo, high net worth carriers can write unit-owner coverage with higher limits for renovations and contents. We review your board’s requirements the same way we would for any condo or co-op policy.
Collections and vehicles
Art, jewelry and other valuables can be scheduled at an agreed value, often with broad protection against loss. Classic and exotic cars may belong on a collector car policy rather than a standard auto policy.
Why New York households need a coordinated program
Wealth in New York tends to be spread across several properties, vehicles and collections, often with staff, contractors and guests in and out of the home. Each piece adds exposure, and gaps tend to appear between separate policies bought at different times.
- Liability. Higher assets mean a higher profile in a lawsuit. Many of our clients pair their home and auto policies with a substantial umbrella policy.
- Flood. Homes on the coast or in low-lying areas typically need separate flood insurance, since most homeowners forms exclude it.
- Household staff. Employing nannies, housekeepers or drivers can raise workers’ compensation and employment questions that are easy to overlook.
How we shop and place your program
Insuring a high value home usually takes more than a quick online quote. We gather the details, recommend limits and work with carriers to build the right program.
What the process looks like
- A conversation about your homes, vehicles, collections and liability concerns
- An appraisal or inspection of the home, which carriers often require for higher values
- Applications submitted to the carriers best suited to your profile
- A review of the quotes with you, adjusting limits and deductibles before binding
What affects the cost
- Rebuilding cost, construction quality and location of each property
- Protective features such as central station alarms, water leak detection and generators
- The value and type of collections, and how they are stored
- Liability limits, deductibles and claims history
Questions we hear about high net worth insurance
What counts as high net worth for insurance?
There is no single cutoff. It usually comes down to the value of your home, the size of your collections and how much you need to protect from a lawsuit. If standard policies feel stretched, it is worth a look.
Is high net worth insurance more expensive?
Not always. Broader coverage and higher limits can cost more, but bundling homes, cars and valuables into one program, and choosing higher deductibles, can offset some of it.
Why does the carrier need to inspect my home?
Carriers want an accurate picture of how the home was built so the rebuilding limit is right. That protects you from being underinsured after a loss.
Can my second home be on the same program?
Often, yes. Many high net worth carriers can insure primary, secondary and vacation homes together, which simplifies coordination and renewals.
Related coverage
Talk with us about your program
Request a review on our quote page, or call 212-687-2525 Monday through Friday, 9am to 5pm. Aaron and the team will talk through your homes, collections and liability, then compare programs for you.
