High-net-worth individuals and families face unique insurance challenges. At Knight Magee Insurance, we specialize in policies designed to cater to individuals who own high-value homes, jewelry, wine, and other collections. We have partnered with premium insurance carriers, such as Chubb, Travelers, and Liberty Mutual who specialize in high-net-worth insurance.
The more you own, the more liquid assets you have, the higher your risk. These risks tend to be more complicated and require risk management and a greater need for catastrophic insurance coverage.
Knight Magee Insurance is an independent insurance agency with over 25 years combined industry experience offering personal, business, life, and Medicare supplemental insurance solutions. We represent over 25 of the top A rated carriers and were voted Best Homeowners Insurance Agencies in Richmond by Expertise in 2020 and 2021.
We understand that insurance is not a “one size fits all” approach and we pride ourselves on tailoring policies and coverage to our clients’ individual needs/circumstances.
Google defines a high-net-worth individual as somebody with “at least 1 million in liquid financial assets.”
A 2017 Chubb study found that 10% of financially successful families were forced to pay judgments of $100,000 or greater, and 3% experienced judgements greater than $1 million over the last ten years.
The study also found:
- Only 24% of high-net-worth individuals carried flood insurance
- 62% lacked jewelry insurance entirely
- 87% lacked any insurance to cover their artwork
- 16% do not know the fair value of their personal possessions
- Only 23% had heard of employment liability insurance (for domestic staff), while just 6% had purchased the coverage if available
When working with any new prospective client, we always begin by focusing on the following areas:
The average number of car accidents in the U.S. every year is 6 million. 90 people die in car accidents every day, and 3 million people in the U.S. are injured every year in car accidents. We ensure our clients understand not only their bodily injury limits, but uninsured motorist limits as well. We also supplement the auto policy with umbrella coverage.
With building costs spiraling upwards, is your home insured for the current rebuild cost? Together we can go through a detailed replacement cost estimate to ensure your home is properly covered. We can also order an in person exterior and interior inspection to ensure the highest level of accuracy when insuring your home.
We also discuss limitations within the policy and offer supplemental coverages to ensure you have no coverage gaps i.e., earthquake, water back up, ordinance or law, and flood.
Together we review your valuable collections, to ensure any wine collection, fine art, jewelry, and antiques are all properly insured.
Majority of umbrella policies exclude uninsured motorist liability coverage. In Virginia, about 10% of drivers lack liability coverage altogether, this means your injuries would fall under your auto policy and are capped at your auto policy limits, unless your umbrella includes an uninsured motorist liability endorsement.
Insurance is complex, and at Knight Magee Insurance we have dedicated our entire team to learning and understanding the products and policies available to consumers.
- We are counselors.
- We educate and guide you on your insurance decisions.
- We are advocates.
- We stand alongside you and support you during a claim or life change.
- We are your dedicated agent.
At Knight Magee Insurance we have partnered with over 20 different insurance carriers, so that we can be your one stop shop for all your insurance needs![RP1]
For a no obligation review, please visit our website at www.kmicoverage.com where you can submit a quote request, call, or email us. We look forward to scheduling a consult.