by: Deland, Gibson Insurance

Belonging to a high net worth (HNW) family comes with its share of challenges. Having accumulated financial wealth, expensive goods and pristine properties, HNW people are often exposed to complex property and liability risks that average consumers are not. To protect their interests, HNW individuals need high-value insurance coverage that concurs with their multi-faceted lifestyle. The following are some of the most important high net worth insurance trends wealthy people are tracking in 2018.

Catastrophic Events

Over the last few years, climate changes have increased the threat of wildfire, hurricanes and flooding across the country. Although these threats impact everyone, HNW people are at greater risk due to owning multiple properties in affected areas. In the Boston area, the combination of blizzards and torrential rains triggered unprecedented flooding that destroyed homes and businesses alike.

To reduce their losses, HNW people need tailored insurance solutions that fully protect their investments. Customized home insurance policies that offer increased limits, broader coverage, extended replacement cost, flexible options for settling claims and allow for higher deductibles are more likely to align with a HNW person’s needs in protecting them against loss from catastrophes.

Personal Collections

HNW people are known to be passionate collectors of such luxury goods as fine art, rare wines, posh jewelry, antique cars and more. Many of these collections are stored at home, although some may be displayed in galleries or museums. With valuable collections, there’s always the risk of theft, damage or loss. Having collections accurately appraised is important to obtaining adequate insurance protection that covers replacement costs. Property insurance for collections should cover valuables while in storage, en route to a museum or gallery, on display, when taken abroad (such as wearing jewelry to special events) and in the event of “mysterious disappearance.”

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High Net Worth Insurance

A common misconception enhanced by the overwhelming amount of advertising is that all insurance products are the same. This is false; the difference between a commodity and a luxury good is analogous to standard or market policy forms and policy forms created for High-Value Homes, High Net Worth individuals and families.

Posted by Deland, Gibson Insurance Associates, Inc. on Tuesday, June 5, 2018

Providing Peace of Mind Through Proactive Service

Deland, Gibson: a Trusted Choice, Five Star Accredited independent insurance agency. Established in Massachusetts in 1900, Deland, Gibson is a 4th generation family-run insurance agency that has thrived working as a trusted advisor for its client base. We work with individuals and businesses to lower their Total Cost of Risk. We analyze a client’s direct and indirect costs and implement risk reduction plans to address areas of business, hazard, or strategic risk.

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Located in Wellesley Hills, MA.


I help firms lower their Total Cost Of Risk by identifying, organizing and addressing areas of strategic, hazard, workforce and business risk. The consultative model, The Deland, Gibson Difference, is designed to help companies lower risk, increase productivity and ultimately save money. The DG Difference incorporates a pre-loss, proactive, risk reduction plan AND an insurance proposal.
Specialties: Complex Personal Insurance, Professional and Financial Services, Health and Fitness