A New Year Reset: Why High-Net-Worth Individuals Should Reassess Their Insurance Portfolio
As a new year unfolds, many high-net-worth individuals reassess their financial objectives, investment strategies, and personal ambitions. Yet one vital element of a holistic wealth plan is often overlooked: the insurance portfolio.
For those with substantial assets, prestige property, valuable collections, and complex financial structures, insurance is far more than a compliance exercise or annual expense. It is a strategic safeguard - protecting lifestyle, preserving legacy, and securing long-term peace of mind. Here’s why a New Year review of your insurance arrangements deserves priority.
Your Life and Wealth Have Likely Changed
Over the past year, your financial and personal circumstances may have evolved. You may have acquired additional properties, expanded art, jewellery, or valuables, purchased new prestige vehicles, or accumulated high-value gifts over the festive season.
Christmas gifting is a particularly common trigger for underinsurance. Jewellery, watches, and other luxury items often exceed standard policy sub-limits and may require individual specification to ensure they are adequately covered. Without reviewing these limits - or formally listing significant pieces - valuable items may be unintentionally left underinsured or excluded altogether.
Because high-net-worth portfolios often include unique and high-value assets, standard policies can quickly become outdated or insufficient if they’re not regularly reviewed and tailored to current realities.
Risk Exposures Are Shifting
The risk landscape is not static. Recent market insights show that affluent households are increasingly reassessing protection strategies amid evolving economic pressures, environmental risks, and digital threats. Property exposures, internal water damage, cyber vulnerabilities, and market volatility have all been flagged as growing concerns.
Luxury and prestige motor vehicles also present a shifting risk profile. Market values do not always follow predictable depreciation curves. Ferrari vehicles are a prime example - while some models decline in value, others increase significantly due to rarity, provenance, and collector demand. Ensuring agreed values remain accurate and relevant is critical to avoiding shortfalls at claim time.
In this environment, what was adequate coverage last year may no longer protect you effectively. A comprehensive review helps you anticipate and adapt to these shifting threats rather than merely react to them.
Estate and Intergenerational Planning Requires Precision
A core objective for many high-net-worth clients is ensuring that wealth is preserved and passed on according to intention. Insurance plays a critical role in estate planning by providing liquidity for estate taxes and other obligations, protecting heirs from forced asset liquidation, and supporting structured wealth transfer strategies.
Life insurance - particularly when strategically structured - can act as a financial buffer for your beneficiaries, often with advantageous tax treatment. Regularly reviewing ownership structures, beneficiary nominations, and benefit amounts ensures your legacy plan remains aligned with both your wishes and current regulations.
Customised Coverage Matters More Than Ever
High-net-worth insurance isn’t one-size-fits-all. From protection for fine art, jewellery, and antiques to specialised agreed-value cover for prestige vehicles and tailored liability for luxury homes, bespoke coverage ensures your policies reflect the true value and risk profile of your assets.
The team at Domus Private Clients, who understand the nuances of high-net-worth portfolios, provide advice that goes well beyond price. This includes:
Advanced property and contents valuation updates
Jewellery and collectible specification and limit reviews
Prestige vehicle agreed-value assessments
Security and risk mitigation recommendations
Tailored liability limits
Regular review helps manage premiums and exclusions
Insurance markets constantly evolve. Carriers update terms, exclusions, and pricing structures based on claims trends, economic shifts, and regulatory changes. An annual review enables you to:
Compare current policy terms with what’s available in today’s market
Identify gaps or overlaps in coverage
Ensure valuations for insured assets, including jewellery and prestige vehicles, are current and accurate
Confirm agreed values reflect real-world market conditions
Avoid paying unnecessary premiums for outdated terms or limits
Confidence for the Year Ahead
Ultimately, reassessing your insurance portfolio is not just about property or compliance - it’s about certainty. Knowing that your most valuable possessions, family legacy, and lifestyle are protected with precision gives you the freedom to focus on what matters most in the year ahead.
The beginning of the year offers the opportunity to evaluate your protection strategy. For high-net-worth individuals, it’s not simply a review - it’s a recalibration of your financial safety net in response to life changes, market dynamics, and emerging risks.
If last year brought new assets, meaningful gifts, rare vehicles, or evolving ambitions, make sure your insurance strategy evolves with you.
Get in touch with Domus Private Clients to take a considered approach to protecting what matters most - today and into the future.
It doesn’t matter who you insure with, until it does.
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