When most people think of insurance, they think of the “Big Box” carriers—the companies you see during every commercial break. For many folks, those standard policies work just fine. But as your success grows, your life often outgrows the capabilities of a standard insurance company.
That’s where Private Client Insurance comes in.
It’s a specialized area of insurance that many agencies in Grand Rapids simply don’t have access to. Here is a look at what “Private Client” really means and why it might be the missing piece of your financial plan.
What is a “Private Client”?
Despite the fancy name, “Private Client” isn’t a secret club. It’s a suite of insurance products designed specifically for high-net-worth individuals and families.
Generally, if you own a home with a replacement value of $1,000,000 or more, have a collection of high-value assets (like fine art, jewelry, or collector cars), or have a net worth that requires liability protection in the $5M to $20M range, you have likely outgrown “standard” insurance.
3 Ways Private Client Coverage is Different
If you’re still using a standard policy for a high-value lifestyle, you likely have “trap doors” in your coverage. Private Client carriers (like Chubb, Citizens Prestige, Auto-Owners or Cincinnati) handle things differently:
- Guaranteed Replacement Cost: Standard policies often cap how much they will pay to rebuild your home. If a fire happens and construction costs have spiked, you could be left with a massive bill. Private Client policies often promise to rebuild your home to its original quality, regardless of the cost.
- Cash Settlement Options: If your home is a total loss, some Private Client policies allow you to take a cash settlement instead of rebuilding. Standard policies almost never offer this flexibility.
- Agreed Value on Vehicles: If you drive a luxury or collector vehicle, you don’t want to argue with an adjuster about “Blue Book” value after a wreck. With Private Client, you often have the option to purchase agreed value coverage on your cars. The value is agreed upon upfront. If the car is totaled, that’s the check you get. No arguments.
The Insurance Agency Gap
Here is something many people don’t realize: Not every insurance agency can offer these services. Many firms are limited to “standard” carriers. They might try to “stretch” a standard policy to cover a high-value home, but it often leads to gaps in coverage and a frustrating claims experience.
At The Brouwers Agency, we are one of the few firms in the Grand Rapids area with the carrier relationships and the internal expertise to manage a true Private Client portfolio. We don’t just sell you a policy; we act as a risk manager for your entire lifestyle—from your primary residence in East Grand Rapids to your cottage on Lake Michigan and the domestic staff that keeps it all running.
Is It Time to Upgrade?
If you feel like your current insurance is a “one-size-fits-all” suit that no longer fits, it’s time for a different conversation. Private Client insurance isn’t just insurance premium dollars; it’s about greater peace of mind. It’s about knowing that the more you have to lose, the better your safety net is woven.
Ready to see if you qualify for Private Client status? Let’s take a look at your current portfolio. We can show you exactly where the “standard” limits end and where a Private Client solution can give you the peace of mind you’ve actually earned.