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VaultMar 28, 2024 9:00:00 AM2 min read

Risk & Reward: 2024 High-Net-Worth Insurance Trends Report

Untitled design (7)Risk & Reward: The 2024 Insurance Insider

Download Vault's annual high-net-worth insurance trends report, highlighting digitizing customer experience, why home insurance premiums are rising, custom insurance and E&S growth, and protecting your legacy with risk mitigation strategies.


What's Inside: 


  • Customer Experience 
  • Premium Increases
  • Regional Challenges
  • HNW and E&S Market Growth
  • Resilient Homes
  • Protect Your Passions

Enhancing Digital Customer Experience

Poor customer experience (CX) is a massive barrier to entry for many affluent customers who expect a personalized experience. The insurance industry has often lagged behind other sectors, such as banking. This year, we will see a shift in this trend as 85% of insurers are now working on new initiatives to improve their digital customer experience strategy.

"Why Has My Home Insurance Gone Up?"

Home insurance premiums have increased by as much as 40% in the past year. We deep dive into why home insurance premium pricing has increased, covering factors such as home values and reconstruction costs, inflation, labor shortage in skilled construction, and increased claims events.

An Insurance Crisis

Many affluent individuals own second homes in states such as California and Florida, which often experience severe events and are struggling with an insurance crisis. Because they are finding it harder to get enough coverage, many of these homeowners are taking on more responsibility for self-insuring their assets.

Ultra High-Net-Worth Insurance Needs

There are about 170,000 ultra-high-net-worth individuals in the US (those with a net worth greater than $30M), and $40 billion has been spent on ultra-luxury homes. These homes often have higher risks, more difficulties finding adequate coverage, and need more customization to their policies. Ultra-high net worth insurance coverage has grown under excess & surplus lines (E&S), also known as custom home insurance, driving a record growth increase of 31.8%.

Hardening Homes from Risks

Creating a resilient home is key to safeguarding both property and lives in the face of potential threats. Vault utilizes data to see where common risks occur, what causes the most damage and impact, and how we can provide exceptional service and education. We can then paint the picture of potential vulnerabilities for our customers and educate them to create home resiliency. We have included risk mitigation strategies for our top claims events, so you can proactively protect your legacy.

Reducing Risks for Your Collections

Luxury auto insurance, collections insurance (including fine art insurance and jewelry insurance), and excess liability insurance are additional policies that can help ensure that all your prized possessions are protected. We highlight some top trending risks, insights, and ways to keep your valuables safe.



Trending Topic

"Why Have Premiums Drastically Increased?"

Reconstruction costs, increased weather-related claims, inflation, and rising home prices make it difficult for insurers to provide coverage in high-risk areas, causing them to withdraw or significantly increase premiums.

42% increase in home values
28% jump in material costs
501k job openings for skilled labor
28 $1B+ weather events



A Word from Our CEO:

scott carmilani


Read the Full 2024 Report:

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Vault offers high-net-worth personal insurance and customized solutions for affluent individuals and families. Our passionate team of experts are dedicated to delivering a luxury insurance experience and protecting our customers' legacies by minimizing devastating losses with risk management and data-driven technology.