Bryson Insurance caters to a diverse group of clients. It’s important for any successful insurance brokerage to be equipped to handle the needs of many clients in various areas of commercial and personal insurance. Over the course of Bryson’s development as an organization, the brokerage has grown with their clients—some of whom have accumulated significant net worth during their time as Bryson customers. It’s interesting to examine how a brokerage can develop alongside a client, keeping abreast of their personal achievements and expanding personal wealth—customizing their high value home coverages to match their customers’ personal, financial success.
Understanding High Value Home Insurance
“We understand that our clients are sophisticated, educated and of high net worth,” says President Tracy Makris, discussing the fundamental differences between regular home insurance and high-valued home insurance. Brokers at Bryson understand how to ask the right questions and discern which clients have homes that require high-value insurance.
“A finished basement on a regular home might look like a $40,000 loss after an insured claim such as flood or fire. But, a high-value home might look like $150,000.” The magnitude of this loss depends on factors like whether or not the basement has electric or radiant floor heating, steam and theatre rooms and custom wet bars. Household-wide factors like these are all part and parcel of the assessment conducted by Bryson’s team. Clients don’t necessarily realize they fall into a high net worth insurance category, so it’s up to the brokers at Bryson Insurance to do some research and discovery when they take on an account.
High value home insurance comes with flexible options
“Unique coverages can be tailored to the needs of these elite Bryson customers,” says Tracy. “And, it’s up to us to discover what those needs are by asking the right questions.” Some clients have extensive electronics collections; others have beautifully crafted wine cellars containing fine and vintage wines. According to Tracy, the Bryson team delves into the specific, high-value belongings of their clients and determines how to assign the proper coverages.
There’s significant process and procedure involved when it comes to a client who has accumulated a certain number of high-value household belongings. When the Bryson team takes on an elite client, they embark on an extensive fact-finding mission—they examine where the client is located, the construction of their home and the client’s occupation. All these elements help Bryson identify high net worth clients and provide them with the insurance services and coverages they require.
Bryson has designated a qualified member of the team specifically for high net worth clients. The company is making a foray into a new, digital means of providing insurance service. But, according to Tracy, “When it comes to these elite clients and their homes, we’re definitely not a call-centre environment. Each account takes a lot of time and due diligence; we sit with the client, we visit their home.” At Bryson, it’s important for the account managers to see the high-value home their insuring…from the luxurious furnishings, electronics and wine collections to the beautiful artwork hanging on the walls…assessing the net worth of a home first-hand helps Bryson provide accurate and thorough information about what they can protect if something unexpected happens.
When it comes to re-building a home in the event of a disaster, Bryson realizes that many high net worth clients don’t necessarily want to rebuild in the same area. Taking on an elite client means understanding that an architect can cost upwards of $60,000 and reconstruction can take anywhere from 6 to 18 months. “With most traditional insurance companies, the language on the policy reads that they will rebuild with like, kind and quality,” says Tracy. “We offer at the time of sale an option for elite clients to take a cash settlement in place of a re-build. That’s huge to some of our clients. It’s an exclusive offering to these high net worth homeowners.”
We are your high value home insurance specialist
Bryson strives to grow with each and every client—the customer’s success is Bryson’s success. “We understand high net worth clients when it comes to protecting their homes,” said Tracy. When it comes to high net worth clients, insurance providers must work to understand the lifestyle of their elite clients and completely assess their insurance needs—protecting their possessions and identifying where potential exposures exist.