How Strong Is Your Risk Review for High-Net-Worth Clients?
High-net-worth (HNW) clients expect more from their insurance providers, and they’re justified in expecting that!
Their homes are often custom-built, outfitted with rare finishes, and include features far beyond the scope of a standard homeowner’s policy. As personal lines underwriters and agents serving this unique segment know, insuring a $4 million estate in Palm Beach is a vastly different task than covering a $400,000 suburban home. Yet, many insurers still rely on outdated or overly simplified methods when assessing HNW property risk.
To serve these clients effectively, insurers need smarter, more condition-aware tools. That’s where Chrp comes in.
Why High-Value Homes Demand Higher-Precision Risk Reviews
When risk assessment falls short for HNW properties, the consequences go beyond claim payouts. A single underinsured event can permanently damage an agency’s reputation or result in costly litigation. More often, though, the risk is subtler: policies that don’t reflect the full replacement value, outdated assumptions about condition, or missed features that affect eligibility or pricing.
HNW clients are also more likely to scrutinize their insurance experience. A missed EV charging station or a non-disclosed third-floor addition may not just be a rating issue—it could be a trigger for dissatisfaction, or worse, a non-renewal.
Traditional Inspection vs. Home Assessment
Most inspections for high-value homes still rely on “checkbox-style” assessments: Was the roof replaced recently? Are there any visible hazards? These quick surveys lack the detail and contextual awareness needed to capture the intricacies of large or custom properties. They often:
- Miss accessory structures (like detached studios or guest houses)
- Fail to validate high-risk features (like complex roofing, elevators, or home theaters)
- Rely heavily on self-disclosure from the policyholder
What these assessments gain in speed, they sacrifice in precision. And when the property in question is worth millions, precision isn’t optional.
How Chrp Delivers a Smarter Risk Review
Chrp equips insurers with a more intelligent, data-driven alternative to traditional HNW property inspections.
1. Condition-Based Property Data
Rather than relying solely on static data or disclosures, Chrp collects real-time insights into a home’s true condition—capturing signs of weathering, structural changes, and property degradation that directly impact risk, rating, and underwriting confidence.
2. Surface High-Frequency Features
Certain features disproportionately affect underwriting for HNW homes. Chrp helps underwriters surface and assess these quickly, including:
- Multi-story roofing with complex pitch
- Floor-to-ceiling glass exposures
- Fire-prone landscaping or materials
- Remote or gated property access
The Chrp Advantage for High-Net-Worth Clients and Carriers
Chrp doesn’t just protect insurers from rating inaccuracies; it helps them deliver a superior client experience. For HNW clients, that means:
- Confidence that their coverage reflects their lifestyle
- Fewer post-claim disputes
- Personalized risk reviews that feel as elevated as their homes
For carriers and agents, the benefits include:
- Fewer surprises during the claims process
- Clear, consistent documentation for complex risks
- A competitive advantage in the HNW market
Elevating the Risk Review for Elevated Clients
Your HNW clients aren’t just looking for coverage—they’re expecting a service model that matches the scale and complexity of their lives. With Chrp, carriers can meet that expectation by delivering property intelligence that is as sophisticated as the homes it protects.
Ready to see how Chrp transforms HNW risk reviews? Schedule a demo with a Chrp specialist today!
