Private Client Case study
Beyond the umbrella: updating coverage for retirement
A request for a higher umbrella limit led to a broader review of a retired couple's home, auto, and valuables coverage.
The challenge
A retired couple had insured with the same standard-market carrier for decades. Their assets and needs had changed, but their insurance program had not kept pace.
The immediate concern was umbrella coverage. Their existing carrier would offer no more than $2 million in limits for the account, and the couple wanted to explore higher limits.
The review
Virtus reviewed the couple’s home, auto, umbrella, and jewelry coverage together. The question was whether their current program could meet their needs or whether a different carrier would provide a better fit.
The team compared options from insurers serving high-net-worth households, considering coverage, available limits, service, and pricing. The review extended beyond the original request to increase one policy’s limit.
The solution
The couple moved to a high-net-worth insurer with a coordinated program across all four coverage areas. Their new umbrella limit exceeded the $2 million available from their previous carrier, and coverage was enhanced across home, auto, umbrella, and jewelry.
The result
The revised program provided higher limits and broader coverage suited to the couple’s retirement needs. Their overall premium also decreased modestly in this case, despite the coverage increases.
The value of the review came from considering the policies together. A question about umbrella limits became an opportunity to reassess a program built for an earlier stage of life.
Approaching retirement or reviewing a long-standing insurance program? Talk with our Private Client team.