Firmly wedged between high-net worth and mass-market lies the affluent market.

While many imagine “affluent" means a multimillion-dollar net worth and a palatial mansion, it covers a broad spectrum of consumer. Think more the upper-middle class and less “Downton Abbey." They are your community's established professionals and business owners. They often drive luxury autos and they likely own specialty vehicles, like a boat or a motorhome. Because of their assets and income, they need high limits of liability and an umbrella policy. 

With home values starting around $500,000, these customers may qualify for private client coverage but they're not all willing to pay the price for white-glove service and have little need for a bottle-by-bottle wine schedule.

What affluent customers do need is a risk advisor, an independent agent who understands how to ensure they are protected using their superpowers of ease, choice and advice. They also need an insurance carrier that has both the breadth of products and the depth of coverage to give them peace of mind.

Many affluent customers are insured by captive carriers, not realizing that the lower internal limits of their current policies leave them inadequately protected. This is a rich (pun intended) opportunity for you to prospect and educate. 

When quoting affluent customers, here are five key coverages to offer:

1) Extended dwelling coverage. This is a must and ideally at least 100% of the coverage A amount. As the pandemic is showing, the cost to rebuild a home can vary wildly and without warning. Shortages of materials, labor and more mean that 25% or even 50% may not be enough coverage to rebuild a home, especially when you consider luxury finishes, such as granite countertops and solid wood doors. 

2) Replacement cost coverage. This should be offered on everything possible, from their personal property to their autos, boats and RVs. The affluent consumer is interested in protecting the things they've worked so hard for and offering policies with replacement cost shows that you recognize the importance.

3) Original equipment manufacturer (OEM) parts and glass. People who drive a Porsche, Land Rover or similar luxury vehicles generally want repairs to include genuine OEM parts, and that includes an OEM windshield. However, few carriers outside the private client market offer OEM glass coverage.

4) Worldwide protection. Many affluent consumers travel extensively. Ensuring they have protection no matter where they wander will offer valuable peace of mind, including everything from worldwide vehicle rental coverage to the worldwide liability protection of an umbrella policy.

5) A true umbrella policy. The assets and income of the affluent make them targets for lawsuits. Additionally, their future income needs protection. Offer an umbrella policy that covers risks such as electronic libel, directors & officers activities, rented watercraft and the cost of legal defense outside the limit of liability.

While some carriers have fled this market, Safeco Insurance is bullish on the affluent market. Safeco offers a suite of products designed for affluent customers: Premier™ Home and Auto, a true umbrella, landlord protection and specialty vehicles policies for everything from ATVs to $1 million class-A motorhomes.