While many UHNWIs prioritise discretion and confidentiality in their daily lives, it is nearly impossible to hide the physical existence of a large, luxurious home. Especially if the home is unoccupied for extended periods due to travel, it will be an obvious target for criminals seeking a high-value score.
What should UHNWIs do to secure against the risks of burglary? There are three high-level steps to take: two related to their homes and one related to the assets therein.
01 Choose wisely where to invest in real estate
Shared societal values are likely your best protections against most forms of crime, including burglary. Buying properties in places where there are strong cultures of respecting personal property is an ideal way to protect assets stored in those properties.
For example, Switzerland, Singapore, and the United Arab Emirates are renowned as peaceful and stable jurisdictions in which criminal behaviour not only is illegal but also strongly contravenes societal norms.
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When considering a property purchase in any jurisdiction, local crime statistics can provide an objective, “big picture” indicator of how likely the property will be targeted for burglaries. Be sure to factor such statistics into purchase decisions alongside property market dynamics and lifestyle plans. A good starting point will be to review resources like the 2024 Safety Index from Global Residence Index, which ranked Vaduz in Liechtenstein, Andorra la Vella, Douglas on the Isle of Man, and Monaco as the world’s top four safest cities. Switzerland was the only country with two cities, Zurich and Geneva, on the Safety Index’s top 20 list.
02 Invest in state-of-the-art home security
The landscape of high-end home security solutions is constantly evolving. Biometric authentication involving fingerprint or iris scanning and AI-powered surveillance video scanning are just a few examples of the innovative tools available to protect against burglary.
Security systems using internet of things (IoT) technology will likely be of particular interest to UHNWIs with many valuables at home. In such systems, small sensors can be attached to items to continuously monitor various types of information about them. For example, if an item is moved or the ambient air temperature around a piece of art changes, an immediate alert can be sent. The price of such sensors has fallen dramatically over recent years, and it is not unrealistic to individually monitor every valuable within a collection this way.
Every home – and the best approach to secure it against burglary – is unique. Given the highly individualised and confidential nature of the market for UHNWI solutions, UHNWIs are advised to seek guidance and referrals through their personal networks and from trusted advisors like real estate brokers specialising in luxury properties.
03 Insure valuables against burglary
While the risk of burglary for a well-secured home in a low-crime location can be brought to near zero, it can never be completely eliminated. Insuring valuables stored in homes is essential to manage the financial consequences of a successful burglary.
Standard homeowner’s policies will rarely provide adequate coverage for non-standard collectibles, which are called “contents” in insurance terminology. Also, be sure to read the insurance policy wording carefully to ensure that burglary is covered in addition to risks like fire and natural disasters.
Aim to work with insurance providers with expertise in underwiring collectibles and a strong understanding of the risks involved. Lloyd’s of London is typically considered the go-to provider for insuring one-of-a-kind collectibles. Chubb and Hiscox are also well-known names in the specialty insurance space.
Streamlining the financial side of burglary risk management with Altoo
In cases where criminals attempt to burgle an occupied home, the risks to human life cannot be quantified. No investment – for example, into constructing a safe room – is too great to ensure the safety of loved ones or staff members.
Fortunately, judging by Forbes statistics from the United States, almost three-fourths of burglaries happen when nobody is at home.
Mitigating the risks of an unoccupied home being burgled is essentially a numbers game. Security systems and insurance premiums are costs, and the benefit is peace of mind that the value of objects within the home is protected.
The Altoo Wealth Platform helps UHNWIs play this numbers game successfully. The platform – which aggregates, analyses, and visualises data from multiple sources across UHNWIs’ portfolio – features functionalities for:
- Monitoring expenses for individual properties. These expenses often include the costs of installing and running security setups as well as refurbishments, utilities, etc.
- Viewing all collectibles and lifestyle assets in one place, with important documents like insurance policies attachable to each of these assets’ individual records. Expenses like insurance premiums are also trackable for each such item.
With the Altoo Wealth Platform, UHNWIs can easily stay on top of items that are at risk of being stolen – at the portfolio and individual asset levels – as well as the costs of preventing and insuring against this risk. This comprehensive visibility helps UHNWIs financially optimise their approach to burglary risk management.
Property expense tracking and collectible management are just two of the many aspects of overseeing complex wealth that the Altoo Wealth Platform can ease for UHNWIs. For full details, please contact us!
