A San Francisco couple arrived at their second home in Vancouver, B.C., earlier this year to discover that their luxury condo was more than just waterfront property. It was actually underwater - four feet of it. A valve in a new washing machine had failed during their absence, and the damage was done.

Fortunately, unlike a surprising number of high-net-worth home-owners, the couple possessed what Michael Cullen, their San Francisco-based financial advisor, calls "Cadillac insurance" - in this case, from Chartis Insurance. "In 30 minutes, the Chartis people were on site, getting everything out of the house and into storage," Cullen says.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access