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.
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