Insurance brokers act as representatives for clients rather than insurance companies. They analyze offerings from multiple insurers to identify coverage that aligns with client needs, and negotiate terms and pricing on the client's behalf.

The primary compensation for most brokers comes from commissions paid by insurance companies. For complex cases or high-net-worth clients, some brokers may charge additional advisory or consulting fees.

A broker offers the advantage of comparing multiple insurance carriers, tailoring coverage to specific needs, and providing advocacy during claims processes. In contrast, dealing directly with an insurer limits options to that company's specific product range.

Insurance coverage should be based on the replacement cost of the property, not its market value. For high-value properties, such as a $26 million estate in Fort Myers, extended replacement cost coverage and specialized carriers may be necessary.

Replacement cost coverage provides funds to rebuild at current prices, while actual cash value coverage subtracts depreciation from the replacement cost when determining payout amounts.

Hurricane and wind coverage varies depending on the specific policy and deductible. Flood insurance is typically provided separately, either through the National Flood Insurance Program or private insurance markets.

Selecting a higher deductible can lower premium costs but increases out-of-pocket expenses in the event of a claim. In coastal Florida, affluent clients often opt for percentage-based wind deductibles.

For wealthy households, $1 million in auto liability coverage is common. This is often supplemented with an umbrella policy providing additional coverage between $5 million and $25 million.

Umbrella insurance provides additional liability protection beyond the limits of home and auto policies, safeguarding assets against potential lawsuits.

Many umbrella policies include coverage for personal injury claims such as libel or slander. However, the specific policy language is crucial in determining the extent of coverage.