High-net-worth homeowners can sufficiently protect their wealth if they have access to a 360-degree view of their tangible assets.

“Breakthroughs in Managing Tangible Assets: Completing the Picture of Wealth,” a white paper from ACE Private Risk Services and Trov, explores issues surrounding tangible asset management and presents seven steps to address these issues.

Tangible assets hold aesthetic value as well as being subject to appreciation. While wealthy individuals take comfort in the fact that their investments will probably be subject to price appreciation in the future, agents need to make sure that these clients understand and address the critical issues facing these assets and protect themselves accordingly.

1. Assemble the right team of experts

2. Secure an accurate appraisal by a qualified appraiser and consider appraisals from several appraisers for especially valuable pieces

3. Implement a tangible wealth management system to continuously track new transactions at the point-of-sale and monitor price changes that affect your property's value

4. Work with the insurance agent to set proper limits of coverage for general contents and schedule valuable items on a valuables policy

5. Engage the services of a risk consultant to help prevent loss

6. Determine a lifetime strategy for your valuables, including a succession plan, at the outset

7. Regularly discuss your tangible assets with your circle of advisors.