HIGH NET WORTH HOME INSURANCE

High Net Worth Insurance is designed for people with specialist home insurance needs. However, it’s not just Lords, Ladies and the rich and famous who come into this category - anyone with home contents worth over £75,000 qualifies for the this type of insurance.

The valuable items in your home need protecting – adequately. That is the key. 

For example, there are people who collect fine art, furniture or antiques over many years, building their collections slowly and patiently but when it comes to making a claim for damage or theft they can be seriously caught out because they have not realised that their standard home insurance does not provide adequate cover.

However, you don’t have to be a collector of valuables to enjoy the benefits of high net worth home insurance. It’s easy to lose touch with the number of valuable items you actually have around your home. A few family heirlooms can add up to a surprising value.

Take for example, a case where a family had inherited a pair of mirrors. They were old and tarnished looking and though the owners knew they had some value, it had never been accurately assessed – until the day one of the mirrors was broken. The mirrors were assessed by experts and given a joint value of £15,000. However, the claim for the one broken mirror was not settled at 50% of this valuation but 70% because of the resulting diminished value of the second mirror no longing being part of a pair. The happy ending … the owners did have high net worth home insurance cover though they had not taken it out because of the mirrors!

Particularly less obvious in terms of valuables around your home are items such as clothes and shoes stacked away in the wardrobe or the contents of cellars and garages.

In our experience, the top under-insured possessions are clothing and personal effects, inherited items, especially furniture and pictures, antiques, electrical goods, curtains and carpets.  For larger risks, insurers will survey the property and offer risk management advice and discounts on valuations. The nature of cover on these items is intended to be as wide as possible, with all risks cover on a worldwide basis offering generous single article limits and many add-ons such as identity fraud, legal expenses, and travel insurance.

A personalised service is a necessity with this kind of home insurance cover – from the moment you want to discuss and arrange it through to the assistance you will need if you ever have to make a claim. Indeed, it is the claims service of high net worth home insurance policies that sets them apart from standard home insurance products.

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