Most home insurance policies place strict limits on the cover they provide for your building, your contents, or both. If you have a particularly valuable property, contents, jewellery or artwork then most off the shelf home insurance policies will not provide the level of cover you need.
This is where high net worth home insurance comes in. These specialist policies are for homeowners requiring cover beyond the limits of a standard home insurance policy.
What is High Net Worth Home Insurance?
A high net worth home insurance policy can include a combination of covers for your main home, second homes, holiday homes, overseas homes, contents, fine art, antiques, collectables, precious metals, jewellery & watches, renovations and contract works.
High Net Worth Buildings Insurance
High Net Worth buildings insurance provides cover for the cost of any repairs required in respect of your property’s structure and whilst you insure your home for the total amount it would cost to rebuild it, in many cases the sum insured is extended beyond what is shown within your policy schedule if a property survey has been undertaken within the preceding 5 years.
What Home Value Requires a High Net Worth Policy?
Many standard home insurance policies will only cover properties with a reinstatement sum insured up to a maximum of £1,000,000. If your reinstatement sum exceeds this level you will require a high net worth home insurance policy.
High Net Worth Contents Insurance
High Net Worth contents insurance provides cover for items within your property, generally with no single article limit, and anywhere in the World when temporarily removed from the home.
What Contents Values Require a High Net Worth Policy?
Again, most standard home insurance policies will set strict limits on the amount of cover they provide for your home contents with a maximum level of cover of £100,000 being provided. The single article limits applicable to general contents is usually between £1,000 and £2,500 and can also apply to your items of fine art, antiques, jewellery & watches. This is far higher with a High Net Worth Insurance Policy and usually set at £25,000 and above.
The Benefits of High Net Worth Home Insurance
You need a home insurance policy you can depend on. You need peace of mind that, if you ever need to make a claim on your policy, you will receive a fair and quick settlement.
If your home would cost more to rebuild than the average UK home, then a standard home insurance policy may not provide the cover you need for repairs following fires, floods, and break-ins. Similarly, if your home is a period property, or it has non-standard features such as a thatched roof or solar panels, a standard home insurance policy might not give you sufficient cover.
Talk To James Hallam About Your High Net Worth Insurance Needs
James Hallam is an independent Lloyd’s broker with a dedicated team of experienced insurance professionals who are committed to getting you the cover you need.
Talk to us, and we can help to ensure you have suitable cover to protect your home and contents. We will take the time to understand your lifestyle, the risks you face, and what is most important to you. If you ever need to make a claim, you can trust us to assist insurers in delivering a fast, fair, and efficient settlement.