High Value Home Insurance

By Diane Ray. Published on June 2, 2008 This post currently has no comments.

If you own a high value home then ensuring you have the right buildings and contents insurance may be on your list of things to have. Standard home insurance, however, may not be the ideal solution for you. You may be best to buy high value home insurance or high net worth insurance as it is sometimes referred to.

There are insurance policies that have been specifically designed to meet the needs of the owners of higher value properties. But what are the key benefits that warrent taking out such a policy?

Large house

You will need to consider your own requirements but fundamentally as a high value home owner you are likely to have broader insurance needs. The specialised insurance policies take this into account.

As part of your buildings and contents insurance, you may want to include full accidental loss and damage cover. Invariably this is an optional extra with a standard home insurance policy. With a high value home insurance policy, as standard you will usually have cover included for your possessions in the home and whilst they are temporarily away from the home, anywhere in the world. This may be important to you.

You may well have fine art, jewellery and antiques or memorabilia that you need to insure. With a standard home policy these may not be easily covered and if they are you will most likely have to specify each item you want covered, indicate a value and provide evidence of the valuation up-front, before the insurance cover is provided.

You may employ gardeners or other helpers. This is recognised as often the case and employers liability cover is usually included, alongside public liability.

Ultimately you take out insurance to ensure that you are covered in the event that you do encounter a problem for which you need to make a claim. A smooth, efficient and ideally paperless claims handling service is therefore critical.

With a high value home insurance policy the claims service offered is more likely to meet your needs. Indeed you are more likely to get claims paid as the conditions of the policy and the limits within in it are likely to be less onerous than on a standard policy.

One provider of this specialised insurance is Hiscox Home Insurance and one of their differentiators is ‘nearly half the claims we pay would not be covered by a standard home insurance policy’. This speaks for itself.

You can buy high value home insurance online, getting cover immediately if you require. If your requirements are slightly out of the ordinary then you can always speak to the insurance company or insurance broker to discuss your needs.

In conclusion, if you are a high value property owner, whilst it may be more expensive, buying high value home insurance rather than taking out a standard home insurance policy clearly gives you benefits. You will need to make your own assessments but it is likely that these benefits, coupled with the piece of mind that you have the insurance you need, will offset any additional costs incurred.

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