High Net Worth Insurance
If you have a high value home then standard buildings and contents insurance is unlikely to extend to fully service your needs. You may be better placed to take out a High Value or High Net Worth insurance policy to ensure that you have your buildings, contents and valuables adequately insured.
High net worth insurance will provide the same insurance as you would get with a standard home insurance policy but will have enhanced benefits. These will include cover for any specialist items such as jewellery or memorabilia as well as increased limits on the standard areas of cover. The high net worth insurance policy is constructed to reflect the increased value of your home and valubales.
High net worth insurance can therefore be very extensive. The exact cover will vary across different insurance products and your own specific needs. Insurance policies may include:
- International Possession Cover - Cover for your possessions and house contents internationally, including high value items.
- New for Old Replacements - Full cash reimbursement for the replacement of possessions. Quite often you choose whether you wish to replace them or not.
- Pre-Approved Value Agreement - The value of possessions can be pre-approved so that you know exactly what you will get in payout for each item. Partial loses can also be recovered but this may be subject to loss in market value.
- Leaks - Water and oil leaks and the resulting damage. This may be linked to stipulations about the length of time a property is left vacant during Winter and/or requirements to leave the heating on or drain down the heating system if turned off
- Travel Insurance - Often travel insurance is included or is offered as an optional extra. It can extend to cover all family members and domestic staff world wide.
- Emergency Accommodation - In the event that your home is destroyed or rendered uninhabitable, the insurer can cover the costs of alternative accommodation. This can also extend to pets and horses.
- Financial - Protection against financial loss and credit card fraud.
- Garden and Grounds Cover - Protection of your garden and grounds, re-landscaping and gardening costs can be covered.
- Student Insurance - Cover for the possessions of family members whilst they are studying away from home.
- Second Home Cover - Protection for second homes or holiday homes. This may also extend to property outside the UK.
- High Value Items - Antiques, Art, and Jewellery or your memorabilia collections.
- Removal Cover - Protection for all your property when you are moving house
- Christmas Cover - Cover against the loss or theft of gifts in the festive season.
- Guests Property - When a guest stays in your house you can be safe in the knowledge that any proper they have brought with them is also covered.
- Jury Service Compensation - Should you have to attend jury service and subsequently have to take time off work you will be compensated for monies lost.
- New Purchases - All new purchases are automatically covered.
As well as additional cover there may be increased insurance limits on the standard areas of cover
In summary, the extent of High Net Worth Insurance goes far beyond the standard insurance cover offered for home insurance.
Whilst the cost of this insurance may not be cheap, if you do have a high value home then it is probably a small price to pay for protection against comparatively much larger possible losses.
