Compare high net worth insurance

Different types of high net worth insurance 

What your insurance will cover, will vary depending on what your insurance company covers, or how you specialise the cover.

High net worth insurance break down:

Buildings insurance 

A buildings insurance policy will cover you for the cost of repairing your home should it become damaged or destroyed. This type of insurance is necessary if you own your home or you’re a landlord. However, if you’re renting then you won’t require this level of protection and should consider contents insurance instead.

With buildings insurance, the structure of the home is covered and will sometimes include outside buildings, such as sheds or garages.

With high net worth home insurance, some policies can offer unlimited cover, or limits of up to £12 million. 

Make sure you check and compare insurance policies and how much they will cover.

When you're taking out building insurance it's the rebuild value, not the market value that you’ll need cover for. Find out how to calculate how much home insurance you need and compare building insurance.

Contents insurance 

A contents insurance policy will cover the cost of your possessions should they become damaged, destroyed or stolen. 

You can compare different policies for contents insurance so that it can match your personal needs. When calculating the costs of your contents insurance, this is a key time to consider the actual value of your personal possessions. The best way to make sure that nothing has been missed from your estimate is to check room by room what you own and what you’d like to insure. 

With high net worth insurance, you might even be able to get insurance that offers unlimited contents cover. 

Standard contents insurance could range from £1,000 to £2,500. Whilst with a high value home insurance policy, this could range from around £5,000. 

The more assets you have the higher the cover you might need.

Things to consider when taking out high net worth insurance

Make sure that when you are valuing your items, you aren’t under valuing them. Should the worst happen, you want to make sure you have told your insurer the correct cost of replacement.  These amounts can be rough estimates, but should be as close as possible.

Keeping a record of these valuations as well as photographs if possible is a good idea to have reference of the original conditions. Some insurers might request these images. 

Regularly check your items value, as these can change over time, such as art or jewellery.

Exclusions of high net worth home insurance

Some of the common exclusions are: