High net worth insurance provides cover for your home and possessions if they are of a particularly high value, in comparison to what you would usually be covered for with standard insurance.
This might cover art work, jewellery, designer clothes, specialist bicycles, musical instruments or wine.
If you know that you have items that should be covered by this specialist type of insurance, then it is worthwhile comparing quotes.
Standard insurance will be suitable for most people. It covers buildings insurance, contents insurance or both.
You will be quoted an insurance premium based on the average value of items in your home, and you can add on single high value items under additional cover, for example a watch or expensive piece of jewellery, or a high value mobile phone.
However, if you know you have a lot of high value items within your home, it is worth considering high net worth insurance.
High net worth insurance should not be mistaken for insurance only suitable for the rich and famous. If you feel your home or assets are too valuable to be covered by standard insurance, then high net worth insurance can give you that extra cover you need.
Due to the increased value of the property or possessions, there’s an increased level of risk associated. If you have numerous items that are valued over around £1,000, then these would be considered as high value items.
Standard insurance can only cover items up to a certain amount, so the maximum amount that will be available for such cover, will not be appropriate for such valuable items should an accident or theft occur.
High net worth insurance will provide the added protection that you need, and reassurance that your cover can effectively be used should something go wrong.
If you are also thinking about contents insurance for replacing furnishings in your home, then if you have very expensive curtains, sofas and other high value household appliances, it will cost more to replace them in event of flooding or fire than it would the average home.
If your home is valued at £750,000 or above, you might want to consider getting a quote to make sure that you will be covered in the event of a damage, or an accident like a fire.
Examples of what might be covered:
High valued homes
Second home insurance
Contents and Assets
Expensive valuables - such as paintings, furniture, jewellery
Some policies will offer extra cover including:
Worldwide cover for your contents insurance
Specialist fine art cover, including help valuing your items.
Liabilities cover if you employees at the home, such as cleaners or chefs
New for old cover
If you own a property that is worth more than £750,000 and you have a lot of high value items, then you may need high net worth home insurance for both home buildings cover and home contents insurance cover.
The exact terms of your cover will vary depending on your insurer, and whether you add specific extra insurance to your policy.
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 are a landlord. However, if you are 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.
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 would 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. By contrast, a high value home insurance policy could cover contents from £5,000 upwards.
The more assets you have the higher the cover you might need.
Sometimes you will need to find high net worth insurance for home contents and home buildings insurance because you find that standard insurers will not quote for your specific insurance needs.
This may be because of the age of your home, its location, the number of rooms it has, or the extra outbuildings and facilities. For example, if your home has more than six bedrooms you may not find cover from all insurers.
When you are working out how much home content insurance you need, 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.
If you have expensive items then you should keep and file away receipts as you will need to prove purchase and cost should you need to make a claim. Also, if you are having specialist, rare or expensive items valued, make sure you have a copy of the report in writing so that you can show this as evidence to your insurer in the event of having to make a claim on your home contents insurance policy.
Along with standard home contents and home buildings insurance policies, the common exclusions are:
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