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What is high net worth insurance?

High net worth insurance provides cover for your home and possessions if they’re of a particular high value, in comparison to what you would usually be covered for with standard insurance.

If you know that you have items that should be covered by this specialist type of insurance, then it’s worthwhile comparing quotes.

What is the difference between high net worth insurance and standard insurance?

Standard insurance will be suitable for most, covering buildings insurance, contents insurance or both. However, if you know you have high value items within your home, it’s worth considering high net worth insurance.

High net worth insurance shouldn’t 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.

What does high net worth insurance cover?

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.

Ranging from jewellery, to cars and the house itself.

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:

Homes

  • High valued homes

  • Outbuildings

  • Second home insurance

  • Homes abroad

  • Listed properties 

Contents and Assets

  • Expensive valuables - such as paintings, furniture, jewellery  

  • Cars

  • Designer clothes

  • Gadgets

  • Boats

Some policies will offer extra cover including: 

  • Worldwide cover for your contents insurance

  • Legal advice

  • 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

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:

  • Nuclear hazards

  • War

  • Terrorism

  • Faulty workmanship

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