Whether it’s in the form of fine wine, 17th-century artwork or 18 carat gold jewellery, it’s important that any expensive assets in your home are insured properly. Although you might think they can be covered under a standard contents policy, the high monetary value of these items means they’re unlikely to get the full financial protection you require, simply because a traditional home insurer may find them too risky to cover. Instead, I think it’s worth your while to seek out specialist cover.
As its name suggests, high net worth home insurance offers comprehensive protection across a range of valuables, but it’s important you put in the time and effort to ensure you obtain the right cover for your specific needs.
After all, not all insurance policies are the same, so you could be making a big mistake if you decide to rush and take out cover from the first provider you come across. In fact, if you’re not careful you could end up with a policy that is totally unsuitable for your needs.
Firstly, you ought to think carefully about the specific requirements you have for home insurance. These come in two main variants – buildings and contents. I know it sounds pretty obvious what each of these cover, but it’s worth looking at them in a bit more detail.
Building
If you live in a prime property, whether out in the countryside or in the heart of the city, you’ll want to ensure it’s protected properly. Choosing a prestige building insurance policy means that, in the event of it being damaged by flood, fire or a storm, you don’t have to meet the cost of repairs yourself.
However, if you live in a listed building you need to make this clear when applying for cover. The historical importance of these properties means they have to be maintained in a certain way, so improvements and repairs can’t always be made to them as and when you like. Instead, you may have to use specific materials and hire specialist craftsmen to carry out work, something which a high net worth policy can help to pay for.
Contents
Of course, it won’t only be your property you want to protect, but also the objects it contains. It’s worth making a room-by-room inventory of your possessions, so that you’ve got a good idea of the specific number of things you own and their worth. Depending on which insurer you go for, you might be asked to sort your possessions into particular categories, including furniture and electrical appliances. You may also need to list details of any sets of
stamps, antiques, wine or other collectibles you have.
Regardless of what you want to insure, it’s important the overall sum you’re covered for is an accurate reflection of all your possessions. That way, you don’t have to worry about the cost of repairing or replacing them coming out of your own pocket.
Although it is possible to source contents and building cover from separate companies, it’s easier to obtain both from a single provider. Not only will you have less hassle when getting quotes, but you may also save some money.
When combined, the value of your home and its contents could run into hundreds of thousands – if not millions – of pounds, so replacing uninsured assets that have been damaged, lost or stolen may be out of your reach. However, an expert insurance manager is able to select policies from specialist underwriters that will be tailor made to meet your
individual requirements.
