If you own a high value home then ensuring you have the right buildings and contents insurance may be on your list of things to have. Standard home insurance, however, may not be the ideal solution for you. You may be best to buy high value home insurance or high net worth insurance as it is sometimes referred to.
There are insurance policies that have been specifically designed to meet the needs of the owners of higher value properties. But what are the key benefits that warrent taking out such a policy?
Before we look at the benefits, be aware that you can discuss all your needs with a professional insurance broker who will be able to ensure you get the insurance cover you need.
MoneyHighStreet has partnered with WB Baxter Insurance Brokers to offer top quality high net worth insurance. You can get free high net worth insurance advice from them – simply call them on our dedicated number – 020 8518 9151
You will need to consider your own requirements but fundamentally as a high value home owner you are likely to have broader insurance needs. The specialised insurance policies take this into account.
As part of your buildings and contents insurance, you may want to include full accidental loss and damage cover. Invariably this is an optional extra with a standard home insurance policy. With a high value home insurance policy, as standard you will usually have cover included for your possessions in the home and whilst they are temporarily away from the home, anywhere in the world. This may be important to you.
You may well have fine art, jewellery and antiques or memorabilia that you need to insure. With a standard home policy these may not be easily covered and if they are you will most likely have to specify each item you want covered, indicate a value and provide evidence of the valuation up-front, before the insurance cover is provided.
You may employ gardeners or other helpers. This is recognised as often the case and employers liability cover is usually included, alongside public liability.
Ultimately you take out insurance to ensure that you are covered in the event that you do encounter a problem for which you need to make a claim. A smooth, efficient and ideally paperless claims handling service is therefore critical.
With a high value home insurance policy the claims service offered is more likely to meet your needs. Indeed you are more likely to get claims paid as the conditions of the policy and the limits within in it are likely to be less onerous than on a standard policy.
One provider of this specialised insurance is Hiscox Home Insurance and one of their differentiators is ‘nearly half the claims we pay would not be covered by a standard home insurance policy’. This speaks for itself. Another provider is Zurich Private Clients.
Whilst you can buy high value home insurance online, getting cover immediately if you require, if your requirements are slightly out of the ordinary then you may find it best speaking to an insurance broker, such as Baxters, to discuss your needs.
In conclusion, if you are a high value property owner, whilst it may be more expensive, buying high value home insurance rather than taking out a standard home insurance policy clearly gives you benefits. You will need to make your own assessments but it is likely that these benefits, coupled with the piece of mind that you have the insurance you need, will offset any additional costs incurred.
Media Netrix Limited is an Introducer Appointed Representative of W B Baxter Ltd, an insurance intermediary authorised and regulated by the Financial Services Authority (FSA). W B Baxter Ltd is bound by its rules in the conduct of its general insurance mediation activities. Details of W B Baxter Ltd’s authorisation (registration No 146480) can be checked by visiting the FSA’s website http://www.fsa.gov.uk/register or by telephoning 0845 606 1234.
Please note that as an Introducer Appointed Representative of W B Baxter Ltd, Media Netrix Limited is not able to give you advice on any general insurance products or the W B Baxter Ltd services.
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