The internet has lots of information about High Value Home insurance or High Net Worth Home Insurance and getting the right product that suits your needs is essential. With such a vast choice of products available how do you choose the correct one? or more importantly how do you know if you need High Value Home Insurance? We think the best way is to get impartial market advice from an Insurance Broker or Consultant.
As an insurance broker we regularly see customers who have loyally renewed their home insurance year on year but they have been let down by their insurer or by their insurance intermediary because as their circumstances have changed they have not been changed to a more appropriate insurance product such as High Value Home Insurance.
Each of us will have a different requirement for our insurance policy but generally If your home would cost more than £500,000 to rebuild and/or if replacing all of your contents would cost more than £100,000 then a High Value Home Insurance product is likely to be suitable for you. Some people also recommend this product for people who don’t have the aforementioned but have one or more items that would cost in excess of £10,000 but in our experience that will depend on your other requirements too. However – It isn’t just about having a policy with a high sum insured!
There are lots of insurance products that have a high or unlimited sum insured automatically applied and offer a really cheap premium but beware of buying these. To keep the costs down they are often very restrictive in terms of cover offered and these constraints mean that you aren’t really getting a good deal. Sadly in most cases it isn’t until you have a claim that you find out that you don’t have the right policy!
A genuine High Value Home Insurance policy will have increased contents cover limits meaning that you don’t need to specify individual items or collections unless they are over £10,000 / £15,000 to replace and you will be able to break out your contents between categories of fine art such as paintings, china, silver and antique furniture. This might sound like extra work but you will get a much more competitive premium and many insurers offer free or subsidised appraisals to help you. A good insurance broker will be of real assistance here too.
Policies will automatically protect other things that are important to you that you may not think about insuring and in our opinion this is where the additional coverage really adds benefit. For example cover usually includes your children’s possessions whilst they reside away from home at school or university and you can also claim for replacement of locks and keys INCLUDING car keys on some policies. Unlimited freezer contents are often included should they break down and your food be spoiled as well as automatic increases in cover a month before a family wedding or Christmas, handy to cover new purchases and avoid underinsurance.
There are a whole range of other covers including being able to insure yours and your family cars, other properties such as let or investment properties as well as overseas homes and items such as travel insurance or identity theft for example.
You can call us on 01233 512548 or email julie@cascadeins.co.uk if you want to discuss or If you prefer we can call you, just register your details on our contact form. You can also take a look at our High Value home insurance page here
