High net worth insurance is a term that is applied to a specialist form of home insurance, designed for persons who are considered to be wealthy. As a consequence of being wealthy, this group is likely to have higher sums insured in respect of personal possessions and contents and have a lifestyle that requires additional cover, not usually found under the terms of a normal home insurance policy. Understanding the lifestyles of affluent people has enabled a number of insurance companies to design insurance policies that will meet their needs. In recent years, a number of mid net worth policies have also appeared on the market aimed at people who fall into the category of 'emerging high net worth': this type of policy is aimed at young career professionals but the general principals of cover remain the same although some of the limits may be slightly less.
There are a number of providers for high net worth home insurance, but one thing they all have in common is that the policy wording will be wider than that normally available under a normal home insurance policy. The policy document provided have a glossy quality to them and the level of service provided in terms of claims handling and dealing with queries will be superior. As the saying goes "you pay your money......you take your choice!"
Policy wordings are usually written on a "Worldwide All Risks" basis with wider limits for almost all sections. Whilst "All Risks" wordings do not literally mean that every eventuality will be covered, it does afford a wider degree of protection. This basis of cover was designed to meet the needs of people who have a 'lifestyle', who are seen as frequent travellers and often do not have time to arrange extended cover for trips abroad etc. High net worth individuals often have more jewellery and personal possessions and many of these items will accompany them on their trips abroad. If you include buildings insurance cover, this will be extended to include accidental damage cover automatically. Often, under the buildings section, it is usual to see extra alternative accommodation cover included, with the time period extended to up to five years, limits for loss of metered water and liability are also increased and most sections will have generous allowances for cover.
Excess requirements under this type of insurance are generally higher than you would expect to find under a standard home insurance policy. When it comes to insuring your high net worth home, you may find that the insurance company has certain requirements because of the value of the possessions owned. Good physical security such as door and window locks may be requested, along with CCTV – as well as an approved safe.
High net worth homes insurance policies generally cover legal expenses, employment disputes, contract disputes, property and tax protection and legal defence cover – many now include travel insurance too.
High net worth home insurance is underwritten on an individual basis and it is rare to be able to find this service on line. By dealing with a broker direct you will receive the best possible service. Contact Westhill Insurance Services for a discreet and efficient service. They will consider each case on its merits and factors such as location, occupation, date of birth – all information which will allow them to find you the best possible policy. In some cases the insurers may wish to survey the premises (at their expense) and a report with recommendations is then sent to the policyholder. Most will have facilities with auction houses and valuers and often a discount on valuations can be obtained.
If you need high net worth home insurance, contact Westhill Insurance Services and get the best possible advice at a price without compromise to service.
Contact Westhill Insurance Services, today.