If you have a high value home then standard buildings and contents insurance is unlikely to extend to fully meet your requirements. You should take out a High Value or High Net Worth insurance policy to ensure that you have your buildings, contents and valuables adequately insured. Many people are confused as to when this type of insurance is applicable and so we dispel a few of the myths here.
High Net Worth insurance will provide all the same insurance covers that you will get with a standard home insurance policy but will have enhanced benefits. These will include cover for any specialist items such as jewellery or memorabilia as well as increased limits on the standard areas of cover and a far simpler claims process. The High Net Worth insurance policy is constructed to reflect the increased value of your home and valuables.
You will need to take specialist advice when looking at suitable insurance: Westhill Insurance Services specialise in High Net Worth insurance and will be able to offer you pragmatic and professional advice. Their team of highly trained staff will make sure you have the best possible insurance which offers value and flexibility for your own requirements. High Net Worth insurance policies are bespoke, made to suit your own needs and many people are unsure of the types of insurance that can be covered by High Net Worth insurance, so here is a selection of the most common areas of coverage:
· International Possession Cover – cover for your possessions and house contents internationally, including high value items.
· New for Old Replacement – full cash reimbursement for the replacement of possessions. Quite often you can choose whether you wish to replace them or not.
· Pre-Approved Value Agreement – the value of possession can be pre-approved so that you know exactly what you will get in payout for each item. Partial loses can also be recovered but this may be subject to loss in market value.
· Leaks – Water and oil leaks and the resultant damage. This may be linked to the stipulated amount of time the property is left empty during the Winter period and/or requirements to leave the heating on or draining down the system should it be turned off.
· Travel Insurance – often travel insurance is included or is offered as an optional extra. It can extend to cover all family members and domestic staff worldwide.
· Emergency Accommodation – In the event that your home is destroyed or rendered uninhabitable, the insurers can cover the costs of alternative accommodation. This can extend to pets and horses.
· Financial – Protects against financial loss and credit card fraud.
· Garden and Grounds Cover – Protection of your garden and grounds, re-landscaping and gardening costs can all be covered.
· Student Insurance – cover for the possessions of family members whilst they are studying away from home.
· Second Home Cover – protection for second homes or holiday homes. This may also extend to properties outside the UK.
· High Value Items – antiques, art, jewellery and any memorabilia.
· Removal Cover – Protection for all your property when you are moving house.
· Christmas Cover – cover against the loss or theft of gifts in the Festive Season.
· Guests Property – when a guest stays in your house you can rest assured that any items they have brought with them are covered.
· Jury Service Compensation – Should you need to attend for jury service and so have to take time off work, you will compensated for monies lost.
· New Purchases – all new purchases are automatically covered.
These are the main points, although technically, you can insure against most events. Whilst the cost of this insurance may not be cheap, if you do have a high value home, then the outlay will be a small price to pay against comparatively much higher losses. Speak with Westhill Insurance Services and ask them to tailor a package to make sure you are fully covered: you can discuss exactly what is important to you and they work out the most comprehensive and yet cost-effective cover for all your needs.
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