Insurance Matters Autumn Edition - Flipbook - Page 10
Lee Sparrow, Account Executive specialising
in Property, highlights the importance
of High Net Worth insurance cover and why
high value contents should be individually
covered by such an insurance policy.
For those who have that little extra to insure, it is key
to ensure your high value home insurance cover reflects
the asset you are insuring.
Home insurance can cover your buildings and contents,
and those customers that have high value assets need
to make sure they are properly covered by High Net
To give an example, standard home insurance policies
only cover you for sums up to an average of £2,000£3,000 so if you have something worth £12,000
which gets damaged then you are going to lose out
significantly in your claim. Worst case scenario, the
insurance company may not even pay out at all as the
high value item wasn’t properly covered by that policy.
For buildings, High Net Worth cover is more suitable
for listed properties or homes in conservation areas.
If your property is listed, any rebuilding of the property
will have to be carried out in a certain way as you can’t
just put modern UPVC windows in - you will need to
replace with certain wooden structures and that will
give a steer on what to value the insurance policy at.
In conservation areas, local government will require
all repairs in keeping with other properties in the area
so that expense has to be factored in.
For inividual contents, what we have seen recently
is that the price of certain items have rocketed and
are valued much higher than in previous years.
The value of shotguns, works of art, jewellery and
watches, especially Swiss watches such as Rolex, has
shot up particularly, and it is imperative that these items
are insured individually to avoid losing out on any claims.
Furthermore, with some High Net Worth policies where
an item is damaged beyond repair you may get to keep
what is salvageable of the item on top of the insurance
company paying out.
High value contents should be valued by a professional
and then your insurance broker can fully understand the
contents sum to get you the most appropriate High Net
Worth insurance cover.
T: 01228 406290 | E: email@example.com | www.hhinsurancebrokers.co.uk