High net worth insurance also known as high net worth home insurance is a type of insurance designed for people with high levels of assets and income and generally offer additional coverage for things like jewellery, art, clothing and other valuable items.
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What is high net worth insurance?
High net worth insurance also known as high net worth home insurance is a type of insurance designed for people with high levels of assets and income.
These insurance policies are typically more comprehensive than standard insurance policies, and generally offer additional coverage for things like jewellery, art, clothing and other valuable items.
In addition, this insurance may provide protection against lawsuits, identity theft, and other risks. For these reasons, high net worth insurance is an important consideration for anyone with significant assets or income.
What does high net worth insurance cover?
High net worth insurance is usually broken down into 2 main categories:
Home Buildings Cover and Home Contents Cover.
Home Buildings Insurance
Home buildings insurance cover is usually required if the cost to rebuild your home is valued at over £750,000. Most policies cover you in the event of fires, theft, or other disasters. It’s always important to check exactly what events you are covered for though as this can vary from policy to policy.
Home Contents Insurance
Home contents insurance covers your belongings, if you have many possessions worth more around £1000 or more then it is advised you take a high net worth insurance policy out as standard insurance may not cover you.
Contents that can be covered include, jewellery, clothes, furniture, art and even curtains!
Some policies can also be extended to cover second-homes, boats and overseas protection.
How do I make sure that I'm fully protected?
It’s important to remember that home buildings insurance is to cover the cost to rebuild your property and not the market value.
The cost to rebuild could be significantly greater than you realise as it takes into account materials needed to rebuild its listed status, and the tools required to rebuild.
It is advised you seek help from professionals when working this out.
If you have valuable items such as jewellery, art or antiques, then you will need to make sure that you have the correct insurance in place to protect them. To do this you should make an inventory of your belongings and work out a rough guide to their value, if items are valued at over £10,000 then often insurance companies will require proof or to have them valued themselves.
It is also important to note that if you have items that gain value over time such as art then it is essential that you re-evaluate these regularly to make sure that your policy covers you should the worst happen.
Get help from a qualified team
There are a number of different things to consider when taking out high net worth insurance, and it is important to make sure that you get the right cover for your needs. It is highly recommended that you seek professional help. The team here at Falcon Insurance will be more than happy to help so get in touch today.
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At Falcon Insurance, we know that the construction industry isn’t 9-5. Our dedicated claims line is available 24 hours a day, 7 days a week, 365 days a year, and is manned by friendly and helpful UK-based call-handlers, providing unrivaled customer service. We also offer flexible payment options, where clients can choose to pay either in one lump sum or in regular installments, helping you to manage your cash flow.
To discuss your requirements and to receive a free quote contact the team at Falcon Insurance today
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