High Value Homes

Insurance for High Net Worth individuals

Do you look at the term High Net Worth and think this is definitely not you?

You may be surprised to find that you do not have to be a millionaire to be considered a High Net Worth individual.

A High Value (or High Net Worth) Home Insurance policy may be suitable for homes that don't quite fit into a standard, one-size-fits-all policy. It also ensures that your property, your valuable possessions and those living at the property are adequately covered for risks such as fire, theft, loss or damage. 

And you may want to get the magnifying glass out and review your insurance documents. Recent studies have shown that around 9 in 10 properties in the UK are insured for the wrong amount with 80% being underinsured.¹ In practice, this means around 587,000 high value (or high net worth) homes are currently underinsured.

It is important to check that you are insured correctly as there could be consequences in the event of a claim. If you are underinsured, the amount paid out in a claim could be severely reduced or your claim could get thrown out altogether.

If any of the following apply, you may want to check your current home insurance policy to ensure you are adequately covered:

• The cost of rebuilding your home is over £750,000
  • Don't know your rebuild cost? Get general guidance using this online calculator or get a professional rebuild cost assessment here
• The cost of replacing your contents is over £85,000
• Your home has more than 5 bedrooms
• Your home is a listed building or is constructed with non-standard materials
  • Examples include thatched roofs or timber-framed walls
• You own a piano or other expensive musical instruments
  
• You own a few pieces of expensive jewelry, art, collectibles and/or top-of-the-line computers
  • You may want to look at your home contents policy to see if these items are covered. Typically, insurers set limits on the maximum they will pay out for one item (usually £2,000).

If you have any doubts, please get in touch and we will be happy to advise you.

At Bridges Insurance Brokers, we work with specialist insurers with experience providing insurance that best suit your needs. If you would like to benefit from this, please contact us for a quote at 01843 293614.