Why a High Net Worth Home Insurance Policy is Different from a Standard Home Insurance Policy

Many people tend to think that all home insurance policies are all the same however what many people don’t realise is that when you have a high level of valuables you need a high net worth home insurance policy.

A standard home insurance policy online will often not cover you if you have more than £15,000 of valuables within the property. With a standard home insurance policy you run the risk of being under-insured which can have very serious consequences as the onus is on you to provide accurate sums insured. With a high net worth home insurance policy, some providers will send a valuer to your property to ensure that you are insured for the correct amount.

A standard online home insurance policy may appear to save you money but you may find yourself out of pocket by a few thousand pounds if you are not insured correctly.

High Net Worth Home Insurance Gives Better Cover

With a high net worth home insurance policy you will not only be covered on an a worldwide all risks basis but you may have less restrictions applied to your valuables as most of the high net worth home insurance policies are ‘warranty free’. For example, a standard home insurance policy may require you to have your alarm set every time you leave your property or only cover your jewellery when you are wearing the items, whereas a high net worth home insurance is unlikely to have these requirements.

What’s more, with a high net worth home insurance policy you can choose to have your jewellery or watch upgraded to an item with a higher value if it is lost or stolen, rather than have the item replaced like for like. Or as a second example, a standard home insurer will replace your sofa with a high street sofa, whereas if you had a high net worth home insurance policy, you will be able to choose where the new sofa is purchased from or may just be given a cash settlement.

Another benefit with some high net worth home insurance policies are that there is no excess should you lose or damage your specified item of jewellery or antique. If you have a standard insurance policy you are likely to have an excess which will be deducted in the event of a claim.

And if you have children who are currently at university, a high net worth policy will automatically cover their student possessions.

A High Net Worth Home Insurance Policy can even save you money!

You may think that high net worth home insurance sounds expensive, however you may be surprised. High net worth home insurance is built to suit your needs and therefore it can work out the same or less if you combine your valuables with your contents and you will be covered for a lot more.