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Key Questions About High Net Worth Insurance

High Net Worth home insurance – or High Value home insurance – is a specialist type of insurance. It is designed for people with valuable homes and possessions.

If your home or belongings are worth a lot of money, standard home insurance policies might not give you enough cover.  Specialist high net worth insurance can give you home cover levels that are much higher than those offered by most standard policies.

What is the difference between standard home insurance and high value home insurance?

Regular home insurance covers your home and contents for a range of disastrous situations.  It covers you for fire, theft, accidental damage, water damage and lightning damage.

High net worth home insurance is ideal for anyone privileged enough to have assets and a lifestyle that needs a bit of extra protection. It gives you more cover overall so you could claim for all your belongings, and more cover per item, too.

How do I know if I need High Net Worth Home Insurance?

If your homes rebuild value is more than £750,000 and/or you need more than £75,000 contents cover then High Net Worth home insurance is definitely worth considering to make sure you have the limits of cover that your home and its contents requires.

What classes as Contents?

Your contents is generally defined as the personal property that you own. This can include furniture, furnishings and household goods.  Cover for valuables such as jewellery, fine art, luxury goods, Home Cinema systems and collections are classed as contents too, but these types of items are specified separately on any given policy.

Most high net worth policies provide contents cover on a ‘worldwide’ basis, meaning it covers belongings wherever they are in the world for the entire period of insurance.

Contents Continued – Matching sets 

Many High Net Worth home policies come with the option of ‘Matching Sets’ cover.  This will cover the cost of replacing any undamaged items that form part of a set as well as items that have been damaged – for example, matching sofas. 

Get in touch for more information on the High Net Worth Home Insurance products that we can offer at JPM.

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Written by Alex Davis

awdavis@jpm-group.co.uk