High net worth insurance is for wealthy homeowners with large properties filled with more expensive possessions. Standard home insurance often has a top limit for cover that is generally around £50,000. If you live in a large home, you may need high net worth cover to make sure you gain the best protection for your possessions. Many popular brands offer standard cover and either have a subsidiary dealing with high net worth customers or refer them to a specialist. High net worth generally means a client who is ‘worth’ around £600,000 ($1 million).
Comparing high net worth home insurance is like comparing any other home insurance – you need two lists to start:
- A home inventory detailing every item and the replacement value. Some brokers or insurers offer this as part of their service, others expect the client to arrange this
- A checklist of comparison questions to make sure the policy offers the right cover.
Comparison questions you should ask include:
- Finding out single item limits for valuables for art, antiques, jewellery and the like
- What security precautions does the insurer require – including what possessions can be kept on the premises
High net worth house cover comes with add-ons that offer extra services at a cost, like paying for alternative accommodation if your home is uninhabitable and calling in technicians to deal with leaks.
Just like any other policy, high net worth home insurance cover has exclusions that an insure will use to avoid paying out a claim. Make sure you know what these are before buying cover.
All the standard conditions will apply like compulsory and voluntary excesses to keep the cost down.
Don’t forget to tell your insurance company if you sell or add valuable items to your possessions as this could affect the insurance premium – and whether the insurer will pay out.
Many high net worth homeowners shop for house insurance through a broker who can offer a more personal and bespoke service than an insurance company call centre assistant.