For some individuals, their insurance needs may exceed those provided by standard insurance policies. Having family heirlooms, valuable assets or high value properties mean you can quickly see yourself having specialist insurance needs.
What is high net worth insurance?
High net worth insurance is the name given to insurance products which are designed to provide cover for high value, sometimes specialist items.
Given the increased value of the items, there is a greater risk which standard insurance policies will typically be unable to cover. High net worth insurance policies will therefore provide a higher level of cover with higher sums insured limits to adequately protect valuable items.
When do you need to consider high net worth insurance?
Typically, standard insurance policies will specify sum insured limits.
For example, a contents insurance policy will set a limit of the amount of cover for your possessions e.g. £50,000. Or a single item limit which limits how much you can claim for one item. This may be set at £2,500 on a standard policy as an example.
Equally, a buildings policy will set a maximum rebuild cost when it comes to repairing and rebuilding your property.
If you have possessions which exceed the limits set by standard policies (you must read the policy information to find out the limits which are set as all insurers set their own limits), you are likely to need to consider taking out a high net worth insurance policy in order to ensure your valuables will be adequately covered.
Some standard policies simply won’t provide cover for certain items either. So again, you will likely need to look to specialist high net worth insurance products.
What type of possessions does high net worth insurance cover?
Whilst all policies will vary, and it is important to read the detail or work with a broker before taking out a policy, high net worth insurance can cover a range of possessions including:
- Classic, luxury and high-performance cars
- High value homes and unusual constructions
- Fine art, antiques and other valuable collections e.g. watch collections
- Jewellery and family heirlooms
- Second homes and holiday homes – UK and overseas properties
- Yachts, sailing and speed boats
High net worth insurance policies may also provide extended cover if you travel a lot. For example, covering your possessions wherever you are in the world.
How to get the right high net worth insurance
At Anthony Jones we are specialist high net worth insurance brokers and focus on getting you the right insurance to reflect your lifestyle. We can also provide risk management advice to ensure that your valuable possessions stay out of harm’s way. Get in touch with us on 0208 8290 9086 or email us at hnw@anthonyjones.com
