Home insurance. Something that we all need. Whether we rent or own a property. It’s vital cover to help protect not only our homes themselves but also our possessions.
But depending on the type of property that you own and the possessions that you own, you may require something extra to a standard home insurance policy. Here we look at high value home insurance specifically – who may consider taking out this type of policy, the items it can cover, and the specialist help it can provide.
Who might consider high value home insurance?
Whilst many home insurance needs can be met by a standard home insurance policy, there are instances where this type of insurance simply won’t provide sufficient cover.
Home insurance policies will typically specify sums insured limits. For example, a contents insurance policy will set a limit of the amount of cover for all 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.
If you have possessions which exceed these limits (either collectively, or single items which have a higher value than provided by the insurance cover) then it is likely that you will need to consider high value home insurance. This will ensure that you have a policy which can provide enough cover should you come to claim.
Likewise, a standard home insurance policy may restrict cover for certain types of possessions. Think classic cars, one-of-a-kind artworks, or certain collectibles. If you have any of these possessions, then you may be best served to look to a high value home insurance policy which is likely to have wider reaching cover for these high-cost items.
Remember, all home insurance policies are different with their own policy wording and terms, so when taking out cover always do your research and check what level of cover is provided.
What items can high value home insurance cover?
High value home insurance, in many cases, can offer wide ranging cover for many different types of items.
- classic, luxury and high-performance cars
- high value homes and unusual constructions
- fine art, antiques, and other valuable collections
- jewellery and family heirlooms
- second homes and holiday homes – UK and overseas properties
- yachts, sailing and speed boats
We’ve looked previously at how high value home insurance can be particularly of interest to those with collections; stamp collections, watch collections, book collections, sneaker collections amongst others.
We also wrote in 2020 about how many high value home insurance policies are now adding personal cyber protection to policy cover as cyber criminals and fraudsters are increasingly targeting wealthy individuals with sophisticated ransomware and cyber fraud attacks.
In addition to this, it is also important to note that many high value home insurance policies provide high levels of building insurance cover automatically. These may be unlimited or set at a sufficiently high level. The benefit of this being that discussions around rebuild value are unnecessary. Given the storms which have hit the UK in the last week and the damage caused to many households, knowing for certain that you have a sufficient level of buildings insurance to cover any potential damage your property should suffer means you’ll have one less thing to think about!
How can you benefit from specialist help when taking out high value home insurance?
As well as offering high levels of cover, high value home insurance will typically provide a high level of service
- personal attention and service
- quick response times
- knowledge of working with clients with interests overseas
- use of specialist suppliers who understand how to repair or replace rare or unique items
Why consider working with an insurance broker?
Insuring high value items can be complex, and it is vital to get it right given the value attached to these possessions. That’s why working with an expert insurance broker can give you added peace of mind.
The high value home insurance market is facing many changes
- with wealthy individuals emerging from the technology sectors, sports leisure and entertainment and social media the demographic of those needing this type of insurance is evolving. This requires different underwriting that reflects lifestyle changes.
- increasing claims driven by changing weather patterns e.g., storm and flood
- changing types of claims – aggravated burglary, attack, theft, cyber crime
And these changes are reflected in the availability and pricing of cover.
At Anthony Jones we have strong relationships with insurers in the high value home insurance market, and as such are well placed to be able to access cover suitable for your high value possessions against this backdrop of challenges facing the market.
We’re also well positioned to provide you with risk management advice. Helping you keep your possessions out of harm’s way. This isn’t something you will get if you take on the purchase of your insurance yourself. You can watch this short video which highlights exactly how we can help you arrange your high value home insurance, find out more about Anthony Jones as an insurance broker or read more about the value an insurance broker can bring to the insurance buying process.
Chat to our high value home insurance experts on 0208 8290 9086 or email us at personal@anthonyjones.com.
