Protect What Is Dear To You With High Value Home Insurance
In spite of the fact that most people take out insurance on their homes
, many neglect to purchase sufficient coverage for the contents inside their homes. High value home insurance is a type of coverage that is designed for people who have a large number of very expensive possessions in their homes.This type of insurance is also referred to as high net worth home insurance. It is a special type of insurance that was formulated for those with property and possessions of significant value, usually homes that are valued at over GBP 350,000 and with contents over GBP 150,000. Items such as antiques, fine art and jewellery are covered under this type of insurance. Even if the items are removed from your home, they will be covered with this type of insurance. For example, if you happen to be an antique jewellery collector, you may need to travel with your pieces on occasion in order to have them appraised or cleaned. If something should happen to the jewellery during your travels such as damage or theft, you will be fully compensated by the insurance company by either having the jewellery repaired or replaced.
High value home insurance also offers something that is called new-for-old cash settlements, meaning that if an item is damaged beyond repair, you will receive a new item to take its place. This is a great benefit considering the fact that quite often antiques cannot be repaired once damaged, without compromising their value or integrity. Typical home insurance has something similar, but those policies generally take wear and tear into consideration, meaning you will receive less compensation money as an item ages.
The contents in your home certainly hold a priceless sentimental value as well as a monetary worth. If you have some rather expensive items such as antiques that have been passed down to you or expensive artwork, then you need to be sure that both your home security and your insurance coverage is adequate enough to protect these items. Standard home insurance policies do not adequately cover high value items so it is very important that you look into high value home insurance that will give you the peace of mind knowing that your items are protected and covered should they become damaged or stolen. It would be heartbreaking and very upsetting to discover that you are not covered adequately if someone were to break in a steal your treasures or if an accident occurred and something dear to you is broken.
You should be aware of the fact that many insurers have some stipulations in place on this type of insurance coverage. For example, if you have expensive jewellery covered on your policy, you may be required to have it stored in a safe when you are not wearing it. This will protect against the possibility of theft and it also gives the insurance company some assurance knowing that you are taking good care of your valuables. If you have to purchase a safe to keep your valuables in, often times you are rewarded by the insurance company with reduced premiums.
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