subject: Who Should Carry High Net Worth Home Insurance [print this page] There is a special type of insurance that was designed to be purchased by anyone who owns more than GBP 150,000 worth of items, which is called high net worth home insurance. This type of insurance coverage was initially created with the rich in mind but it is now being purchased by anyone who owns and keeps a considerable amount of high priced valuables in their homes.
If you own a large number of valuable items, you most certainly want to be sure that your possessions are protected from damage or theft. No matter if those items are fine art, antiques, clothing, jewellery, musical instruments or books, there is little doubt that you have spent a lot of money on them. It would be unimaginable to discover any or all of those valuables being damaged or taken from you during a burglary, as most likely they are precious to you and maybe even irreplaceable. Often times the emotional connection we have to our most treasured items is one that is so strong that it is simply incomprehensible to even consider that they may be taken from us or damaged in any way.
If you have your treasured possessions covered under a high net worth home insurance policy, you will be compensated fully if someone breaks into your home and steals your collection or if some other type of unexpected occurrence takes place wherein your highly prized items become damaged. Most collectors of rare coins, jewellery and art, make certain that they have the right amount of insurance coverage to protect their collections. However, you certainly do not have to be a collector in order to take advantage of this type of insurance.
It is not uncommon for a home owner to have items in his or her home that are actually worth thousands of pounds, yet they unaware of their value. For instance, often times people inherit items from loved ones who have died. Many times these items such as artwork, necklaces, bracelets, rings and such, are simply put into storage without much thought given to them at all. Only later do the home owners realise that those items they rather carelessly stored away were actually worth a great deal of money. Regular household insurance does not generally cover highly valuable items because these policies often have limitations written into them.
If you were to purchase high net worth home insurance to cover your precious valuables, you do not ever have to worry about having to replace any of your valuables should they become lost, stolen or damaged. This type of insurance also covers your items if you should ever move them from one home to another, such as the case when you may want to take them with you to your summer home. They are also covered when being transported.
Another great thing about this type of insurance is the fact that you will get a new item if the original is damaged to a point where it cannot be fixed. This is called a 'new-for-old' provision, which is standard in high value insurance for the home. This is a really good feature considering the fact that many antiques include parts that are simply irreplaceable.
by: Paul Delaney
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