What Is High Net Worth Home Insurance And How Much Does It Cover
If you have a home that is considered of high value then it is unlikely that a standard
buildings and contents insurance policy will extend to service your needs in the case of a claim. Many people do not realise that they are not covered effectively in the case of a claim until it is too late, and they often only received a percentage of the value of which they have lost. If you have a high net worth home you are likely to be better placed with a high value home insurance policy opposed to its standard home insurance counterpart.High net worth home insurance is very similar to standard home insurance however it has a number of added benefits. This often includes more comprehensive cover for a range of specialist items that you may own, such as jewellery, collections or memorabilia. It also provides increased boundaries on the standard areas of cover that you would receive in your average home insurance policy. Overall a high value home insurance policy is more personally tailored to your specific property and belongings and its increased value to that of your standard home.
High net worth home insurance can therefore be very extensive and cover a great deal more than you would think. It is often far cheaper to have one extensive high net worth home insurance policy than a range of separate policies. Therefore it is important for you check what your potential high value home insurance policy will cover for you. They may include:
Worldwide possession cover: This will ensure you are covered for a large number of high value possession at home and while your abroad.
Leaks: Resulting damage from water leaks at home, however this may be affected by other concerning factors.
Direct replacements: A full cash settlement for the replacement of your lost, stolen or damaged possessions.
Alternative accommodation cover: Ideal in the event your home becomes uninhabitable after an insured loss.
Seasonal cover: Extra cover against the loss or theft of gifts that have been bought for Christmas or birthdays.
High value items: Jewellery, fine art, memorabilia or collectables are among some of the high value items that homeowners keep.
Financial or fraud protection: Identify theft is becoming more common, having a high value home insurance policy could insure you for up to 50,000 pounds losses in case your identity is stolen by criminals for monetary gain.
Whilst high net worth home insurance is certainly more expensive than standard home insurance but it can provide a great deal more value, and is worth considering to ensure that your property is appropriately covered.
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