Protecting your precious property with high net worth insurance

Sometimes the joy of owning precious valuables can be overshadowed by worries. Having unique and expensive objects such as art, jewellery or an expensive home can be a source of pride. But, they can create additional burdens, constantly requiring security and special considerations. How can you reconcile these two perceptions? Simple, secure your possessions and reduce your concerns by seeking the advice of a Private Clients insurance broker with expertise in this field. They’ll be able to arrange the correct cover using specialist high net worth (HNW) policy wordings.

Do you need a high net worth insurance policy?

A standard home insurance policy might not cover all of your possessions, and you could find, should you need to make a claim, that you are underinsured due to restrictive inner limits that can leave you out of pocket. However, a HNW policy can protect costly assets, including, fine art, high-end jewellery, luxury watches, wine collections, yachts and motor vehicles. HNW policies are designed around a lifestyle of owning these types of premium assets, with the cover often allowing you more freedom to enjoy them, with less restrictions and clauses. Below are some of the more common covers that can form part of a HNW policy.

Buildings cover

A luxury home could be one of the biggest and most expensive purchases you will ever make. Making sure the sum insured for your buildings is adequate is paramount to being protected, and this can often be complex to ascertain. By using a Private Clients insurance broker and specialist HNW insurers with expertise in this field, they can help you navigate these complexities.

Additional buildings to the main house such as stables, swimming pools and tennis courts, often restricted by standard home insurance products, can also be included in HNW policies.

You may also have a second home, and they come with additional risk exposures as they aren’t always occupied. Whether in the UK or overseas* you’ll want to ensure your second home is as protected as your main residence. A HNW policy allows you the simplicity to have all of your properties covered under one policy.

*Please note, depending on client circumstances and licensing permissions, we may be unable to provide cover for some overseas risks.

Contents cover

Your personal property is often covered with a general contents insurance policy, including furniture and personal items. However the low inner limits under a standard policy could leave many of your precious items underinsured, which are often only covered when in the home.

Many HNW policies not only provide higher inner limits but also offer worldwide contents cover, ensuring wherever an incident happens, your items are protected.

Valuables cover

HNW policies have higher single article limits for your jewellery, watches, fine art and other valuables, and typically you would not be asked to specify any item under £15,000 (although depending on the insurance provider this can sometimes be higher), which gives more flexibility.

Liabilities cover

As the owner of a house or employer of domestic staff, exposure to legal liability is unavoidable. Liabilities cover can protect against claims related to your property or household employees. For example; public rights of way across your land, or holding public events on your premises, exposes you to legal liabilities.

Travel cover

Most HNW policies offer annual travel insurance options that cover cancellation charges, medical expenses while abroad, and costs due to delayed departure and missing luggage. However, some usual exclusions still apply such as travelling against medical advice, injuries from specified dangerous activities, pandemic scenarios and certain age restrictions.

Insure your legacy

Our team believes it is important to protect your legacy and the things you have worked hard to obtain and expand. One disaster can cause a ripple effect, depriving you of costly cherished belongings. But by seeking the advice of a professional Private Clients insurance broker, you know you have insured a lasting legacy.

To find out more contact our prestige insurance experts today on 0333 305 3743 or request a call back.