What is High Net Worth Insurance?

 A house insurance policy is essential for protecting your home and possessions against any unfortunate eventualities. But did you know that there is a limit on how much insurers will pay for a single item? If you have a little more than most to insure, then High Net Worth Insurance could be the perfect policy for you.

How do you define a “High Net Worth” client?

Generally speaking, insurers will consider a client to have a high net worth if they require a household policy that can cover at least &150,000 worth of general contents including specialist items such as antiques and fine art.

Much like a standard home insurance policy, high net worth insurance gives you financial protection for the contents and structure of your home, for the value they are worth. If you have high-value assets and a lack of time, a high net worth policy is perfect for you. High Net Worth insurance providers will give a high-quality service which is quick and simple to understand.

What cover is usually included in a High Net Worth policy?

Contents - all of your contents, including “Fine art”. “Fine art” is an umbrella term and will usually include antique furniture, sculptures, paintings, etc., but not jewellery which must be covered under a separate part of the policy.

Buildings - acts like a normal buildings policy, insuring the structure of your home against damage and accidents.

Bespoke Valuable Cover - usually warranty free and used to cover items like designer jewellery.
Other - including holiday homes in the UK or abroad, annual travel and motor cover.

So what is the difference between a high-value insurance policy and high net worth?

High-Value insurance is usually just a regular household policy, which has been modified so that a larger risk can be insured. However, the policy will usually include a clause or warranty that requires certain security measures to be in place for you to remain insured. For example, all valuables must be kept in a safe, or you must have a house alarm.

High Net Worth insurance, on the other hand, is “warranty free” meaning that there will be no clauses requiring above-average security. There is also an added bonus in that you will agree upon the value of your items before hand, meaning making claims is easier and faster.

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