High Net Worth Home Insurance |  | |||
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High Net Worth Home Insurance
High net worth home insurance is a term that is applied to a specialist form of home insurance policy that is designed for persons who are considered to be wealthy. As a consequence of being wealthy, this group of persons is likely to have higher sums insured in respect of personal possessions and contents and have a lifestyle that requires additional covers, not usually found under your standard home insurance policy. Understanding the lifestyles of affluent people has enabled a number of insurance companies to design insurance polices that will meet their needs. In recent years, a number of mid net worth policies have also appeared on the market aimed at people who fall in to the category,' emerging high net worth', this type of policy is usually aimed at young career professionals but the general principals of cover remain the same although some of the limits may be slightly less.
Policy wordings are usually written on a "Worldwide All Risks" basis with wider limits for almost all sections. Whilst "All Risks" wordings do not literally mean that every eventually will be covered, it does afford a wider degree of protection. This basis of cover was designed to meet the needs of people who have a 'lifestyle", who are seen as frequent travellers and often do not have the time to telephone their insurance broker or company every time they want cover extended to go abroad. High net worth individuals often have larger amount of jewellery and personal possessions and many of these items will be taken with them on trips abroad. If you include buildings insurance cover, this will be extended to include accidental damage cover automatically. As well as this widening of the territorial limits under the policy, it is normal to see the sums insured on most other sections increased well. Often, under the buildings section, it is usual be see extra alternative accommodation cover included, with the time period extended to up to five years, limits for loss of metered water and liability are also increased and most sections will have generous allowances for cover. Under the contents section of the policy, limits for high valued items will be higher, often there is no need to provide valuations but the insurer may ask you to separate your sums insured in to various sections, for example between; General Contents, Antiques, Furniture, Clocks, Barometers, Mechanical Art and Objets d'Art, Out door items, Gold, Silver, Platinum, Pewter and Plate, Precious Stones Stamp and Coin Collections, Wines, Memorabilia, other collectibles such as Models, Dolls, Guns and other sections depending on the high net worth insurers particular requirements. Most high net worth insurers will apply a more complex rating structure than that employed under a standard policy, often it is possible to secure a lower premium for Antiques and Fine Art so the exercise of dividing sum insured is well worth while, if a little time consuming. When it comes to insuring jewellery and personal possessions often the insurer will set a much higher level for individual items, of course specifying items may still secure you a discount.