High net worth home insurance aims to cover higher building values as well as high value contents such as art, jewellery and luxury furniture.
As part of our mission to deliver better service to a wider range of customers, Emerald Life provides high net worth home insurance for many situations.
We’ve covered Banksy artworks, the finest luxury watches, items of antique furniture and many more. Call us today to see how we can help you.
Table of Contents
High Net Worth Buildings Insurance
High value buildings insurance can be an issue for some insurers. Usually covering up to £500,000 is no problem. But beyond that figure you start to get to more specialist requirements.
Your buildings cover should also include features like outbuildings. Therefore if you have outbuildings within the boundary of your property then these need to be included in your buildings value.
Your buildings value should reflect the cost to reinstate the property if it were completely destroyed. As that is the rebuild cost it does not include the land value. You should also note that the rebuild value is usually different to the market value as it is based on materials and labour rather than what someone is prepared to pay for the building and location.
If your building is listed then it can be more difficult to insure. That is because by law you are required to repair any damage using appropriate materials and methods.
At Emerald Life we provide cover up to Grade 2 without any issues. If you have a Grade 1 listed building then we may be able to insure you subject to approval from our underwriters.
High Net Worth Contents Insurance
High value contents insurance aims to provide cover beyond the limits of most insurers.
As a high net worth individual, it is likely that you will not only have a higher buildings value but also a higher contents value.
And while your overall contents value be high, you may also have various high value items that need to be specified on your insurance schedule.
For instance, a £20,000 watch will not only increase your total contents value, but most insurers will want it named on the schedule. An insurer is unlikely to pay out for a claim if it was not aware of such a high value item.
Generally most insurers will require you to specify any item worth more than £2000. That includes sets and pairs, such as ceramics.
But how do you value some of these items, such as antiques? Generally if you have a modern item with a set price that you could buy in a shop then that is unlikely to be a problem. However, if you have an antique or another collectible that you think is worth more than you originally paid for it then you should seek a professional valuation and keep a record of that.
Similarly you should keep receipts for high value items to prove what you originally paid for them. If you don’t have receipts then these may also need to be valued.
Once you have that information you need to add up the total value of all your contents. If that falls under £75,000 then you should be able to get a standard contents insurance policy and can specify any items worth more than £2000.
However, in the likely case that your total contents value is higher than that then you should call us and seek out specialist high value contents insurance.
With Emerald Life you can also insure contents kept in outbuildings providing they fall within the boundary of your property. For instance, if you have a gun room, stables or an office in a summerhouse then it should be relatively simple to insure these providing adequate locks and security is in place.
Accidental Damage
High net worth home insurance can also include the same add-ons as normal home insurance including accidental damage cover. That means if you damage an item accidentally you may be able to claim for it. That can also include pet damage.
To get accidental damage cover simply let us know when you call.
Exclusions
It is important with any high net worth home insurance policy to check the exclusions. With high value contents in particular you are dealing with very speculative numbers. For instance, a lot of wear and tear is usually excluded and that can include to collections like coins and stamps.
It is also worth checking your excess. A higher excess can mean a lower premium – the price you pay each year – but you will have to contribute more to any claims.
