Not all insurance polices are the same!
Conventional insurance policies do not meet the specific demands
of owners of fine homes and possessions.
You never know how good your insurance policy is until you make
a claim. Most people have a basic package policy with low levels
of cover, complicated warranties and restrictions.
Underestimation of true value of property, and other
possessions, is common.
To quote just one example, the nation - each year - spends £32
billion on clothes, shoes, and accessories alone. If you keep
clothes for a period of years the total value in your wardrobe
could easily run into the tens of thousands.
Extravagant buyers or those with a large credit limit will
happily spend several hundred pounds or more on shoes, underwear
or accessories, not to mention suits, eveningwear, and
jewellery.
Once you have done a quick calculation you will soon realise
that you have a far greater value in your property than you
previously realised. This is the case with the majority of
Britons; most are unaware of the value of their property, until
it is too late.
A flood or fire will cause extensive damage to your property but
will also cause significant damage to your belongings. A burglar
would cause just as much damage, and do so on a more personal
level. The cost of replacing your house contents, including your
clothes would run into at the very least tens of thousands of
pounds.
High Value Insurance If you have a need for higher levels of
cover and an insurance policy that supports your lifestyle, not
restricts it, then read on.
A high value house policy provides a number of key benefits not
available on standard policies. Some of the key benefits
include:
1. Cover outside your home : Your possessions are covered
wherever they are, anywhere in the world as standard (e.g.
whilst on holiday, during a house move, or simply whilst on a
day out).
A standard policy can have restrictive cover with significant
limitations once items are taken out of the home.
2. Individual items over £1,000 : There is no need to list any
item or provide valuations unless items exceed £5000. All that
is needed is the overall contents sum insured and the overall
sum within that for valuables. Full cover given outside the home
On a standard policy you may need to list individual items
exceeding £1,000 in value and provide valuations when applying,
otherwise cover is limited. Extra premium can be charged.
3. Fine Art and Antiques : Covered under general contents with
no need to list individual items under £50,000 in value
On a standard policy you usually need to list items separately
with extra premium being charged.
4. Basis of claims settlement : New-for-old (meaning that any
item damaged beyond repair is replaced as new).
A standard policy will provide new-for-old but often with a
deduction for wear and tear on items like clothing and bicycles.
5. Moving House : Fully covered during professional move.
A standard policy can usually exclude or restrict cover.
6. Stalking ; Unique cover should you become a victim
7. Identity Fraud; There has been much publicity recently over
theft of personal identity. It is possible to insure but it is
also advisable to take simple precautions - shred all paper
waste for example.
Also included in most high net worth insurance policies are
warranty free home cover, agreed values on your motor cars with
choice of your own repairer and no hidden excesses, plus
worldwide all-risks cover on your valuables, cover for your
holiday home and no under-insurance penalties.
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