Written by
Reviewed by William Cooper
Important Disclosure: The content provided does not consider your particular circumstances and does not constitute personal advice, please check with your policy or insurer for accurate terms and conditions.
As Halloween approaches, homes will soon be subject to the familiar sound of excited children shouting ‘trick or treat’ across our neighbourhoods. Although Halloween is celebrated just one day a year, the concept of ‘trick or treat’ resonates as we experience many highs (treats) and lows (tricks) through many aspects of life.
We thought we would have a little fun with this topic. This Halloween we’re helping you to look out for the ‘treats’ included in a typical high-value insurance policy. By treat, we mean cover typically included in a policy that many people don’t realise.
By focusing on the treats, there’s no need to get spooked out by high-value insurance this year.
Here are some ‘treats’ typically included in a high-value insurance policy:
- Garden cover: Some high-value insurance policies extend coverage beyond the four walls of your house. Did you know garden items like fences, walls, gates, hedges, driveways, tennis courts, and even solar panels may be covered under the buildings section of your policy?
- Careless theft: Ever left your front door open and worried you might not be covered? Certain policies may cover theft even if you’ve made an honest mistake, like forgetting to lock up.
- Pairs and sets coverage: Lost one earring from your favourite pair? No problem! With pairs and sets coverage, your insurer will replace the entire set, not just the missing piece.
- Large loss excess waiver: For substantial claims, many high-value policies offer a waiver on excess. For example, Hiscox offers a waiver on claims over £25,000. No excess to pay on big losses? That’s surely a treat.
- Hole-in-one cover: Fancy a round of golf? If you score a hole-in-one and need to buy drinks for the clubhouse, some high-value policies will cover up to £500 of your celebratory tab – no excess, no claim on your policy.
- Marquee hire protection: Hosting an event at home? High-value insurance can cover marquee hire and protect against damage during your special event. Some products even include the lighting equipment – party-on!
- New acquisitions and gift coverage: Bought something new? Some policies automatically cover new purchases up to £25,000 for 60 days. Similarly, gifts you receive can be covered for up to 30 days, giving you plenty of time to update your policy.
- Home emergency assistance: Facing a home emergency? High-value policies often cover emergency repairs – like a plumber fixing a burst pipe – without impacting your claims history or charging an excess.
- Lock replacement: After a break-in or forced entry, some policies cover lock replacement, ensuring your home remains secure.
- Cover for using a friend’s high value car: High-value motor insurance may cover you and your partner when driving cars that aren’t part of your household – perfect for occasional use when borrowing a friend’s car. Please refer to your policy terms and conditions as benefits may differ.
- New car replacement: If you’re the first owner of a brand-new car, some policies will replace it with a similar model if written off within two years. Even if you aren’t the first owner, some policies allow you to agree on a set value immediately, ensuring you receive the full value if your car is written off without depreciation.
Navigating the world of high-value insurance has its ups and downs. By understanding your policy and working with a trusted broking and risk management service like Stanhope, you can avoid nasty surprises and ensure your high-value assets are protected.
Get a quote now
After initially making contact with Stanhope regarding insurance, it was clear they would be my broker of choice… the service was truly outstanding right from the start start. Clear information, a wide range of options and great communication from the team – not to mention a prompt service given I had left the enquiry until the last moment. I wouldn’t hesitate to recommend Stanhope and their services – I will certainly be using them again.
5 Star Review ReviewsIO
Sources
https://connect.avivab2b.co.uk/brokerPublicProductDocuments/BHHHG15769?productCode=HNW
https://www.zurich.co.uk/business/personal-lines/zurich-private-clients