High value home insurance is for those with properties and assets that require a more personal touch. The policy is split into specific sections. You have cover for your buildings, contents, fine art, jewellery, liabilities, travel and cyber. The policy cover is very wide ranging and most importantly should the worst happen, the claims service is outstanding. High value home insurance covers any and every risk scenario a busy and affluent person could encounter in today’s fast paced and litigious world.
Do I need high value home insurance?
If your home is valued at more than £1 million pounds and you have general contents of at least £100,000, then you should seriously consider high value home insurance. This is because the cover limits imposed under a standard insurance contract will mean that you are under-insured in the event of a claim. For example, under a standard insurance policy, the alternative accommodation provision in the event you have to move out of your home due to a flood would not cover you for a comparable house. You would have to live somewhere much smaller than what you are accustomed to.
High value insurance treats you like a grown-up, whereas a standard insurance policy treats you like a naughty child. High value home insurance will trust you more and allow you to have higher limits of jewellery without the need for a valuation. It will give you the choice of a replacement or cash settlement in the event of a jewellery loss.
The barrier to entry is also lower than you would think. You can insure as much as you want or typically as a minimum, just £75,000 of general contents. If you do not own any jewellery and art but have some valuable contents and an expensively assembled home, then you would still benefit from high value home insurance.
What are the benefits of high value home insurance?
The main benefit of high value home insurance is peace of mind. You can sleep easy knowing that your most treasured items are covered for theft, damage, or accidents. Here are some other popular benefits:
- Multiple UK homes on the same policy.
- Worldwide “all risks” are covered as standard.
- Accidental damage cover as standard
- Replacement or cash settlement for valuable items.
- Home Emergency cover up to £1,500.
- Identity Theft up to £50,000.
- Cover for children’s possessions at university.
- Interest Free Direct Debit.
How to get your house valued
We would advocate the use of a specialist surveyor to physically or virtually appraise your property. If you use the standard RICS calculator it is likely that you will undervalue and therefore underinsure your property.
At Stanhope, we work in partnership with Rebuild Cost Assessment, and offer our clients a discount if they choose to have an assessment done.
How can Stanhope help?
High value home insurance is an insurance product tailored to protect us throughout every scenario of our busy, fast-paced lives. Whether at home or travelling, online or offline, we can have peace of mind knowing that we are protected every step of the way. Get in touch with our expert team today to find out more about our high value home insurance.