High value home insurance is a type of insurance providing coverage for homes worth more than the average. This type of coverage is designed to protect homeowners against losses that could potentially exceed the limits of a standard homeowners policy. This short article will aid quick discernment on whether you’re in the high value home category.

Whilst not an exact science, experience suggests you’re a high value home customer if:

  • The rebuild value (market value vs rebuild value guide) of your home is more than £1,500,000, and
  • The general contents value of your home is more than £150,000, and
  • The total cover needed for valuables (jewellery and watches) is more than £50,000 or you have one item with an individual value of £25,000 or more
  • You currently pay more than £2,000 per year for your home insurance.

Generally speaking, a combination of all four factors qualifies you as a high value home client.

The base ratings for a high value home insurance

Visiting a high-value home broker is like visiting a tailor for a quality suit; they will design a product cut to fit. A high-value broker asks specific questions allowing them to negotiate more favourable rates. The primary rating factors for a high-value home insurance product, including some unique questions asked, include:

  • The building sum insured
  • The general contents sum insured
  • The valuables (jewellery and watches) sum insured
  • The fine art, paintings and antique furniture sum insured
  • The gold and silver plated items sum insured
  • The wearing habits of the jewellery including when they were purchased and last valued
  • How much jewellery is never worn (valuable items always kept in the home are rated lower than items worn outside the home)
  • The security at the home
  • Other general household rating factors like postcode, claims history, financial history etc

The magic formula and estimate costs

We use these calculations live on the phone to discern whether it’s worth everyone’s time to carry on (note, this is a rough guide / estimation only). So here goes:

Type of CoverRate per £1,000 Cover
(Excl IPT)
(Multiply Sum Insured By…)
Estimate cost for £100,000
(Excl IPT)
General Contents25p0.0025£250
Fine Art, Paintings & Antiques20p0.002£200
Gold & Silver Plated Items30p0.003£300

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Example formula below based on the ratings in the table above:

(Building Sum Insured x 0.0008) + (General Contents x 0.0025) + (Valuables x 0.01) + (Fine Art x 0.002) + (Plated Items x 0.003) – (any discounts) x 1.12 + 50 fee = estimate cost

(£2,500,000 x 0.0008 = £2,000) +
(£300,000 x 0.0025 = £750) +
(£50,000 x 0.01 = £500) +
(£150,000 x 0.002 = £300) +
(£10,000 x 0.003 = £30) = £3,580
(10% No Claims Discount) x 1.12 + £50 fee = £3,658.64

Read our helpful article for more advice on ways to keep the cost of your high value home insurance down.

The following must be considered alongside the magic formula

We use the formula above to sift out unrealistic expectations from prospects. However, there are ways you can keep your premiums low:

  • Excess: Adding a voluntary excess can have a substantial impact on your premium. Some insurers offer a 10% discount for a £500 excess
  • Valuables Floating Limit: If you have a large jewellery collection but do not wear all of the items at same time, then DON’T PAY for all of the items to be covered outside the home at the same time. Ask your broker to consider a floating limit on your policy, meaning you’ll only be charged for the cover needed outside the home
  • Security: Consider installing additional security to reduce your premium. Some insurers offer discounts if you have a cash rated safe installed and / or a annually maintained alarm system
  • Claims History: High value home insurers offer generous discounts for 5 + claims free years. Try to avoid the smaller claims (if possible!)

There you have it. The secret formula to help estimate your own High Value Home Insurance cost. If you want to discuss the above, please contact us today.

Written by Matthew Ashton

I started working in the insurance industry in 2004, specialising in motor for diplomats in London. Four years later, I left to focus on theological studies, working as a youth worker and then as a ministry director for a church in Seattle, USA. When returning to the UK, I had an opportunity to work for the late Andrew Marchington at Highworth Insurance. I joined the firm as a sales advisor when it was around ten staff. Within three years, I was Head of Operations with a staff team of over 30 people. In 2019 I was fortunate to have an opportunity to co-start Stanhope, to build a broker synonymous with trust, which we're passionate about. I love being with Donna, my wife, and four kids when not working, and cramming in the odd row or run when I can.

Matthew Ashton

Date: Thursday 22nd September, 12:00am

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