Home (High Net-Worth) Insurance

What is high value home insurance?

If you own a high value property, and keep a lot of high value items in it such as fine art, antiques, designer clothes and luxury watches, your cover requirements are unlikely to be met by standard home insurance policies. This could leave you dangerously under-insured.

High value home insurance provides a more flexible and tailored solution to ensure that your insurance cover accurately protects your possessions, home, and indeed other properties which you own.

Because the insurer has a much more detailed understanding of your property and your possessions, this can help the insurer to react to claims very quickly.

What does a high value home insurance policy cover?

High value household insurance policies tend to have a broad range of cover options that could be important for your property. These include:

• Buildings insurance: In the event that your home is damaged or destroyed, this will cover the cost of rebuilding or repairing its structure. With that in mind, it is important to make sure that you should insure your home for the total cost of rebuilding it from scratch, in case the worst should happen.
• Alternative accommodation cover: If your home is made uninhabitable due to an insured event, such as a fire, storm or flood, this will cover the reasonable costs for emergency accommodation.
• Replacement locks cover: If your keys are lost or stolen and you need to replace the locks of your property, this will cover the cost and help to ensure that your security isn’t compromised.
• Trace and access: If you need to locate and isolate the source of a leaking water, gas, or oil pipe, this will cover the cost.
• Domestic liability insurance: Provides cover if a domestic member of staff (such as a cleaner, housekeeper or gardener) suffers an accident on your premises.
• Contents insurance: If your valuable items were accidentally damaged or stolen, would you be able to foot the bill without having specialist high net-worth contents insurance in place? This type of policy will cover the non-permanent fixtures in your property such as furniture, rugs, curtains, technology and your personal belongings, ensuring they are protected if the unexpected should happen. When considering the amount of cover that you need for the contents of your high-value property, it’s important to think about the total cost to reinstate or replace your contents on an equal basis in the event of any potential loss. Remember, if the worst were to happen and you have under-insured, you could be left out of pocket.
• Garden and grounds insurance: Provides cover against theft or damage to items in your garden or grounds. For example, statues, fountains, garden ornaments and furniture, valuable plants, machinery or expensive tools and the contents of sheds or garages.

These are just examples of some of the types of prestige home insurance policies that we look after at Dover Street Insurance Brokers. As we know that no two properties are the same, speak to us today to find out which policies will best meet your needs.

How much does high value home insurance cost?

At Dover Street Insurance Brokers we understand that cost is important to you, but it is crucial to ensure that your property is properly protected. With that in mind, we will take the time to understand your specific needs and recommend the amount of cover that is best suited to you.

In addition, it’s also important to note that if your property is a listed building, it may be more expensive to insure due to the special materials and craftsmanship that could be needed to make any repairs.