Do you own a high value home? A home with more than five bedrooms? High value contents, collections or valuables? Maybe your property is a listed building or non-standard build? All of these could benefit from high value home insurance.
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How do you and insurers determine whether you would benefit from a high value home insurance policy?
When ascertaining the value of your home for insurance purposes, remember that is the rebuild cost and not the market value of the property which you are insuring. The rebuild cost is never equivalent to the market value. If there was a requirement to rebuild your property from scratch, you would face additional costs such as site clearing and professional fees, but you would not have to factor in the value of the plot since you already own this.
Many standard policies will automatically provide buildings cover for £400 – £500k. If your home can be rebuilt for this, it is less likely you will require high value home insurance. However, rebuild costs and timescales can escalate considerably when skilled labour and/or non-standard building materials are required. Therefore, if your home is listed, thatched, timber-framed, or wattle and daub for example, then a high value home insurance policy could very possibly be your best option.
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High value home insurance isn’t just for luxury homes
It is not just what’s on the outside that counts. Standard contents cover is usually set at around £50k. If the contents of your home exceed this, a high value home insurance policy is one option to ensure you have the right level of insurance in place for your valuables, be they in the form of collections, antiques, art, jewellery, instruments or fine wines.
Another option would be to take out standalone cover provided by a specialist insurer. It is worth comparing these two options to see which offers the greatest value. It is also useful to keep in mind that some combined buildings and contents policies often come with additional extras, such as:
- Business equipment cover
- Identity theft cover
- Marquee cover
- Cover for off-road motorised vehicles such as golf buggies, quadbikes and mobility scooters
If you own valuable collections it is always advisable to speak with a specialist insurer to ensure you have the right levels of cover in place. Also, always double check the finer details of any policy wording documents.
Under Insurance pitfalls
Failure to insure your property and/or contents for their true value, could prove costly. The danger with under insuring is that insurers can apply the same rule of percentages in the event of a claim. For example; if you own valuables worth £100K, but they are only insured for £50k, in the event of a £20k claim your insurer may only pay out for 50% of the claim; £10k.
Speak to a specialist about high value home insurance
As our name suggests, at Highworth Insurance our advisors are specialist in all aspects of high value home insurance and can advise of on the correct and most competitive levels of cover for your home and possessions. You can speak to any one of our specialist advisors for an honest and knowledgeable appraisal of the most suitable policies for you on: 01202 937430.