The terms and costs of high value home insurance cover can vary widely between providers, so you need to compare policies carefully to make sure you are picking the right package.
Like other house insurance, you can look for a high value home insurance quote that covers both the building and contents together, or a policy that covers each separately.
It's a good idea to have a checklist in place before looking for a quote so you can compare like-with-like.
The list should cover questions like:
Valuables - What is the single item limit on the high net worth contents insurance?
Appraisal - Will the insurer provide this service or do you have to find the figures?
Survey - Check that your security fits the terms of the policy
Special limits - Some insurers will have a maximum for valuables like jewellery or fine art that can be kept at the house
Sometimes insurance for large homes includes other features, like providing alternative accommodation if the property is uninhabitable, or a service to track down water or gas leaks.
Always ask if any exclusions might apply - you need to know about these upfront, not when you are trying to make a claim.
Some high value home insurance specialist policies include survey and appraisal as part of a bespoke service for their wealthier customers.
You may pay more for this, but you can rest assured that your home and belongings are properly protected.
One last point to remember about high net worth insurance is remembering to notify your insurance company if you add any expensive new items to your home.
Most large home insurance policies will give an automatic temporary increase in the maximum sum assured, but the insurer will want full details of the purchase within a specific time limit to confirm an increase in cover. This may involve paying an additional premium as well.
So be sure to always advise your insurer if you purchase new high value items and that you have told them all the goods you already own, so you are sure that you have the best cover for all your luxury goods.
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