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Last updated: 3 November 2020
High value home insurance – or high net worth home insurance – is a specialist type of insurance. It’s designed for people with valuable homes and possessions.
If your home and belongings are worth a lot of money, standard home insurance policies might not give you enough cover.
Specialist high net worth insurance can give you home cover levels that are much higher than those offered by most standard policies.
Regular home insurance covers your home and contents for a range of disastrous situations. It covers you for fire, theft, accidental damage, water damage and lightning damage. High value home insurance usually covers all kinds of risks – even damage caused by your pet.
It sounds like it might just be for Kings, Queens, footballers and celebrities. But, actually, high net worth home insurance is ideal for anyone lucky enough to have assets and a lifestyle that needs a bit of extra protection. It gives you more cover overall so you could claim for all your belongings, and more cover per item, too.
The specifics of your high value home insurance will vary from policy to policy.
Generally, high value house insurance includes:
Buildings insurance: Some high net worth home insurance policies can offer unlimited cover, or high limits of up to £12 million. Always check how much each insurer and policy will cover you for.
Contents insurance: High net worth insurance policies can offer cover limits of £250,000 or more for your contents. Some even offer unlimited contents cover.
Valuables cover: High value contents insurance usually includes higher limits for your valuable. This might be necessary for items like jewellery, watches, art or antiques. Some policies offer unlimited cover. Check your high value house insurance policy to see if there’s a single item limit. On a regular contents insurance policy, this could range from £1,000 to £2,500. On a high value home insurance policy, this could be a lot higher, up to around £5,000 or more. It’s always best to name your expensive items when you take out a policy.
Some high value home insurance policies also offer extra benefits. These are designed especially for expensive homes filled with expensive contents. For example, you might get:
Worldwide cover for your contents as standard
Access to services like security safe installers, legal advisers, or even leak detection equipment
Cover for non-standard properties, such as homes with more than six bedrooms
Specialist fine art cover, including help valuing your items.
Liabilities cover if you have household employees, such as chefs
New for old cover as standard.
You may also be able to get the following as add-ons to your policy:
Small craft, pleasure boat or motor yacht cover
Second home cover
Motor home cover
Family protection cover
Cover for second homes abroad
Cyber insurance cover.
Talk to your insurer about all your needs.
When you’re looking for high net worth home insurance, there are a few things you’ll need to think about.
Do you need high net worth home insurance? If your rebuild value is less than £1,000,000 and you need less than £200,000 contents cover, you might get a better deal with standard home insurance. You may not need a specialist high net worth insurance policy
What do you need your high value house insurance to cover? Look for the high value home insurance policy that offers you the protection you need. For example, if you own fine art, look for a policy that offers specialist cover for this.
Compare the high net worth insurance policies that offer the cover you need to find the best deal.
When you take out your high value contents insurance, it’s important that you don’t undervalue your belongings. You need to make sure that you have enough cover to replace everything in your home if the worst happened.
To make sure you don’t forget anything, spend some time going from room to room, listing all your belongings. As you go, work out how much it’d cost you to replace them all. It’s especially important to list items worth more than £1,000. Although it doesn’t need to be exact, having a rough estimate like this will help you make sure you’ve got enough cover in place.
It’s also a good idea to take photographs of your possessions as evidence in case your insurer asks for it.
Some items might need to be officially appraised by a professional, so do this if you need to. And, if you buy more goods, you might need to contact your insurer to let them know
Don’t forget that the value of some items can change, so it might be good to go through this process fairly regularly. For example, if you have a piece of fine art that goes up in value, you might need to increase your cover.
Yes, every policy will have exclusions. But high value insurance covers most eventualities.
Some of the common exclusions are:
Most standard policies can cover buildings up to £1,000,000 and £100,000 for your contents. If you need more than this consider high net worth insurance.
Yes, many policies offer cover for listed buildings because they can be expensive to repair and often have high rebuild values.
Most high net worth policies cover your belongings abroad, but check the terms and conditions before you buy.
Most insurers ask that expensive items are professionally valued, for example any single items over £10,000.
Some insurers offer high net worth portfolio policies that cover several properties at once. An insurance broker could help you find a portfolio policy.