There are many trigger points that will determine whether a High Value Home Insurance policy is right for you. It may be that you purchase a new property and your existing insurer is not comfortable with insuring a higher sum insured. Beware that rather than not offer a quote, some Insurers will offer an inflated premium. A typical case of trying to fit a round peg into a square hole!
Other triggers may be that a client buys an expensive watch or piece of jewellery. Many Insurance policies will only cover jewellery up to £5,000 in value and even then will only offer limited cover. An expensive watch or engagement ring can easily push these boundaries and at this stage a bespoke policy is likely to be the answer. Not only will a High Value Insurance policy offer adequate cover but also, in many cases, offer a more realistic premium.
Image courtesy of Boodles Jewellery.
A big mistake clients often make is to keep the same contents sums insured when they move to a larger house. A larger house will often mean more contents cover is required. Many standard insurance policies apply an average clause to their policies; meaning that any claim could be reduced by the proportion of underinsurance i.e if you insure £100,000 when the correct sum insured is £200,000 then a claim of £10,000 could be settled at £5,000. Speak to McLeod Insurance to ensure that ‘average’ will not affect any claim settlement.
Some High Value Home Insurers reduce the risk of underinsurance by offering free appraisals. Not only will these appraisals calculate up to date sums insured for buildings and contents but also offer advice on risk management. There is nothing like peace of mind knowing that if the worst happened then both you and the Insurance company know what the settlement will be.
Many High Value Home Insurers offer the following as standard:
- Worldwide cover for all contents and valuables
- All Risk Cover
- Agreed value for specified valuables
- Unlimited buildings cover, following appraisal
- Warranty free policies
McLeod Insurance will be able to assess whether you could benefit from a High Value home insurance policy by offering a free no obligation review over the telephone. If at that stage you would like a full and firm quotation then McLeod Insurance will be happy to carry the exercise out for you, again with no obligation. A bespoke High Value Insurance policy could not only provide peace of mind but may also offer a premium saving.
Should you wish to add motor, let properties, holiday homes, yacht or travel to your existing policy then Insurers can quite often allow further rate reductions across the policy. McLeod Insurance look at every client individually; no two risks are the same and as such each client has a bespoke offering. This is made possible by the expertise and experience of McLeod Insurance in this niche area of insurance.
Please feel free to call McLeod Insurance to discuss your options further. You may be very surprised at what you can learn in a short telephone conversation. It may well give you the peace of mind that your current policy does not!
Beware – Some standard insurers offer blanket cover for buildings and contents. This could be cover for up to £1m for buildings and £250k for contents. However, the policy wording may not be in line with a High Net Worth policy wording.