High Value Home Insurance
High Value Home Insurance for high value homes offers peace of mind insurance cover policy to clients that have more valuable items to insure.
Here at McLeod Insurance provider, we work closely with reputable insurers, tailoring high value home insurance policies to make sure the homes insurance policies fit our clients’ needs.
In the High Net Worth arena, every client is unique and therefore every insurance policy requires an individual touch.
There are no ‘standard insurance policies in this field and therefore it is especially important to trust and respect your broker.
Our MD, Richard McLeod has built up relationships over a 30 year period in this industry with leading insurers such as Chubb, AIG (now Azur) and Zurich Private Clients.
ProActive in managing risk.
McLeod Insurance works closely with insurers to pro-actively manage risks to help mitigate losses further down the line. This takes the form of client meetings and, where appropriate, Insurer appraisals.
This is all part of our comprehensive policy reviews and there is NO additional cost borne by the homeowner policyholder for these services.
We can offer tailored portfolio solutions to clients including main residences, UK and European holiday homes and let properties. Whilst minimising the paperwork, this approach can quite often lead to overall premium reductions.
For homeowners, ensuring their most valuable assets can be a minefield. Couple that with the fact that not all insurance is the same and it becomes clear that an experienced Broker quote is the only option for your High Value Home insurance.
Expect more from your High Net Worth Broker.
Whilst an experienced Broker can recommend and place your home insurance with a High Net Worth insurer, that is only half of the service and features you can expect:
• Free appraisal quote service for your buildings and general high value item and general contents home cover.
• Free risk management advice at the time of appraisal.
• Introduction to reputable Fine Art Valuers, Jewellery Valuers, personal and physical security companies, companies to help mitigate loss i.e. water leak detection and fire detection.
High Net Worth Home Insurance cannot be purchased directly from the insurer. Quality insurers like Chubb and AIG (now Azur) only underwrite policies brought to them via approved brokers.
Experience and knowledge of the marketplace are essential when assessing the risk of private clients and their high value personal possessions.
Approved brokers are trusted to check and verify all manner of assets prior to confirming the policy documents. The very nature of the complex assets High Net Worth individuals possess means that tailored service is needed not a generic approach is not viable.
Experience in a bespoke Insurance market is key.
Due to our vast experience in this bespoke area of insurance, we are often able to secure cost savings even when clients stay with the same insurer.
If we gain a new client due to the previous broker having fallen out of favour with a client we often secure a more cost-effective solution even when staying with the same insurer.
This is due to the keen eye when reviewing the policy wording and a wealth of knowledge of dealing with these types of asset classes.
Peace of mind comes with a trusted High Net Worth Broker understanding your individual risk and matching that to the High Value Home Insurance market.
In addition, a pro-active Broker will ensure that your policy changes in line with the High Net Worth market.
Insurance policies are worldwide with the broadest cover.
The policies places with McLeod Insurance are worldwide, all risk, and that offer the very broadest cover in the household market so that in the event of home insurance claims your home and valuable items are fully covered.
What is a high value home? Who needs specialist home insurance?
These are questions that can be hard to answer definitively but I will attempt to answer them and also provide a better understanding of what a High Net Worth Client may expect.
Firstly, what determines a high value home and/or contents insurance? Many ‘High Net Worth/Mid net Worth’ Insurers will have entry criteria that determine whether a risk is suitable for their policy.
The entry sums insured may be in the region of £250,000 for buildings and/or £75,000 for general contents. Remember that the sum insured for buildings should be the rebuild cost and not the market value.
“Who needs bespoke home insurance really depends on people’s attitude to risk and how they value the additional cover, and service, a High value Home Insurance policy offers.”
Who needs home insurance cover really depends on people’s attitude to risk and how they value the additional cover, and service, an insurance policy offers.
Contents insurance policies quotes can cost more than direct web-based policies, but not always.
Home insurance can be one of those jobs that are at the bottom of the weekly ‘to do list. However, covering your most likely valuable items or asset should not be rushed.
There are direct insurers out there that offer blanket policies i.e cover for buildings of up to £1m, for instance, and contents at £100k.
These policies could fit (sums insured wise) a policyholder in a £150,000 1 bedroom house or a £3m (market value) property in Chelsea. You cannot expect such diverse Clients to require the same level of cover or service!
Do High Value Insurance companies offer the broadest cover?
Whilst High Value Insurance companies offer the broadest cover for valuable items in the market, they also have a ‘how can we pay’ philosophy. They are looking for clients to insure with them for 10-20 years and to build a relationship.
You will find that the direct insurance market’s business model generally does not expect such long term relationships; this has an effect on how claims are settled.
Some Clients fall across a home insurance contents cover policy as they have acquired items.
These items can be watches (such as Rolex, Richard Mille, Audemars Piquet, Patek Phillipe etc…), jewellery (such as Cartier, Boodles, Van Cleef & Arpels, Tiffany etc…) or Fine Art.
Direct Insurers start to get a little twitchy once the above approaches around £15,000 in value. Here at McLeod Insurance, we have access to Insurance Companies that can offer cover for almost infinite levels of the above.
High Net Worth Individuals in apartments or rented accommodation.
Of course, home insurance cover does not have to cover the building of a risk. High Net Worth individuals who live in apartments or rented accommodation may also access these policies.
In England, Apartments are usually covered under a combined Property Owners policy that is either arranged by the property management company or residents association.
Home contents insurance can also be covered without the need for buildings.
Image credit Chubb Insurance
Most HNW insurers can NOT be accessed directly by the client.
There are many Insurance Companies and Underwriting Agencies that can be accessed via a High Net Worth Insurance Broker.
These Companies include Chubb, AIG (now known as Azur), Hiscox, Zurich Private Clients, Horizon Underwriting, Markham, Dual (this is not an exhaustive list).
These Insurance Companies have vast experience in arranging bespoke insurance policies for Clients that fit the criteria I have listed above.
Many of them have been around for many years and have helped build and form the content insurance market that is available today.
The policies places with McLeod Insurance are worldwide, all risk, that offers the very broadest cover in the household market.
Advantages of Content Insurance
• Fast and full payout. Any claims are dealt with very quickly and payments are made in full.
Home Insurance policies are looked at closely prior to the policy being taken out so in the event of a home insurance claim all monies are expedited rapidly without question or delay.
• Flexible and contactable. This is certainly the case here at McLeod Insurance.
Our MD, Richard McLeod is happy to be contacted 24/7 and we give our clients both landline and our direct mobile phone numbers to provide reassurance and assistance at all times.
• Higher policy limits than standard home insurance and in many instances unlimited limits.
• Complimentary home visits to verify guaranteed values of property and contents and advice on storage and safekeeping.
• Coverage for increased costs for a rebuild due to bylaws in the event of a claim.
• Additional payments for increased living expenses in the event of a claim.
This enables you to live in suitable premises and living standard to that which you are accustomed in the event of a claim.
This allows for extra time to acquire the correct construction professionals and architects to rebuild the property to the appropriate standards.
• Cyber protection. This has been added to many High Net Worth Policies in the last few years and is something that has been taken very seriously.
Home Insurance policy cover FAQ’s
How Do I Know if I Need Content Insurance?
If your house has a rebuild cost of more than £600,000 and contents of more than £50,000 then it is worth considering a specialist broker to look at your cover.
If you have a non-standard property or a property with more than six bedrooms then you will require an experienced broker to arrange suitable cover.
Note: The policies arranged by McLeod Insurance offer unlimited cover for both rebuild and contents.
Will a High Value Home Insurance Policy cover a listed building?
Yes, listed buildings often have high rebuild costs and are especially suited to our type of policy.
Here at McLeod Insurance, we pride ourselves on providing a more agile solution. We understand our clients’ unique risk profiles and quickly identify and fill the gaps in coverage.
With 30 years of experience in this marketplace, we have built up relationships with all the major high value insurance companies. This ensures our clients can benefit from this specialist knowledge and understanding.
Director at McLeod Risk Services LLP