The home insurance of choice – What should you pick?

Having a home insurance is a necessity nowadays. But the dilemma is what kind of home insurance should you invest in. Two of the most solicited types of policies are the high net worth policies and the mid net worth home insurance policies. The difference between the two lies within their cover and minimum premiums. While many high net worth insurance policies might lose their value, the option of mid net worth home insurance policies appear. Because of this, many insurance companies are willing to invest their precious resources to find the most fitted alternative for their clients that answers to all their necessities. But let’s see the two previously mentioned options and who are they most suited for.

Tailored mid and high net worth home insurances

The vast majority of insurance companies do offer such policies, but there are only a few that are willing and able to customise their policies so their clients benefit from the most suitable policy for their necessities. We will not be talking about the importance of choosing carefully the insurance company, but about what these policies cover in general. Generally designed for owners of mid to high value private properties and goods, such as fine arts and jewellery, these policies offer coverage in case of damage or theft to those particular goods. In general, these companies offer as a standard all risks covered for the property on the policy, a wide list of potential risks covered, including coverage in the specified limits for fine arts and jewellery, including watches and antiques. High net worth insurance policies can even cover the costs of memorial stones, as a bonus to other numerous special benefits for the holder of the policy. The mid and high net worth insurance policies also offer a family legal protection coverage, which in the case of high net worth insurance policies could reach up to £50,000. Moreover, reliable insurance companies offer emergency property assistance coverage. Also, in some of the cases, such policies cover identity theft situations in the limits established with the team of dedicated insurers.

How to identify a dedicated team of professionals?

Now that you have a clearer insight on what these types of insurance policies mean and cover for the holder, let’s see how you could pick a reliable insurance company. Of course, you should always collaborate with professionals. Search for a company with a generous portfolio of clients, because this is a great indicator of a company’s reliability, regardless of the field they activate in. Then, make an appointment with one of the company’s teams and search for committed and experienced brokers. Make sure that the team has all the necessary knowledge to create personalised policies, in order to benefit from the exact coverage you need for your particular case.

Give us a call here at McLeod Insurance if you need advice, a quote or even if you just want us to review your current policy to ensure that you are properly covered. We are here to help.

Richard McLeod
Director at McLeod Risk Services LLP

Top tip

Using an independent bespoke insurance broker such as McLeod Insurance, can reduce the cost of your policy, whilst also achieving the broadest cover in the market.

Direct policies are NOT necessarily the best value.