The reason you require a broker to arrange your insurance policy is with the right broker you get a high degree of experience and know how that you would otherwise not have. Unless you have spent the last 25 years dealing with insurance companies, how could you be in a better position to know the pitfalls and ensure the correct policy is chosen?
Brokers act as the go between for you, the client, and the underwriter, the insurance company. In the High Net Worth arena there is no direct access for the client to deal with the underwriter. The reason for this is that with High Net Worth individuals comes a level of sophistication that requires more knowledge and diligence when scrutinising the policy. You need to consider why you are getting insurance in the first place. The reason we insure our homes or possessions is so that, in the event of loss, we are put back in the position before the loss. There is little point in having a standard insurance policy, if it will not respond in the event of a claim.
I think it is fair to say that it is very much a false economy to opt for a standard, one size fits all policy that could leave you open to a repudiated claim. That being the case, we could therefore also agree that you require the correct level of cover for the possessions you wish to insure. Each insurance company words their policies in a slightly different way, and each High Net Worth individual client has a slightly different set of circumstances to consider. You need to have attention to detail and vast experience in the marketplace to ensure that the correct policy is chosen for the correct client. As individuals are unable to access these insurance companies direct, it is a prerequisit for the client to go through a broker.
Having established that the broker is an essential part of the process you now need to ensure that you go with the right broker. All brokers are not made equal. We have written extensively on the pitfalls of the larger national brokerages but what should you look out for when choosing your broker? Here is a list of the essential questions you should be asking your broker before instructing them to work on your behalf.
· Will your broker come out to your house to assess your requirements in person?
· Is the broker capable of finding the right level of cover for your requirements?
· Does the broker have experience in the High Value Home Insurance marketplace?
· Can your broker provide recommendations and references from current clients?
· Can your broker assist you in organising valuations and appraisals for your belongings?
· Does you broker advise on the security and are they up to date with the latest security measures to prevent loss in the first place?
· Does your broker provide an emergency out of hour phone number?
Having chosen the right broker you can rest assured that you are in good hands and that in the event of a disaster you have everything under control. Here at High Value Home Insurance we pride ourselves on our attention to detail when it comes to scrutinising insurance policies. We go through each aspect of the policy to ensure that it is the right one for our client. The only way you can truly do this is to know your clients inside out. That’s why we offer a personal visit to our clients home, at their convenience, so that we can not only get to know the client but we can also get to know their requirements and see them first hand.
It is our personal service and experience in the field that sets us apart from the competition. For more information on our service, or to speak to us direct, please call 01525 715 838 or email us on [email protected]