Private Clients & High Net Worth Policies
A high net worth policy is designed for owners of higher value homes and possessions.
Although there are no clear cut guidelines in this market – as everything can be adapted to an individual’s needs – High Net Worth Policies will suit people who have properties with a rebuild cost of more than £300,000, contents and possessions in excess of £50,000, collections of antiques and art, classic or valuable motor vehicles.
There is a call for this type of cover in light of the packaged nature of most standard products and their inability to cope with items of substantial value amongst a normal list of contents.
The advantage of these types of policy is that the policy is written specifically for your requirements and will cover your possessions often without imposing the tiresome conditions that can apply on standard policies. Many people only discover this when something goes wrong.
Contrary to expectations this cover is actually cost effective and is not usually substantially more than a packaged product – in fact, it occasionally works out cheaper – because the insurers know that people who own valuable properties and possessions generally look after them well, keep them maintained and take steps to keep them secure – which obviously makes them a better proposition from a risk point of view.
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