High Value Home Insurance
What is High Value Home Insurance?
High value home insurance (also known as high net worth insurance) is a bespoke type of insurance policy for high value homes, contents and possessions, which recognises the increased level of risk by providing higher limits and more extensive cover. These policies also usually include additional cover/s as standard such as, worldwide cover for contents and personal possessions, home emergency cover, identity theft and cybercrime cover.
In our experience, the claims service under a high net worth insurance policy is exceptional too, paying out claims in as little as 24 hours, which is much quicker than a standard household policy.
What can High Value Home Insurance Cover?
The features of our high value home insurance policies vary slightly from insurer to insurer but the most popular benefits typically include:
- Worldwide cover on all contents, personal possessions and jewellery
- Single item limit for jewellery starting at £15,000 before needing to be specified
- Bikes are covered as standard up to £5,000
- Accidental damage cover as standard
- Replacement or cash settlement for valuable items
- Higher limits of cash in your property (compared to a standard household policy)
- Home emergency cover
- Identity theft
- Cover for children’s possessions at university
- Ability to add multiple properties on your policy
- A flexible and pragmatic approach to security requirements (i.e. no security warranties such as having a specific alarm or other security measures in place)
- Alternative accommodation should your house be uninhabitable
- Matching sets and pairs (should you lose or damage something that is part of a set then the whole set will be replaced)
- Employers Liability is included as standard
- You can add sit on tractor lawn mowers & robotic lawnmowers
- You have access to your own solicitor (legal helpline)
What else do I need?
- Rebuild Cost Assessment: A small one-off payment to obtain the correct rebuild valuation to prevent under or over insurance
- Business Insurance: If you have your own business
- Landlord Insurance: If you own a let property
- Directors Insurance: To protect your personal assets if you are a director.
- Flood Excess Insurance: Provides vital financial protection for your business if the worst happens and your property is damaged by flood water.
Why do I need High Value Home Insurance?
Home insurance isn’t a legal requirement so it’s entirely up to you to decide how much risk you’re willing to take. If you have surplus cash to cover a total loss of your home and all its contents then maybe you don’t need this insurance. Yet, if like most people you would prefer to have a financial safety net should the worst happen, so that you don’t have to eat into your hard earned savings and could do without the stress and time required in sorting and resolving a claim, it’s definitely worth considering.
Most high net worth people are insured on a standard home policy without realising the low policy limits on jewellery and valuables within the home. It’s only when a claim occurs and you are not paid what you were expecting to get paid, does the pain start.
What is a high value item?
A high value item is any item, set or collection of the following:
- Jewellery (one item of £5,000 value or above) or precious metals
- Pictures or other works of art
- Paintings
- Books
- Furs
- Antiques
- Collections e.g. wine, stamps or coins
How much does high value home insurance cost?
You’ve probably already guessed that high value home insurance is more expensive than a standard household policy, that’s because the policy gives more extensive coverage. At Glowsure, we have access to a number of insurers with varying levels of cover and pricing. To give you an idea of price differences, see the below examples:
| Example Scenario | Standard household policy premium | High value home policy premium |
5 bed house £1 million building sum insured £100,000 worth of contents £10,000 worth of jewellery | £1,200 | £1,500 |
3 bed house £1 million building sum insured £100,000 worth of contents £10,000 worth of jewellery | £800 | £1,500 |
The above premiums are examples only but we have tried to give a true representation.
How much should I insure my home for?
A valuation by a RICS qualified professional is the best way to make sure you are adequately insured. We can help with this from as little as £100.
When it comes to knowing how much your contents are worth, the best thing you could do is walk from room to room and add up every item you own. Don’t forget to include electronics, clothing, handbags, jewellery, kitchen appliances etc. It is worth getting a professional valuation on jewellery (valued at £3,000 and above) every 5 years to make sure it is insured correctly.
Types of high value properties and items we can cover
- Period houses
- Homes with five or more bedrooms
- Contents of more than £100,000
- Jewellery of more than £10,000
- High value contents including electronics
- Collectables or collections
- Art and antiques
- Listed properties
- Manor houses
- Luxury, high value and prestige houses
- Listed, period and historic houses
- Estates
High Value Home Insurance Claim Examples
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I have always used a bank for my home insurance but the service has always been poor. Since switching to Glowsure I have a single point of contact who gives fantastic service and the premium is much more competitive!
I am very impressed with the help and advice given by Glowsure Insurance Brokers. I suffered from storm damage, and the help and reassurance given by the staff at Glowsure was very useful. Their help and advice and the settlement of the damage claim enabled me to get my home restored and back to good order, in good time.