Do you need a special insurance policy for high value homes?
High value home insurance isn't just for those with high net worth homes, it could be a suitable option for anyone who has high value contents within their homes. Standard home insurance policies have a 'single item limit' which refers to the maximum amount an insurer is willing to pay out for a single item, this is usually up to £2500. If you have multiple items in your home worth more than the single item limit, you might need a specialist type of insurance policy.
What is high-value home insurance?
Every insurer has a maximum limit they could cover for personal possessions, however, if the sums insured exceed this then you may need a high net wroth insurance policy. This is a policy that has been specifically designed for those with specialist insurance needs from both their buildings and their contents insurance. A high net worth property will cost more to re-build than the average home from scratch and high-value home insurance ensures you are covered for this. A high value contents policy will usually include higher limits for your valuables which could be necessary for items such as jewellery, watches, art, antiques or technological equipment.
What is considered 'high value'?
You don't need to be a millionaire to need high value home insurance. A standard home insurance policy will cover buildings up to £50,000 and contents between £12,000 - £50,000 depending on the insurance provider. If your requirements exceed this, or perhaps you own a listed home, you might require a specialist home insurance policy to ensure your assets are properly protected. Expensive pieced of technology, jewellery or pieces of art can be considered high value and may need specialist protection if they are unique or you possess a number of them. Remember it's important to get assets such as paintings and jewellery valued as the cost of replacing them can fluctuate and it imperative to be sure they aren't underinsured.