Wealth in the UK is growing year upon year. A report published by the Office for National Statistics in 2016 showed the UK’s net wealth had risen to £8.8 trillion, with each household worth an average of £378,000. For the first time in British history there were over 1 million households with a net worth of over a million pounds, meaning the UK has the fourth largest number of millionaires globally, behind the United States, China and Japan.
As the wealth of the UK and its inhabitants grows, so does the need for specialist ‘high net worth’ insurance policies. The more affluent you become as a family or individual, the more complex your home and contents becomes as an insurance risk – meaning a conventional insurance policy may no longer provide a suitable level of cover for the important things in life. Continuing to rely on the standard insurance set-up you currently have in place could leave you vulnerable to underinsurance for instance.
High net worth insurance is often a personalised product that can be specially tailored to the individual needs of the client, providing sophisticated levels of cover against the risks that are applicable to them. It aims to meet all of a client’s insurance needs under one arrangement and where a standard household policy may exclude certain items such as artworks or antiques, or fail to cover jewellery and watches wherever they are worn in the world for example, these items would be included under a high net worth policy. Throughout the process, service levels should be second to none, with an emphasis on ease, efficiency and excellence across the board; from quote, to claim, to renewal.
At Coversure Palmers Green, we work closely alongside our preferred high net worth provider Home and Legacy to bring you a range of policies designed to suit your needs:
- Prestige Home – A policy that gives clients more than a standard home insurance, like all risks worldwide cover for possessions, increased single article limits and unlimited covers on pet damage and pedal cycles.
- Ultra Home – Among the least restrictive home insurance products on the market, our Ultra Home policy enhances many of the features offered by our Prestige policy, including increased limits for business property.
- Ultimate Home – With unlimited cover for guests’ personal effects and no single article limit on general contents, Ultimate Home is an exceptionally inclusive, top rated policy designed for clients at the top end of the home insurance market.
- Worldwide Multi-Trip Travel Insurance – Offered in conjunction with our household products our travel insurance provides excellent levels of cover, generous upper age limits and a comprehensive winter sports option. We’ll also consider travelers with previous medical conditions.
This level of cover and service are not exclusive to the super rich however and even if you have never considered yourself to be a high net worth individual, you may still be in need of a more personalised insurance package. Whilst thresholds vary between providers, standard household insurance generally provides cover up to £500,000 for buildings sum insured and for up to £75,000 worth of contents. If you think you may exceed these levels, you may not be adequately covered under a standard arrangement and should consider the benefits of a high net worth policy.
Like to hear more?
If you would like some more High Net Worth insurance advice or would like some help getting home insurance that is right for you, then please call us today at Coversure Palmers Green on 0208 617 9471 or email us by clicking here and we will be happy to discuss the options available to you.