Buildings Cover: As part of a high-net worth policy, ‘buildings’ are likely defined as the main dwelling, outbuildings, garages, swimming pools, tennis courts, and other features on the property. High-Net worth policies typically extend coverage beyond the limits of a standard policy to include buildings and features ancillary to the main house.

Contents Cover: Contents are generally defined as personal property which you own. This can include furniture, furnishings, household goods, and personal effects. Most high-net worth policies cover contents on a ‘worldwide’ basis, meaning it covers belongings wherever they are in the world for the entire period of insurance. Worldwide cover attracts people with multiple homes or who travel extensively. Rather than arranging separate policies for personal property spread across several countries, customers can purchase a single, comprehensive worldwide contents policy that protects their belongings—no matter where they are.

Valuables Cover: Depending on your policy, your valuables—such as gold, jewelry, and furs—may be covered under your contents. Insurers also offer separate valuables if customers have a specific list of valuables they would like to protect, such as fine art, antiques, and collectibles. Extensions include cover for newly acquired valuables, pairs, and sets and an increase in the sum insured due to the death of an artist. Exclusions include dented or faded stamps and coins, losses during transit, and damage caused by alterations.

Liabilities Cover: As a house owner or domestic staff employer, you unavoidably expose yourself to legal liability. Liabilities cover protects against liability claims related to your property or household employees. In addition, legal expenses cover defraying the cost of pursuing claims against another party, for example, an accident that causes death or injury to the insured or a dispute over a contract.

Travel Cover: Most high-net worth policies offer annual travel insurance that covers cancellation charges, medical expenses while abroad, and costs due to delayed departure and missing luggage. Exclusions include traveling against medical advice, certain age restrictions, and death, illness, or injury stemming from specified dangerous activities.

Additional Covers: In addition to the preceding list, there are many more additional covers available as part of high-net worth policies, such as:

A) Small craft, pleasure boats, and motor yachts

B) Caravans

C) Second homes abroad

D) Family protection

E) Personal cyber insurance

Some of the main advantages of high-net worth insurance include:

A) The common renewal date for all insurance needs

B) Single item limits are typically higher than standard insurance policies

C) All homes are on the same policy as the main residence

D) No restrictive clauses, conditions, or warranties

E) Buildings sum insured agreed via appraisal

F) Automatic cover for gardens and outbuildings

G) Agreed value approach on all assets and valuables

H) 90-day cover for new acquisitions as standard

I) Flexible driving options – any driver, any car cover

High-Net Worth Insurance is for people with a lot of valuable possessions they want to protect. It’s usually more expensive than standard insurance, but its coverage makes it worth the price. If you’re interested in high-net worth insurance, contact us today! We’ll be happy to show you all our excellent options and help ensure your valuables are safe from harm.