What Is High Net Worth Insurance And What Does It Cover?
High Net Worth insurance is the collective name for products designed to cater for people with high value homes and possessions, prestige cars, high value antiques, jewellery and collections, overseas properties, and those who travel a lot for personal or business purposes. High Net Worth may also include people with higher profile occupations such as professional sports people and those in the public eye. These products are generally those which require greater levels of protection or expertise and wouldn’t normally be covered by standard insurance policies, and where a higher level of discretion or personal service is needed.
High Net Worth Insurance Explained
High Net Worth insurance comprises a number of different products which require greater levels and types of cover due to an increased value or risk for the insurer, for example prestige and luxury cars, high value homes and contents, fine art, antiques and collectables too. It can also cover individuals with high profile occupations where they themselves are a higher value risk to insure in case anything should happen to them - such as professional footballers or other sports people, actors, singers or celebrities in the public eye.
Standard insurance policies will be unlikely to cover these higher value items or risks, but high net worth policies are tailor made for them. An insurer will weigh up the increased risk along with the increased value and will provide enhanced cover to protect them. A standard policy will have lower set limits as to what can be paid out for specific items, and this will usually fall way short of the type of items included within high net worth. For example if you had your home broken into and they stole your £35,000 watch that was left in your bedroom, you may find that your insurance policy will only pay out up to £10,000 for stolen personal items. If the value of your high value items has not been specifically outlined then, with a standard policy, you may only be paid out a set percentage of the total contents cover rather than the proper value of your item, that is if they will even cover you at all.
Having a high net worth policy gives you an increased level of cover with higher limits and greater protection. They are specifically designed to give protection to people with high value assets so that if the worst were to happen you can be properly compensated. Anything from a single piece of jewellery to a whole art collection, a home and its contents or your supercar can be properly insured.
So what are the basics of High Net Worth insurance?
- Prestige & Sports Cars
- High Value Homes
- High Value Contents
- Fine Art & Collectables
- Overseas Properties
- Personal & Business Travel
- Kidnap and Ransom
- High Profile Occupations
- Professional Sports People
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