Before I wrote this article I typed in Google ‘high-value home insurance’ and I was inundated with lots of adverts and links on all or claiming that they had the right solution.
In reality most of those sites were just generic comparison sites offering vanilla products usually limited to £1 million pounds buildings insurance cover and are wholly inadequate in terms of quality contents insurance cover.
Some of the more glamourous websites take you to a ‘high net worth insurance section’ where they will feature a host of logos which belong to insurers some of which are frankly irrelevant as they only operate in the mainstream market and others which are grouped in with collective statements that aren’t universal and therefore do not apply to them.
Of course, the internet is littered with misleading and inaccurate insurance information in the hope you will click as often the host insurance website will be paid an introductory transactional fee regardless of whether the case can be fulfilled. Worse still are the web offerings that make you believe you have been successful only to receive an email a few hours later and have to restart the process on the phone to a ‘call centre’.
In my web research on ‘high value insurance’ a few other types of sites were returned including ‘Specialist Brokers’ and I’m unable to comment on whether the will provide the right cover – I suppose can this could only be demonstrated by trial and error with an actual proposition.
Before I started trawling the net I had it in my mind that it would be pretty simple to get cover for high value home insurance but the reality is ‘risk based’ and above a certain limit underwriting becomes more of a bespoke nature which effectively renders web portals ineffective as the rules are too complex. The idea of a couple of questions and hey presto your insured should not apply and is dangerous if you are lead to believe the policy is fit for purpose.
[pullquote]There is no point in paying for home insurance if it’s not going to pay out when you need it.[/pullquote]
This gap is filled by the Specialist High Net Worth Brokers, such as Niche Advice who understand the clauses and conditions of the policy that need special care and reading. As Financial advisers based in London’s Victoria we regularly help place home insurance policies for residential and buy-to-let properties worth over £1 million to £15 million.
We can also provide tailored solutions for commercial insurances and have large insurer panel which caters for virtually every type of insurance need.
Key exclusions that will apply will be discussed, and expert insurance advice given, so you know where you stand before the policy commences. This is essential for home insurance policies over £1 million.
Cover options for some of our plans include:
- Cover from £1 Million to £15 Million
- Buildings and Contents cover (can include enhanced accidental damage cover)
- A dedicated, personal claims service
- £100,000 legal expenses as standard
- Replacing the irreplaceable
- Identity Fraud Detection and Assistance Service
- 0% interest on monthly Direct Debit Payments
- Art, Antiques and Collectables
- Covering contents worldwide as standard
- Second Homes Abroad (mainland France, Spain, Portugal and the Republic of Ireland) – maximum limit applies
Should you need assistance with high value home insurance please do not hesitate to contact us by completing the enquiry form on the right-hand side of this page or alternatively calling us on (020) 7993 2044
Author: Richard Stokes
Richard Stokes is a partner at Niche Advice who are whole of the market Independent Finance Brokers In London. His role is very much focused on on Mortgage and Insurance products.