What is High Value Home Insurance?
High value home insurance is a type of insurance designed to provide comprehensive cover for high-end properties and their contents. In the UK, this type of insurance is typically aimed at homes with a rebuild value of £500,000 or more, although this can vary between insurance providers.
High value home insurance policies typically offer higher levels of cover than standard home insurance policies, and can include features such as cover for valuable jewellery, fine art and antiques, as well as cover for high-end gadgets, luxury cars, and second homes. Insurance for high value homes is not quite the same as listed building or non-standard home insurance even though these types of properties can be of high value.
High value home insurance is typically more expensive than standard home insurance, due to the higher value of the property and its contents, as well as the additional features and benefits provided by the policy. However, it can be a worthwhile investment for homeowners who want to ensure they have adequate protection in place for their high-value assets.
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What Does High Value Home Insurance Cover?
The exact coverage provided by a high value home insurance policy can vary depending on the insurance company and the specific policy. However, some of the common coverages provided by high value home insurance policies include:
Is High Value Home Insurance More Expensive?
High value home insurance is typically more expensive than standard home insurance due to the higher value of the insured property and the additional coverage options provided. High value homes often have unique and expensive features, such as custom finishes, high-end appliances, and advanced security systems, which can increase the cost of repairs or replacement in the event of a loss.
What Is The Difference Between Buildings And Contents Insurance?
Buildings insurance and contents cover are how most home insurance policies are broken down. When it comes to high-value home insurance, both are likely to be higher in value but with greater focus on the contents.
Buildings insurance (names Building Sum Insured on forms) insurers the walls, roof, floors and permanent fixture. It typically provides cover for damage caused by events such as fire, flooding, storms, and vandalism.
For high end homes, this can include features of the home that are more expensive or require specialists to repair or replace.
Contents insurance, on the other hand, covers the personal belongings inside your home, such as furniture, appliances, clothing, and electronics. It provides coverage for damage or loss caused by events such as theft, fire, and flooding.
Contents insurance policies may also provide coverage for high-value items, such as jewellery, art, and antiques, up to a certain limit.
Do I Need Special Home Insurance For High Value Items?
On your high-net worth home insurance, you will be able to list some more expensive items such as wedding rings or typically day to day electronics. It won’t cover things like expensive jewellery, art, antiques or collectables. To cover things like this, you will need separate policies.
When it come to high-value home insurance, it is extremely important to understand what is cover by your policy and what is not. Some items you will be able to list on your home policy such as wedding rings, phone and high-end TV’s. It is unlikely though that you will be covered for a £30k watch.
Our high-value home insurance brokers will help explain exactly what you need, what’s covered and what is not.
Understanding The Value Of Your Home And Contents For Insurance Purposes
Understanding the value of your home and contents is an important step in determining the right level of insurance cover you need. Here are some tips for assessing the value of your home and contents.
- Home value or ‘buildings sum insured’: This is essentially the cost to rebuild your home in the event of complete loss. It is not the same as the value of your home if you were to sell it. The value of your home takes into account other factors such as location and demand. Resale factors do not change rebuild costs.
- Contents value or ‘contents sum insured’: The value of your personal belongings inside the home can be more difficult to assess, as it requires you to take an inventory of all your possessions and estimate their value. You can start by going through each room in your home and listing all your possessions, including furniture, electronics, clothing, jewellery, and other valuables. Once you have a rough inventory, you can apply a rough estimated cost to replace the items.
- Review yearly: The value of items or the cost to rebuild a home change all the time. As such, you should review the value at least on the annual renewal of your policy.
