Sometimes the joy of owning precious valuables can be overshadowed by worries. Having unique and expensive objects such as art, jewellery or an expensive home can be a source of pride. But, they can create additional burdens, constantly requiring security and special considerations.
How can you reconcile these two perceptions? Simple: Secure your possessions and reduce your concerns by purchasing a high net worth (HNW) insurance policy.
Do you need it?
A typical policy might not cover all of your possessions. You could find, should you make a claim, that you are underinsured and out of pocket. However, a HNW policy protects costly assets, including, fine art, high-end jewellery, yachts and motor vehicles.
HNW policies can cater for various aspects of an individual’s personal requirements under one policy. These are some of the more common covers that can form part of a HNW policy.
A luxury home could be one of the biggest and most expensive purchases you will ever make. Not protecting it with a suitable policy could condemn your property in the event of an accident or emergency.
Additional buildings to the main house such as stables, swimming pools and tennis courts are included in HNW policies.
Personal property that you own is often covered with a general contents policy, including furniture and personal items, however the low inner limits under a standard policy could leave many items underinsured and you are often covered in the home only.
Many HNW policies not only provide higher inner limits but also offer world wide contents cover, ensuring wherever an incident happens, your items are protected.
HNW policies have higher single article limits for your jewellery, fine art and other valuables, and typically you would not be asked to specify any item under £15,000 (although this can be higher in some cases), which gives more flexibility.
As the owner of a house or employer of domestic staff, exposure to legal liability is unavoidable. Liabilities cover can protect against claims related to your property or household employees. For example; public rights of way across your land, or holding public events on your premises, exposes you to legal liabilities.
Most HNW policies offer annual travel insurance options that covers cancellation charges, medical expenses while abroad, and costs due to delayed departure and missing luggage. However, some usual exclusions still apply such as travelling against medical advice, injuries from specified dangerous activities and certain age restrictions.
Insure Your Legacy
These are not by any means all of the covers available. Protect your legacy—and the things you have worked hard to obtain and expand. One disaster can cause a ripple effect, depriving you of costly cherished belongings. By putting a comprehensive HNW policy in place, you know you have insured a lasting legacy.
Zywave: Cover overview high net worth insurance