Homes over £500K may have insurance gaps

by Tony on 22/03/2010 in High Value Homes, Jewellery and Watches

Hundreds of people with homes over £500,000 in Reading and the surrounding area could be leaving themselves open financially when it comes to insurance according to Reading based specialist insurance broker Macbeth.

This especially applies to people who also have contents worth over £75,000 plus jewellery and watches over £10,000.

Paul Macbeth, Managing Director of Macbeth’s said, “You can basically divide the home insurance market into two – higher value home and standard policies. They are very different in both scope and design, and in today’s market too many people do not understand there is a difference and select on price alone without realising they are leaving costly gaps in their cover.”

Higher value home insurance is designed for higher than average sums insured or for people seeking a better quality form of insurance for their homes, possessions and valuables.

Cover is restrictive in many respects and conditions will be applied. Typical limits of cover being £300,000 for buildings, £50,000 for contents and £5,000 for jewellery/watches although it may be possible to insure an additional, expensive item that exceeds the single article limit but charges to do so are usually expensive.

Paul Macbeth added, “And when it comes to claiming, the insurer’s service will generally be quite rigid with claimants being directed to the insurer’s own suppliers and repairers. There is no doubt standard insurance policies are great value for money if you have the average sums to insure. However, if you have an expensive home, contents, jewellery etc then a higher value home policy will be the most effective and competitive way to insure and avoids the tears.”

If you would like more details about high value home insurance, please contact Paul Macbeth ACII (Managing Director) on 0118 9452 944 or paul.macbeth@macbeths.co.uk

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