High Value Home Insurance - Macbeth Insurance Broker

Are you Taking Risks with Under-Insurance?

A key area Macbeth have identified in financially savvy clients is that they have the right level of insurance cover where others think they don’t need it

Rapidly shifting markets can lead to the value of your assets changing, and your insurance with this. Our high net worth clients tend to be proactive about regular evaluations of their assets to ensure the right protection is in place. This is a smart move for anyone, given statistics show that up to 70% of UK homeowners currently underestimate the value of their personal possessions by as much as 30%.

Increasing contents cover can be met with resistance due to concerns around larger premiums. But the extra cost is often less than you’d expect – and well worth it, if it means you’re properly protected. It also ensures that any claims will be paid in full without deduction.
A key point to remember is that it is the full replacement cost of your contents that is insured, rather than the market value at the time of a loss. It’s not just high-value items that require cover; items such as CDs, clothing, sportswear and sports equipment, such as golf clubs or skiing gear, can all have a considerable cumulative value. Surprisingly, the average sum insured for clothing in high net worth homes is £20,000.

Macbeth has an asset calculator to help you calculate your sums insured. Besides listing what you own, it’s also good to do the following:
– Take photographs of any valuable or unique possessions
– Keep your purchase receipts for valuable items
– Valuations for jewellery and watches should be obtained every three years and fine art and antiques should be valued every five years

More information around our Insurance Secrets campaign is available here:
Insurance secrets for high net worth individuals

If you would like to know more speak to our High Net Worth specialist Carl Sharp on 0118 916 5487

*Information correct as of 1st May 2016

Author: Carl Sharp | August 12th, 2015

Contact the author

Carl Sharp
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk