Home Insurance

High value assets typically involve more complex risks

For most people their family home is one of their biggest investments. It isn’t just somewhere to live, it’s an expression of who we are and how we like to lead our lives.  Not all homes are the same. Imagine the differences between a 200 year old listed building and a brand new executive home. They don’t look the same, they are not made the same, and they can require very different skills and costs to repair or renovate. High value assets typically involve a more complex mix of attached risks, requiring a greater level of protection than a standard insurance policy usually provides.

For example, insurance for high value assets such as property tend to be ‘all-risk’ based, which means your home and its contents are covered for most eventualities, with the exception of anything specifically excluded in the policy. This is the type of cover we recommend for our private clients, as it offers greater protection for your assets and lifestyle. In contrast, standard policies are likely to be ‘perils-based’, covering you only for loss or damage resulting from specified perils — such as fire, theft, storm, and water damage. With this coverage, if you make a claim it is up to you to prove that one of the named perils caused the loss.

It is advisable that larger homes are visited by a specialist to ensure that the amount they have been insured for is accurate and appropriate to meet their insurance needs. As a minimum, an external viewing is wise, but for larger homes a full appraisal with detailed recording of the home, its features and its contents is highly recommended. This approach is more likely to guarantee that should there be a claim, no matter how big, there will be sufficient coverage to effect a proper and timely repair or replacement.

Another key consideration when insuring your home is the extent of choice you will have when it comes to making a claim.  Many UK policies allow the insurer to dictate who repairs your home, and where you live if you have to move out during the repair process. Arranging insurance to meet your needs and understanding exactly how an insurance policy will respond in the event of a claim, will help you decide if it is right for you.

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