What is Mid to High Net Worth Home Insurance?

What is Mid to High Net Worth Home Insurance?

As a high net worth individual, you will require the appropriate level of insurance to cover your belongings.

As a rule of thumb, contents insurance cover of over £100,000 and buildings insurance of over £500,000 falls into the high net worth category. (If you’re not sure you fall into the high net worth category, you can read our blog post here that gives more detailed information).


Why choose a high net worth insurance policy?

Clients with significantly valuable assets often cannot be covered by standard insurance policies because their sums insured are greater than those which standard insurers will provide cover for.

Whilst this kind of insurance is primarily for those with very specific insurance needs, you don’t have to be rich and famous to benefit from the cover it will provide.

As people that fall into these categories will generally travel more and be away from home for longer periods of time, there is an option to have worldwide cover for contents.

The items covered by these specialist policies will also have a higher limit for single items, such as single pieces of jewellery or high-end watches.

Another addition to this type of policy is cover for any items that may be stored in a safety deposit box, or items that a son or daughter may take with them while away at University.

As many clients that require this type of protection will live in a non-standard or even listed buildings, the policy will cover alternative accomodation for upto 5 years should repair works run into lengthy complications.


What items can be covered on a high net worth insurance policy?

Art, antiques, jewellery, clothing and personal effects are often some of the most under-insured items – perhaps because they have been accumulating over many years.

Examples of Items a mid-high net worth policy can cover include:

  • Boats
  • Fine art
  • Prestige and classic cars
  • Jewellery and watches
  • Musical instruments/equipment
  • Buildings (including grounds and other outbuildings such as stables)
  • Antiques and collectibles
  • Holiday homes and overseas properties
  • Personal protection cover
  • Technology

In more recent times, many policies have also included the addition of personal cyber insurance, which was previously only made available to commercial clients.

Morpheus can help

We can help with specialist home contents insurance including cover for art collections, expensive jewellery and other high-value items. We can also arrange specialist buildings insurance for properties that are non-standard construction, listed or historic buildings.

Help is also at hand if the property is situated in a high flood risk area.

Our specialist arm can assist in all mid-high net worth insurance needs.