The phrase ‘high net worth’ often brings images to mind of lords and ladies, millionaire bankers and celebrities. But in fact, when it comes to high net worth insurance, it’s not just the super-rich who qualify. Let’s take a look at what makes you a high net worth individual, and whether you should consider taking out this kind of insurance.
Am I a high net worth individual?
The definition of high net worth can vary between insurers, but as a general rule of thumb, if the value of the contents you’re looking to insure is higher than around £100,000, you could be classed as a high net worth individual.
You may also be a high net worth individual is your property is worth more than £500,000. With the current average house price in Kent hovering around £345,000, you may only need to be slightly above average to be thought of as a high net worth individual by an insurer.
In some cases, the entry-level for a high net worth individual can be lower.
What’s included in this type of insurance?
The main things usually covered in high net worth insurance include:
- Contents. This should cover all of your contents, including antiques and fine art.
- Buildings. (With a high net worth insurance policy, buildings and contents insurance can go hand-in-hand, so you don’t need two separate policies for each. This can also cover non-standard construction, listed or historic buildings or properties in high flood risk areas)
- Jewellery.
- Musical instruments and equipment.
- Collections (wine, art, coins, furniture).
Some insurers can also include the following within the policy:
- Prestige or luxury cars.
- Holiday homes (including overseas).
- Boats (speedboats, yachts).
- Cyber insurance.
Getting a high net worth insurance policy
Because of the nature of these policies, and the fact that no two homes are the same, these policies tend to be completely bespoke.
The main benefit of high net worth insurance is that everything is covered under one all-encompassing policy. Rather than having separate insurance for your cars, your home, your jewellery, your second home, and your collections, you can enjoy one single policy, which covers everything from accidental damage and loss, through to cyber insurance. This offers total peace of mind for those who have many valuable items and possessions that they want to protect.
Read our blog post here for more details on mid-high net worth home insurance.
Get in touch with Morpheus to see how we can help cover your valuable items.