What is high net worth insurance?
If you own or invest in expensive property, prestige cars, fine art, vintage wine or even inherit family heirlooms, you want to know that you are more than sufficiently covered. By taking out high net worth insurance you are guaranteed of an increased level of cover and personal care.
High net worth insurance is the name given to policies which are designed to cater for people with high value homes, possessions, cars, antiques, jewellery and overseas properties, which would not normally be covered by standard insurance.
High net worth insurance provides reassurance that if the worse were to happen, you would be appropriately compensated. At Jersey Mutual, our high net worth insurance can safeguard your most treasured possessions against the risk of theft, damage or unforeseen acts, providing you with peace of mind.
What does high net worth insurance cover?
Owning a significant number of assets often leads to unique insurance challenges. Rather than having to arrange numerous insurances for each individual belonging, it’s far simpler and cost effective to place them under one policy with a specialist high net worth insurer.
Bespoke high net worth insurances allow you to cover your valuables, profile and lifestyle needs, whilst ensuring that your belongings are precisely detailed. Most high net worth insurances include:
- Buildings Insurance. Most policies cover high-value estates including buildings that are listed, as well as second and overseas properties. They will also cover outbuildings associated with the dwelling including garages, swimming pools, tennis courts and stables. Some will even cover investment property portfolios (depending on your individual needs). It is important to make sure that you check how much your insurer will cover you for in advance of taking out the policy.
- Contents Insurance. This is generally defined as the personal property you own, such as furniture, furnishings and designer wear. Most high net worth insurance policies cover personal effects on a worldwide basis, so that those with homes abroad do not have to worry about taking their personal belongings with them when they travel.
- Valuables Insurance. From gadgets and gizmos to arts and antiques, the value of personal property can quickly add-up. Whilst standard insurance policies can cover you up to a certain amount, it is unlikely that they will cover costly items. It is therefore important that your most expensive belongings are valued individually.
- People Cover. Aside from tangible objects and wealth, high net worth insurance can also cover individuals who are in high profile professions, sports people, actors and singers, should anything happen to them too.
Does my home qualify for high net worth insurance?
The more assets you have the more likely you are to need personalised cover. If your home has a rebuild value of £750,000 or more; or you require in excess of £100,000 cover for your contents; it is likely that you will need high net worth insurance.
When you choose Jersey Mutual, our experience insurance experts can assess and provide valuations for your home and give guidance on the cost of replacing your possessions.
Who needs high net worth insurance cover?
Although high net worth insurance is primarily aimed at people with exacting insurance needs, you don’t have to be in a high profile occupation, rich or famous to benefit from the cover it provides. Simply by inheriting a few family heirlooms or collecting an assortment of designer handbags can soon total a surprising amount, which can quickly leave you under-insured.
Most high net worth insurances contain an allowance for specific assets, although most insurers will insist that these individual possessions are professionally valued beforehand.
At Jersey Mutual our high net worth insurance experts can provide help and support with insuring your precious items. We can tailor make your cover so that it includes much loved belongings such as jewels, watches, yachts, racehorses, sports cars and genuine pieces of artwork.
Why choose Jersey Mutual for your high net worth insurance?
As Jersey’s leading insurance society, Jersey Mutual have an enviable reputation for offering a superior service to our members. Operating with the upmost discretion, we can create policies that are specifically designed with high net worth individuals in mind.
As we are exclusively owned by our members, we work hard to ensure that we assess all the risks and mitigate any potential losses correctly so that we can obtain the right insurance solution for you. Because dealing with a specialist high net worth insurance provider like Jersey Mutual, enables you to relax, safe in the knowledge that your cherished possessions are covered under a policy that is as relevant today as it will be tomorrow.
If you would like to learn more about our high net worth insurance services and how they can benefit you, please call to speak to a member of our team or complete our contact form below.