If you are a high net worth individual, the likelihood is that your insurance requirements will be far more complex than what standard policies are written to cover. As such, conventional policy wording may not cover you when you need it most. It’s essential to make sure your policy is tailored to your assets so that in the event of a claim you are adequately covered.
So what differences and benefits can be found in a high net worth insurance policy?
A high net worth policy can often be more comprehensive—for example, a policy could promise to cover loss or damage to valuables anywhere in the world, whereas a standard policy may only cover contents temporarily away from your home, and potentially not at all when outside the British Isles. If you are an international businessperson or frequent flyer, this could be a pitfall, so a high net worth policy would be worth looking into.
When it comes to your property, there are a full range of possible additional benefits, including trace and access and home emergency cover as standard. Wine collections are often included as standard. A specialist policy might also protect you from fly tipping or trespass, which could be beneficial if your property has large grounds.
If an event occurs that stops you from living in your home, you may need to claim for living expenses—e.g. the cost of renting somewhere if you’re unable to live in your property. A bespoke, high-end policy could include wording that offers to provide ‘additional living expenses’ with no capped monetary value, whereas standard policies might only offer a set amount.
Of course, there are a full range of other possible benefits—everything is dependent on your personal circumstances. If you feel you could benefit from a high net worth insurance policy, do get in touch and I would be delighted to advise you further.