If you own a high value home and contents, it is important you have adequate insurance cover.
A standard home insurance policy may be suitable for the average three-bedroom house, but it may prove to be inadequate for a high value home with contents such as antique furniture, fine art or expensive jewellery.
Price vs Value
Although insuring your property through a standard policy may at first seem cheaper, any savings made could prove to be a false economy if later on you lose thousands on a claim because you either had the wrong cover or were under-insured. This is because the risks associated with high value homes could be:
- more diverse or complicated
- the potential losses more significant
- the process of replacement or repair more complex
Believing your insurance covers you for all eventualities
Standard policies are likely to be “perils-based”. This means you are covered only for loss or damage resulting from specified perils – such as fire, theft, storm, and water damage. If you make a claim it is up to you to then prove that one of the named perils caused the loss.
By contrast insurance for high value homes tends to be all-risk policies, which means your home and its contents are covered for most eventualities, except what is specifically excluded in the policy.
Gallagher has an in-house dedicated Private Client claims team who would support you with any claims, should the unfortunate happen.
Beware of exclusions and clauses
Standard policies tend to contain exclusions or clauses where cover may not apply. For example, a standard policy may include a clause which states that if a security alarm has not been turned on and the property is broken into, cover may be excluded.
However, specialist insurance policies for high value homes tend to be ‘warranty-free’; this means that the normal clauses in relation to the use of alarms, locks or safes are usually not included.
Speak to Gallagher
To avoid the limitations of standard home insurance policies, speak to a specialist insurance broker like Gallagher.
Gallagher has been providing specialist insurance cover for high valued homes, contents, valuables and motor polices for many years. We are often able to package all of your insurance assets into a single annual premium and this may help reduce yearly spend, as well as drive efficiency
Our approach involves a detailed assessment of your high value home and assets, establishing your cover requirements, designed to your precise needs. We work with you to resolve your comprehensive prestige home insurance requirements, not just for your high value home but for all your insurance needs.
Why not contact us and put us to the test on your high value home cover, or any other insurance need you may have. Let us show you how we could help you.
