What is Considered High Value Insurance?
High-value home insurance is tailored for properties and possessions that exceed the coverage limits of standard insurance policies. It typically applies to luxury homes, historic estates, or properties with unique architectural features and high-end materials.
This type of policy offers more extensive coverage options, higher liability limits, and personalised service to meet the unique needs of affluent homeowners.
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High-Value Home Insurance FAQs
Is 1 Million Enough for Home Insurance?
The amount of home insurance you need depends on several factors, including the value of your property, the cost to rebuild it, and the value of your personal belongings.
In some cases, £1 million may be more than sufficient, particularly for standard homes. However, if you own a high-value property or have expensive possessions, you might require a higher level of cover.
It’s essential to ensure your policy includes enough to rebuild your home at today’s prices and adequately cover your contents. Consulting with one of our insurance brokers at Enness can help you determine the right level of cover for your needs.
Get in touchWhat are the Issues with Being Underinsured?
Being underinsured means that the sum insured on the policy is too low for the true reinstatement cost (the cost of rebuilding the property from scratch). In this event, online providers will not simply pay out the amount you're insured for, and you fund the rest. Instead, they will look at what percentage you're underinsured by and pay out the corresponding percentage on your claim.
For example, if you insure for £1m but your reinstatement value is £2m, the provider will say you are 50% underinsured and only pay out 50% of your claim. Therefore, having the correct advice is crucial. Our providers do not apply these rules, so we ensure the sum insured is correct.
How do Bespoke Providers differ from Direct Online Providers?
Our providers know each property is different and will ensure the cover in place is tailored specifically for that property, as opposed to a generic sum. Our policies are also called 'all-risk' coverage instead of peril based, meaning your home is protected at the highest standard. Direct online providers also offer a suite of 'add-on' benefits but our policies often come with these as standard.
Why is Insuring my Content Important?
The value of our content is often significantly overlooked. As a general rule of thumb, everything in your house is considered content. We'll also ensure that any high-value or treasured items are covered, even when taken away from the home.
How to Make an Insurance Claim
Online providers will have a generic claims helpline for you to begin the claims process, which usually involves lengthy hold times and speaking to a different person every time. We will be your dedicated point of contact and walk you through the whole process. We'll provide guidance and advice on what's needed; for example, the provider may require evidence such as a police report or may request for a loss assessor to visit the property.
How can Enness Help?
Our team of experts works closely with leading insurers to secure the most inclusive and competitive cover for your luxury property and valuable assets. We understand the complexities of insuring high-value homes and can assist with everything from assessing the full value of your property and possessions to ensuring you have adequate protection against all potential risks. With Enness, you can enjoy peace of mind knowing your home and valuables are safeguarded by a policy designed just for you.
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