Our portfolio of personal clients is very diverse, and several fall into the category of High Net Worth.
So who qualifies as a “High Net Worth client?
Standard household insurance products usually cater for buildings sums insured up to around £500,000 and contents sums insured up to £80,000.
Depending on the insurer, above those levels you might fall into a new category Mid Net Worth, and it’s certainly sensible to consider a Mid or High Net Worth contract when your sums insured reach this point.
Although these products usually mean higher premiums, the differences in cover are vast. This is not a comprehensive list, but here’s a snapshot of the wider cover provided by a High Net Worth policy:
- Contents cover automatically applies worldwide on full all risks basis
- No under insurance penalties
- Trace and access cover up to full buildings sum insured
- Automatic cover for newly bought or acquired items
- Specified items insured on agreed value basis
- Automatic identity and credit card fraud with high limits
- Worldwide annual travel cover with no conditions for pre-existing medical conditions
- No “pairs or sets clause
- Cover for students belongings up to the full contents sum insured
This is a summary of the range of covers available within a high net worth policy. As with all insurance policies, cover varies between insurance companies and is subject to terms and conditions. Always read your policy carefully.