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.
The clients that our brokerage represents were secured through persistent dedication to earn their respect and trust. We are able to provide beneficial information to our clients through regular news letters and updates – if you would like to know more then sign up today.