Move Your Home Insurance Upmarket

Improve Your Household Cover

An increasing number of people are becoming more affluent: their possessions are becoming more expensive and the collective value of their property is constantly rising.  People are spending more, accumulating more, taking more risks and ultimately have more to lose in the event of a fire, flood or other catastrophic event in their home.  As such, it is vital that their household insurance cover reflects their dynamic lifestyle.

Many insurers have recently launched enhanced policies targeted specifically at individuals and their families with this profile.  These policies provide a wider level of protection, which is absolutely critical in keeping up with people’s changing lifestyles.  Mobile phones, laptops and personal digital assistants (PDAs) are just some of the typical items used by many in their day to day lives and the loss of these possessions can easily run to several thousand pounds.  Leisure pursuits are also becoming more varied and expensive, whilst international travel to exotic places is increasingly common place.

Complete Cover

A standard household insurance policy will generally insist that every item in the home worth more than £1,500 be specifically listed.  This is not the case under these enhanced policies.  Standard policies aren’t much better in the garden or in outbuildings where, for example, cover might only be provided for up to £500 for items stolen or lost. Again, an enhanced policy might provide cover for up to £10,000 in outbuildings.

And it’s not just whilst in the home that the affluent are at risk.  Many more people are spending time away from home or abroad and taking expensive possessions with them.  World wide cover for their possessions comes as standard under quality mid \ high net worth policies.  Some go as far as to offer access to security consultants, who can provide advice on issues such as personal travel security, identity fraud and identity theft.

All Risks

Ultimately, a good quality policy will provide “All Risks” cover, which protects the policyholder’s home and outbuildings against most risks.  Only a few exceptions apply, providing peace of mind to householders without having to trawl through all the fine print.

Adequate Cover

As people start to acquire high value jewellery or works of art, they need tailor made policies that go beyond the cover provided by standard household policies.

Affluence often comes later in life, at a time when many people are inheriting money and valuable possessions.  They have often moved into larger houses and there may well be several vehicles in the household. 

If this is a profile of you and your family, contact your chosen Cherrypicked Insurance broker to discuss the right type of household, motor and family travel policies for you.

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