High Net Worth Insurance

For most people their home is their most valuable asset and for owners of high value homes it is more often not just the building, but also the contents, valuables and fine art that hold a worth beyond 'everyday' value. It is therefore vital that adequate cover is in place.

That's where the Lovat Private Clients Team can help. For owners of high value homes in the UK we can offer quality cover at an affordable price and with leading, award-winning insurers. Whether yours is a period house, town house, country property or even a mansion, whether your contents include fine arts, paintings, antiques, jewellery or any 'treasured possessions', the cover we offer will meet your needs. Indeed you can even include other insurance needs under one policy such as travel, personal liability, second homes (even outside the UK), Yachts and even Family Motor Fleet Cover (which extends to cherished and performance vehicles.

It is often assumed that effecting a high net worth policy is an expensive option, this is not always the case and ironically, it is true to say that often many people are paying too high a premium for their existing 'basic' policy coverage. By tailoring a policy to your exact requirements rather than making assumptions about the value of items and also taking into account the security and occupancy of your home we can offer competitive rates but still provide the wide cover you are looking for.

Buildings Insurance - the cover we can offer is provided by leading, award-winning insurers with their own in-house appraisers who visit homes to ensure the correct rebuild value is established. They will consider distinctive features and architectural aspects of note (an area particularly vital to listed buildings of which there are over 5,000 listed with English Heritage) and in so doing provide a report to clients giving accurate figures to avoid under-insurance issues. It's worth noting that many other insurers just rely upon the homeowner to assess rebuilding costs. We don't believe this to be appropriate for such specialized cover.

But it’s not just the structure that needs specialist attention when choosing to insure your home. Imagine discovering a leak under your newly laid marble floor and having to pay a specialist contactor to take up the floor, trace the leak and reinstate the floor. These “trace and access” claims can run into thousand of pounds. Standard household policies offer little protection but specialist High Net Worth policies will cover such damage with generous limits or in some cases unlimited cover.

Contents Insurance - the cover we offer is provided by leading, award-winning insurers who have put together specially-designed policies that cater for individual needs yet with the flexibility to adapt to future needs too. Higher and wider levels of cover are the key factor, being more appropriate to the way people live today.

Valuables, fine arts, antiques, jewellery etc. - A variety of features are available to choose from including Fine Art and Antiques cover (paintings, prints, glass, fine porcelain, sculptures, jewellery, etc) and also worldwide contents cover meaning that you can take your belongings overseas with you or buy new items knowing that they're automatically insured. We also offer links to approved valuers, who have agreed special discounted rates to all Lovat clients.

With regard to values these need to reflect the full value of your possessions. Many people underestimate the full replacement value of their possessions. They fail to notice price changes due to changing fashions or forget they have upgraded to more luxurious items or simply ignore the accumulation of contents over the years. These factors can mean people are substantially underinsured in the event of a claim. Whether it’s a smaller loss or catastrophe underinsurance this can mean you are left out of pocket by your policy. To avoid this problem we recommend clients do a full inventory of all contents, reflecting current replacement values. If there are items such as Fine Art or Jewellery we recommend specialist valuations which can be passed on to your insurer which will smooth the claims process in the event of a loss. Some High Net Worth insurers will provide guidance on your sums insured and provide access to professional valuers.