High net worth insurance
CLA (Risk Solutions) Ltd
If you need buildings cover over £1 million and contents cover for over £100,000, then you are likely to need high net worth insurance.
You may be surprised at how easy it is to fall into this bracket of insurance when calculating your cover.
If you factor in buildings and outbuildings, boats, prestige cars plus any holiday homes, you could find yourself within the realms of high net worth individuals.
Inherited property, jewellery and antiques could also take you into higher insurance cover to help protect your family heirlooms for the next generation.
Private clients
High net worth insurance policies can be tailored to individual requirements.
You can cover home, cars, overseas travel, personal protection and include the whole family under one insurance policy.
This will save you time when you come to renew your annual insurance policies.
As a private client you can also request an internal survey to assess some of the risks in your property, obtain an accurate valuation of your possessions and get security advice.
High net worth house insurance
As one of your most expensive and important assets, making sure your home is adequately covered for insured risks and giving you peace of mind is paramount when choosing your insurance provider.
Using an insurance broker to guide you through the maze of risks and providing advice on valuations will take a lot of the guesswork out of choosing a provider to match your particular risks.
One of the most common insurance claims is for escape of water.
This presents a greater risk to our high net worth clients because of the damage that can be caused to expensive fixtures, fittings and personal contents.
There is usually a larger area that water damage can affect and you will probably have more bathrooms and possibly underfloor heating which both increase the risk of a water leak even further.
The Association of British Insurers report that in the space of 3 years water claims rose from £529m to £654m.
Leaks are commonly caused by water pipes corroding, particularly in older properties.
Pipework is often hidden and difficult to inspect so there are often no warning signs before a leak occurs.
Even a small hole in a pipe, if it goes unnoticed, can cause thousands of pounds worth of damage to the fabric of the building and expensive carpets, furniture and electrical equipment.
The risks are greater if you own a second home or are likely to leave your main residence vacant for long periods, especially over the winter months.
One policy
To find out how you can benefit from high net worth insurance and combine your multiple policies into one cover to include house, prestige cars, overseas travel and even your children’s possessions while at university, call your local insurance broker CLA (Risk Solutions) on 0121 321 4600.