What is mid net worth insurance?
A mid net worth home insurance policy is designed to be suitable for persons with above average amounts of belongings needing insurance. This typically means a customer will need a starting point sum insured of at least £75,000 worth of content to be eligible for this type of property.
These mid net worth policies are aimed at customers with larger homes. (Except in the cases of persons living in areas where property prices are high) Usually, these customers have more sophisticated insurance needs and require access to covers and section limits not normally available under a standard home insurance policy.
Requirements for mid net worth insurance could include:
- Cover for general contents and the fabric of the home.
- Cover for higher levels of personal items such as jewellery.
- Cover for valuable items such as fine art & antiques.
- Cover for collections. (Stamps, coins, records, militaria etc.)
- Cover for hobbies (Golf clubs, sports equipment, small craft etc.)
- Cover for legal expenses, home emergency and identify fraud.
- Cover for cars and travel.
Mid-Net worth insurance customers also require a more professional “concierge” approach from a broker who can offer them a discreet professional service as well as a policy to suit their needs.
Are my high-value items covered by contents insurance?
It is a misconception that if you purchase a home insurance policy it will cover everything, everywhere. Most standard home insurance policies have inner limits where for example the insurer will need to be informed if a single article is worth more than a certain amount. Insurers will also place restrictions on the number of valuables that can be covered in ratio to the general contents sum insured. Of course, you will also need to inform the insurer, if you want cover (including accidental loss away from the home.)
You should always read your policy documents carefully to fully understand what is and isn’t covered.
What is the right insurance policy for me?
A mid net worth policy may be more suitable for persons with high-value homes as “All-Risks” insurance is provided for all items both in and away from the home.
Under a mid-net worth policy, the inner limits are usually higher as well and whilst there is often a similar consideration given to the ratio of valuables to general contents, the insurer may be a little more flexible in what they are prepared to accept.
Mid net worth polices are also usually better able to cater with changes in the sum insured as more contents and personal belongings are added.
You can also read about our high-net worth home insurance if you feel this may be more applicable to your circumstances.
Getting the right sum insured.
Home contents and possessions should be insured for their full replacement value as new.
Many people underestimate the value of their home contents and possessions and find that claims payments are reduced because they are underinsured when a loss occurs.
Insurers apply a clause known as an average which has the effect of reducing a claim in proportion to the amount of under insurance. At Assetsure, we can provide you with a pdf editable checklist for use as a guide to help you assess the value of your personal possessions. The checklist will enable you room by room to note down the cost of replacing items on a new for old basis (not the original purchase price)
At Assetsure, we have a mid-net worth insurance department that can assist you with this type of policy and after an initial telephone conversation, we can seek to obtain quotations for you.
For more information about how Assetsure can help you, please give us a call on 0208 0033 180