Making Sure You Have The High Value Home Insurance Cover You Need

Inadequate Insurance? – You’re not alone
It is estimated that at least 65% of higher than average worth properties in Britain are under insured. This is not unsurprising, when compared to the statistics published by The Telegraph in 2011. These revealed at one in four UK households were dramatically underestimating the value of their home and its contents and that one fifth of the population had no insurance whatsoever.
Understanding ‘Condition of Average’
This is a standard clause used by many mainstream insurers which only really comes into its own in the event of an insurance claim, when it comes to light that the property and contents have been underinsured. What it means is that you may only receive a percentage value of any claim you make. For example, if you have contents cover for A�30,000 when in fact your possessions are worth in excess of A�60,000, under the terms of Condition of Average your insurer may only pay out half of the sum you have claimed for. For example, if you are claiming for a piece of jewellery worth A�800 and Conditions of Average applies, your claim may only result in a A�400 pay out.
Because of this, saving a few pounds on your premium can pale into insignificance next to the thousands that can be lost due to under insurance in the event of a claim.
Why it’s so important to get the correct level of cover
For the majority of UK home owners a standard home and contents policy is more than sufficient. Available at very competitive rates, given the difference to the premiums compared to the consequences of underinsurance, there is very little need to underestimate the level of cover required. However for higher value homes, the cost of inadequate insurance can be substantial, especially in the event of a rebuild. This short falling is compounded by the fact that many high value homes also contain higher than average value contents, for example art, antiques, collectors pieces, fine wines and expensive jewellery.
High Worth Home Insurance In The UK
Making high value Twin Bed In Small Room insurance simple
There has always been a selection of reputable mainstream insurers in the UK, offering competitive prices on high value property premiums and comprehensive cover on higher than average value contents. Using one of these high value insurance packages has long been and remains, one Cheap Ground Cover Ideas of the best ways to be sure that your property and its contents have sufficient cover and also of insuring any specifically valuable pieces, for example expensive watches, wedding and engagement rings, heirlooms, etc. without having to take out costly single item policies.
However, in the past, many people have been put off by the lengthy conservations with insurance brokers and considerable paper trails it requires to get the correct levels of higher cover in place. This is augmented by the need to assess and list each item of value included on the policy. Only recently has it become possible to buy high worth home insurance online or over the phone, with no more difficulty than purchasing a standard policy. Companies such as high value insurance brokers provide cover that can easily be bought online, which includes rebuild costs up to the value of 1.5million and contents cover up to A�250,000 anywhere in the world.

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