What is high value home insurance and why should I know about it


Are you lucky enough to own a house? Did you know that it has to be covered by insurance in case it is damaged? Anyone who has purchased a house in the last years knows that insurance is a fact of life, and many even consider it a way of achieving peace of mind. The majority of people are compelled or convinced by banks to get insurance for their homes, so few of them fully understand what the policy does, who to trust and when they have to change the terms of the policy. It is important as a homeowner to take control of the process of getting insurance, because it is essential to know why the costs are the ones established and where you can shop it.

You might have heard of home insurance, but you might not know what the difference between it and high value home insurance is. The second type of insurance is a comprehensive coverage you should get if you have a property that costs more than a standard one. The high value insurance will cover not only the structure, but also the contents of your personal property. Charles Dickens stated that home is a strong word, and people offer it different meanings. For the majority of people, home is the place where their loved ones are waiting for them, and where their aspirations and thoughts surface. It is probably the costliest investment people make, but it is also the dearest of every other ones. The house is financially and emotionally valuable because it is an appreciating asset the most of the time. So if you want to safeguard your house against unforeseen accidents, then you should find more about insurance policies. There is little you can do, in case of unfortunate incidents, but it is helpful to have a comprehensive high value home insurance.

Introduction to high value insurance

If you have a home that can be listed at a high value on the real estate market, then a standard home insurance will definitely not cover it. If you do not know if your property is included in this category or not, then you should know that high value houses are those that have a predetermined high value, based on their build costs, cost of antiques, jewellery and art, and cost of contents. It is the case of the houses with more than six bedrooms, of properties that sprawl over acres or spaces furnished with valuable art pieces or antiques. If a natural disaster strikes your house or if burglary happens, a standard home insurance will not cover the costs of the loss. In these conditions, the insurance providers considered they have to introduce on the market a new type of insurance, especially designed for these properties. They are tailored solutions for the structure and contents of your house.

What should you expect to receive when you get a high value home insurance?

If you opt for this type of insurance then you will get a very comprehensive cover that it is not offered by a traditional policy. Here are some of the features you should expect to receive when you sign with a reliable provider:

  • Backup for sewers and drains
  • Full cost replacement cover
  • Replacement coverage for structures as fences
  • Replacement cover for the other buildings from your property
  • Costs incurred in case of breakage of property
  • Vandalism and glass breakage cover
  • Replacement cost cover for your personal property
  • Burglary or theft of valuables and property at the insurance premises, in case you are away
  • Cover for valuable articles as art, silverware, antiques or jewellery
  • Electronic gadgets and computers are fully covered

Depending on the insurance provider you work with, the list of perils may vary, so it is advisable to ask them a complete description before signing the policy. Make sure you read the insurance cover thoroughly before you decide on a provider, because you might want to include or exclude some aspects.

Benefits high value home insurances have

High value home insurance policies come with many features and benefits, and it is important homeowners to know them. This type of insurance offers you extended coverage for your valuable possessions. Some of the providers offer even cover against identity theft, but if you are interested to find more about this subject, then you should talk with the company you collaborate with. You will also receive a home emergency cover, which means that you will get immediate assistance in case you experience an unexpected household emergency.  The provider you work with may even offer you access to specialised services that include legal advisors, surveyors, furniture restorers and safe installers. The majority of companies offer to their clients access to a 24-hour claims line, which means that you will get in touch with an expert when in need and you will receive quick customer service.

What can be excluded of this type of insurance?

There are some common exclusions you should be aware of, when you want to get a high value home insurance. For example, providers do not offer insurance for the inherited personal properties. If you bring upgrades to your house, they may not be covered. In case of nuclear related activities, terrorism or war, the provider will not cover the cost of the loss. Mechanical breakdowns and electrical faults are excluded by the policy. Talking with an expert is the best option you have, if you want to find complete details about high value home insurance.


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