High Net Worth Home Insurance UK

What is high net worth home insurance?

In the UK market a home moves into the high-net-worth category when the buildings rebuild cost exceeds about £1 million, contents exceed roughly £150,000, or a single item such as a painting, watch or piece of jewellery is worth more than £25,000. Multiple properties, listed buildings, non-standard construction and fine-art collections also require specialist placement.

Why a standard policy is not enough

Standard home policies apply inner limits — commonly £1,500 to £2,500 for any single valuable — and rely on the homeowner setting the sums insured. A high-net-worth wording instead offers generous or unlimited buildings reinstatement, worldwide all-risks cover for personal possessions, agreed-value settlement for scheduled art and jewellery, no average clause where a professional valuation is held, and a named claims handler.

Indicative annual premiums

• £1m rebuild, £250k contents, standard construction — £900 to £1,600
• £1.5m rebuild, £400k contents, £100k valuables — £1,400 to £2,600
• £2.5m rebuild, Grade II listed, £250k valuables — £2,600 to £4,500
• £5m rebuild, fine art collection, second home — £6,000 to £14,000
• Multi-property or family-office programme — placed bespoke

Two things that cause most shortfalls

First, insuring buildings at market value instead of reinstatement cost — in prime London the two figures frequently move in opposite directions. Second, out-of-date valuations; jewellery, watches and art should be revalued every three to five years.

Premier Insurance places listed, thatched, timber-frame, flat-roof, second, let and unoccupied homes through specialist insurers and Lloyd's syndicates. See home insurance, the wider high net worth insurance programme, or call 020 8908 2426. FCA firm reference 305009.