High Value Home Insurance FAQs
We understand that your home is your safe place and that every item it is in is important and valuable to you. If you have invested a lot in your home, you will need a high-value home insurance policy, that not only covers the building itself, but also your treasured possessions. At Higos, we know that each home is unique, so we will take the time to find out what you need covered and get you the best policy.
What is high-value home insurance?
High-value home insurance is a type of buildings and contents insurance that covers more than the standard policy limit. This means if you live in a larger property or have additional features to your home, such as a pool, you will get extra cover should you need to make a claim.
Can I Insure a Listed Building?
You can insure a listed building – in fact, we highly recommend it! However, listed building insurance is often considered a more complex risk by insurers. In order to avoid underinsurance, there is a requirement for specialist knowledge and understanding of the property required.
Listed buildings are harder to find a high-value property insurance policy for due to higher rebuild costs. This is because many of the skills and materials originally used to construct the listed building are not considered conventional today. A good example of this is on old thatched cottages, therefore we recommend a specialist thatched property insurance policy. If you are unsure of what type of policy you need, please contact our team.
What is covered under the definition of ‘buildings insurance’?
Buildings-only insurance covers the main structure of your home. In the event of fire, subsidence or damage by extreme weather or accident, your buildings insurance policy will cover you for the expense of rebuilding or repair. It can also cover permanent fixtures inside your home and external features such as outbuildings, boundary walls and driveways. However, we always recommend that you have a high-value contents insurance policy too, so you can be reassured that everything in your home is protected.
How do you calculate your building sum insured?
You can calculate your building sum insured, or rebuild cost, by looking at your mortgage valuation report, deeds to your home or a surveyor’s report. Your building sum insured is the cost of rebuilding your home from scratch, including site clearance, debris removal, architects' and surveyors’ costs and materials to rebuild your home.
It’s important to remember that this isn’t the same as your home's market value, which might be higher or lower. The cost of rebuilding your home will increase over the years, depending on the materials used and the size of the home. This can be another factor to think about with your high-value property insurance and can increase your premium. When speaking to a broker, make sure you let them know what this could be as they will find you the suitable policy.
Do I need to tell my high-value home insurance company about planned building or renovation works?
You will need to tell your insurer about any changes or alterations you are planning on making to the structure of your home. This is because they could invalidate your high-value property insurance policy. For example, extending a room, adding a conservatory or completing a loft conversion are all adding extra value to a home. Not only will this increase the rebuild cost, but it could also leave you underinsured in the event of a claim. By contacting your insurer, or the specialist insurance broker that organised your coverage, you can check you have sufficient cover.
What is the definition of contents insurance?
High-value contents insurance can cover you against loss, theft or damage to your personal and home possessions. It can also cover you if you take items out of the home or on holiday, for example.
This doesn’t cover the structure of your home, so if you are getting a policy, make sure that you insure all your property, so you don’t end up out of pocket!
How much does it cost to insure a Patek Philippe Or Rolex watch?
Watch insurance can vary depending on the model and style. It also can depend on what else is protected in your home insurance for high-value items.
As well as being a significant financial investment, we know that your luxury watches hold particular personal and sentimental value, and are items to be cherished and protected. Knowing how important your watches are to you, at Higos we can provide worldwide high-value contents insurance to include watch cover against loss, theft or accidental damage, at home or away.
Whatever you need to insure, whether it’s a non-standard construction, jewellery or any other precious item, Higos can help. Just request a callback or contact us today.
