A guide to high net worth insurance
With hard work and success comes the benefits, which in most cases means you are able to build an amazing life, but with this comes some significant assets that present a different insurance requirement.
Standard home insurance falls short, high net worth is designed to provide cover for those with more to protect – valuable homes, contents and valuables, as well as tailoring cover to suit the needs and lifestyle of these individuals.
Let’s explore and break down what high value home insurance is.
What is high net worth insurance?
High net worth insurance isn’t just a more expensive version of standard home insurance – it’s a completely different approach to protecting your assets and lifestyle.
These bespoke policies are crafted specifically for individuals with high value assets, providing comprehensive cover that goes far beyond what typical insurance offers.
It is designed to protect people with high value homes and possessions – including jewellery, antiques, collectables and fine art.
These people also interact with the world differently from standard home insurance buyers – they travel abroad regulary, have domestic employees such as cleaners, gardeners and nannies.
High net worth insurance is designed to take this lifestyle into account.
Think of it this way: if standard insurance is off-the-rack, high net worth insurance is tailored Savile Row – precisely measured and crafted to your exact specifications.
Who needs high net worth insurance?
You might be wondering if you qualify for or need high net worth insurance. While there’s no universal threshold, typically, you should consider it if
- Your main home is worth £750,000 or more
- Your general contents are valued at £100,000 or more
- You own valuable jewellery, watches, or art
- You employ household staff
Most people don’t consider themselves to be a high net worth individual, they think those people are just the rich and famous, but high net worth insurance is for more than just them.
Consider this: You own a £1.5 million home in Fulham which you had renovated and interior designed, you own some jewellery and watches worth about £40,000, some fine art you have collected over the years, and some nice wine in the cellar. A standard policy might:
- Undervalue your contents
- Exclude certain valuables
- Not cover domestic staff liability
A high net worth policy, however, would be designed specifically to cover you and your lifestyle ensuring every aspect of your lifestyle is properly protected.
What items can be covered on a high net worth insurance policy?
A high net worth home insurance policy can offer cover to the majority of your belongings, but one of the key benefits is the flexibility in the cover.
It’s easy to overlook valuable items and possessions that you own. Perhaps there are some family heirlooms or antiques furniture you have inherited, expensive handbags that have been bought over the years or jewellery that can quickly accumulate in value.
In our experience, art, antiques, jewellery, clothing, and personal items are often under-insured, likely due to being collected over time. Unfortunately, many people don’t realise that standard insurance policies may not offer sufficient coverage for these valuable possessions.
High net worth home insurance can cover you for:
1. Properties
- High-value homes
- Listed property
- Non-standard constructions
- Outbuildings – tennis courts, swimming pools, stables
2. Possessions and valuables
- High-value home contents
- Jewellery & watches
- Collections – fine art, wine, memorabilia
- Designer clothing and handbags
- Gadgets & technology
- Precious metals – gold and silver etc
- Collectables – coins and stamps etc
3. Lifestyle elements
- Home office equipment
- Sports equipment
- Domestic staff liability
- Family travel
- Identity theft protection
4. Unique circumstances
- Building works
- Cyber protection
- Legal expenses
What are the main benefits of high net worth insurance
Why choose high net worth insurance over standard coverage?
- Comprehensive Protection
- All-risks coverage: Protection against virtually all types of loss or damage, unless specifically excluded
- Worldwide coverage: Your valuables and possessions are protected wherever you take them
2. Superior Service
- Dedicated experts: Work with specialists who understand high-value assets
- Concierge-level claims service: Swift, hassle-free claims handling led by a dedicated high net worth claims specialist
- Flexible and Bespoke
- Tailored to your lifestyle: Policies crafted around your specific needs
- Regular reviews: Ensuring your coverage evolves with your lifestyle
4. Peace of Mind
- Agreed value cover: Know exactly what you’ll receive in the event of a claim
- No need to list most items: Many policies cover valuable items up to £25,000 without listing
How to buy high net worth insurance
Buying high net worth insurance is restricted to access through insurance brokers which involves lengthy meetings and complicated paperwork.
At rivr we are trying to change this, your time is precious, we understand your needs and the level of protection that you require but are respectful of your time and don’t want to be wasting it.
The rivr difference
At rivr, we’ve revolutionised how high net worth insurance is bought:
- Simple 5-Minute Quote Process
- Answer a few straightforward questions
- No lengthy forms or complex valuations needed
- Instant quote for comprehensive coverage
- Fully Online Management
- Purchase and manage your policy entirely online
- Make changes instantly whenever needed
- Access your documents 24/7
- Clear, Easy-to-Understand Policies
- No insurance jargon
- Transparent coverage explanations
- Know exactly what you’re covered for
We aim to offer the best level of cover for your needs
What You’ll Need
To get started with your high net worth insurance quote, have handy:
- Property details (including any second homes)
- Rough value of contents and collections
- Details of any high-value individual items
- Security information about your property
Common questions about high net worth insurance
Do I qualify for high net worth insurance?
While requirements vary, typically you might qualify if:
- Your home is worth £750,000+
- You have general contents valued at £100,000+
- You own valuable collections or individual items worth over £25,000
What makes the best high net worth insurance companies?
Look for insurers who offer:
- Comprehensive, all-risks coverage
- High single-item limits
- Excellent claims service
- Flexibility to tailor coverage
Making the right choice for you
Making the decision as to whether to invest in high net worth home insurance depends on your personal circumstances and needs.
Some people value the comfort, peace of mind and confidence that high net worth insurance brings, others just see insurance as a nuisance and to do not see the benefit of it.
In our experience those individuals do not perhaps understand the full benefits that having it in place, and the risks that they face by having inadequate insurance in place.
Before deciding what to do, be sure to do all of your research. We will always be more than happy to have a conversation to explain the benefits and to see whether rivr high net worth home insurance is right for you.
Email us on hello@rivrcover.com
If you have decided that you want to buy then you can start your insurance application here.
It only takes 5 minutes.
Read more
Frequently asked questions
The policy covers a lot of things and it depends on whether you buy Home Insurance (Contents and Buildings cover combined), Contents Insurance or Buildings Insurance. To know exactly what you are covered for you need to read the policy wording in full. We do provide a summary of your cover on our product information pages for home, contents and buildings insurance. These pages only include a summary of the cover so does not include everything and all the details, such as specific exclusions or inner limits.
High-value contents insurance is designed for homes that require cover above the limits offered by standard home insurance, and offers a more comprehensive form of insurance. It offers tailored insurance cover that is designed for homes with a higher standard of finish and contains expensive personal belongings such as luxury or antique furniture, electronics, jewellery and art.
All Risks insurance provides a broader form of coverage compared to standard home insurance policies. It typically offers protection for both personal possessions and valuables at home and worldwide. It also covers accidental damage. All Risks cover still has some exclusions such as wear and tear or mechanical breakdown. You would need to check the policy for specific exclusions and limits.
Normally home insurance providers will not cover your home if any building works are being carried out. At rivr we still insure your home when building works are being carried out as long as the contract for the works is less than £75,000. If the works are costing more than this we can arrange separate specialist cover for renovations through our specialist insurance partner.
Standard buildings insurance covers typical homes, while high-value buildings insurance is designed for properties with a higher rebuild cost or unique features. High-value insurance provides more extensive coverage for expensive materials, luxury finishes, and special architectural elements that may not be fully covered by a standard policy. It also often includes higher claim limits and additional protection options.
Our contents insurance covers is extensive and covers most of the items in your home, but some examples are: - Furniture and furnishings - Jewellery and watches - Art and antiques - Bicycles and sports equipment - Electronic items such as laptops, phones, TVs and sound systems. All of these items are covered worldwide as standard.
Combined building and contents insurance covers both the structure of your home and your personal belongings inside it. This means that if your home is damaged by events like fire, floods, or storms, and your possessions are lost, damaged, or stolen, you can claim for both under the same policy.
