Not All Domestic Insurance Policies Are The Same!

Conventional insurance policies do not meet the specific demands of owners of fine homes and possessions.

You never know how good your insurance policy is until you make a claim. Most people have a basic package policy with low levels of cover, complicated warranties and restrictions. Underestimation of true value of property, and other possessions, is common.

To quote just one example, the nation - each year - spends £32 billion on clothes, shoes, and accessories alone. If you keep clothes for a period of years the total value in your wardrobe could easily run into the tens of thousands.

Extravagant buyers or those with a large credit limit will happily spend several hundred pounds or more on shoes, underwear or accessories, not to mention suits, eveningwear, and jewellery.

Once you have done a quick calculation you will soon realise that you have a far greater value in your property than you previously realised. This is the case with the majority of Britons; most are unaware of the value of their property, until it is too late.

A flood or fire will cause extensive damage to your property but will also cause significant damage to your belongings. A burglar would cause just as much damage, and do so on a more personal level. The cost of replacing your house contents, including your clothes would run into at the very least tens of thousands of pounds.

High Value Insurance

If you have a need for higher levels of cover and an insurance policy that supports your lifestyle, not restricts it, then read on.

A high value house policy provides a number of key benefits not available on standard policies. Some of the key benefits include:

1. Cover outside your home: Your possessions are covered wherever they are, anywhere in the world as standard (e.g. whilst on holiday, during a house move, or simply whilst on a day out).

A standard policy can have restrictive cover with significant limitations once items are taken out of the home.

2. Individual items over £1,000: There is no need to list any item or provide valuations unless items exceed £5000. All that is needed is the overall contents sum insured and the overall sum within that for valuables. Full cover given outside the home

On a standard policy you may need to list individual items exceeding £1,000 in value and provide valuations when applying, otherwise cover is limited. Extra premium can be charged.

3. Fine Art and Antiques: Covered under general contents with no need to list individual items under £50,000 in value

On a standard policy you usually need to list items separately with extra premium being charged.

4. Basis of claims settlement: New-for-old (meaning that any item damaged beyond repair is replaced as new).

A standard policy will provide new-for-old but often with a deduction for wear and tear on items like clothing and bicycles.

5. Moving House: Fully covered during professional move.

A standard policy can usually exclude or restrict cover.

6. Stalking: Unique cover should you become a victim

7. Identity Fraud: There has been much publicity recently over theft of personal identity. It is possible to insure but it is also advisable to take simple precautions – shred all paper waste for example.

Also included in most high net worth insurance policies are warranty free home cover, agreed values on your motor cars with choice of your own repairer and no hidden excesses, plus worldwide all-risks cover on your valuables, cover for your holiday home and no under-insurance penalties.

If you would like further assistance, advice is available from Towergate Risk Solutions. They can recommend one of the world's leading insurance companies, who will also carry out a free appraisal of your property, and offer expert guidance on values, fire safety and security.

Contact Towergate, Chartered Insurance Brokers, on 01202 634899 for more insurance information or a quotation. You can also send us an email to: Poole@towergate.co.uk.

This article is a product specific. The Towergate Partnership are obliged to offer a range of insurance policies and may recommend a different policy to you once they have carried out an appropriate fact find. They are regulated and authorised by the Financial Services Authority.

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