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Are you getting the best value from your High Net Worth Home Insurance provider?
Recently the High Net Worth Insurance market has seen significant increases in premium at renewal and a number of clients are starting to ask if their current insurer is providing the best value now. As specialist insurance brokers for high value properties across the UK, we provide a unique service to ensure our clients are getting the right cover and the best possible premiums.
My Insurance premium has gone up a lot this year, what can I do?
What factors affect my High Net Worth Home Insurance premium?
Insurers use their own data along with government statistics to assess the area surrounding your property in order to rate each postcode and address individually which determines the premium you pay. Insurers also review environment agency flood data to asses the risk of surface water, river or the sea to your property, the higher the potential risk the higher your premium will be. If an insurer has experienced several claims within the local area they may also apply a higher premium to protect against future losses.
Your previous claims experience plays a large factor in what discounts an insurer can apply to your Home Insurance premium with generous discounts available if you have operated claim free for 5 or more years. Certain claims may lead to insurers refusing to offer cover or applying restrictions in cover to limit their exposure such as excluding Subsidence if your property has previously been underpinned or applying a higher excess if you suffer several of the same incident such as escape of water. Clarke Williams have access to a wide range of insurers who can assist if you have an adverse claims history or are struggling to find cover.
The materials your property is built from will affect the price you pay. The main area of concern for insurers is potential fire risk, if your property has wooden features, such as timber frames, your premium may be higher based on the increased risk of fire damage. Likewise, any use of non-standard materials that may cost more to source/repair, or are of a higher specification could also result in a higher premium. We have worked closely with insurers to ensure we can provide cover for non standard construction properties aswell as Grade listed properties which some insurers refuse to cover due to the increased costs in repairing and sourcing appropriate materials.
Unlike standard home insurance policies, High Net Worth Home Insurance policies are able to cater for high value items such as Art Collections and Jewellery, however single items typically over £15,000 may attract slightly higher premiums due to the potential loss if anything happened to that item. As these policies are typically written on an all risks worldwide basis there is a considerable risk of Loss or Theft if an insurer is covering a £25,000 Diamond Ring while you are on holiday for example. Similarly, a high value painting may attract higher premiums depending on the security that is present at the home. We work closely with our clients to understand their contents and use our experience to advise on risk management strategies such as improvements to security, wearing habits or obtaining valuations to ensure you are truly protected.
Every premium in the UK includes a contribution towards Insurance Premium Tax (IPT) which has increased steadily over the past couple of years. In 2016 the Government increased the tax rate from 9.5% to 10% which increased the cost of all home insurance policies. A further 2% increase was introduced in June 2017 and another increase before 2020 is inevitable. Unfortunately, this is an area that is ultimately outside of the control of the public, brokers or insurers however as members of the British Insurance Brokers Association we will lobby against any future increases.
Clarke Williams offer a unique home visit service for our local customers, book a free home consultation covering Kent, Surrey, Sussex and London.
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