At Greenfield Insurance Services, we are often asked if we can arrange Specialist Home Insurance and of course the answer is “yes.” But what is Specialist Home insurance? Well of course, it can mean different things to different people and does not always just mean a special policy for a special set of circumstances but can also mean the way in which the person requesting the cover is dealt with by their insurer or Broker.
So, what sort of things would fall within the scope of Specialist Home insurance?
These can best be categorised as follows:
- High Value Buildings (often with a range of outbuildings and/or a swimming pool)
- Heritage or listed buildings
- Where Insurance is required on both the main residence and a second “holiday home”
- High Overall Contents value
- A collection or individual items of Fine Art
- A collection or individual items of Antiques, silver or Porcelain/china.
- Items that are described as colllectables.
- High value jewellery and watches
- The occupation of the Policyholder.
All of the above fall within the category of Specialist Home Insurance and need special attention to ensure that the correct insurance cover is arranged and that in the event of a claim you get the settlement that you require. But what are the points that separate out the items listed above from normal Home Insurance?
High Value Buildings
Many main stream insurers cannot deal with high sums insured and “on-line” Insurers do not offer help and advice regarding the covers that you require. An important point to remember is that you are required to Insure for the full rebuilding cost of your property (not the market price) and this should include the cost of any outbuildings, patios, swimming pools, and most importantly walls (an item that is often over looked). You should ensure that the sum insured is adequate to include architects and surveyors fees and site clearance.
Heritage & Listed Buildings
The very nature of these properties in itself causes problems for Insurers and many will not agree to cover them as claims settlement takes very specialist skills. At Greenfield insurance services we have access to Insurers who have vast experience with such properties. When Insuring Heritage or Listed buildings it is essential to ensure that you Insure for the correct amount and to realise that in may cases the rebuilding cost can be well in excess of the market value due to the specialist nature of the materials and skills involved in repair of such properties. It is recommended that you obtain a professional opinion on the amount to be Insured.
High Net Worth (or private Clients) Insurers are able to extend cover to include a second homes without imposing policy restrictions.
High Contents Sums Insured
Specialist Home Insurers are used to dealing with High Value Contents sums insured and provide tailored policy cover with policy extensions not available for ordinary Insurance Policies
Antiques, Fine Arts, Collectables etc.
This is an area where Specialist Home Insurance policies excel, as main stream Insurers provide only very limited cover for these items and cannot cope with the higher sums insured required. In addition to coping with high sums insured specialist Insurers include such things as increases in value following the death of the artist, and loss of value due to partial damage. Greenfield Insurance Services can assist with introductions to specialist valuers and Insurers to ensure that your valuables are properly protected.
Jewellery and Watches
In many cases, main stream Insurers cannot accommodate cover for higher value items but the range of specialist Home insurance policies offered by Greenfield Insurance Services can. It is recommended that you photograph and catalogue your jewellery and watches and have the items re-valued every 3 years in orsder to ensure speedy claims settlement.
Profession of Insured
This has a major bearing on the acceptance by an insurer, with many Underwriters not being willing to accept people in the sports and entertainment professions. We at Greenfield insurance services can help you if you are having difficulty finding an insurance provider.
Get the correct level of cover for your specialist home insurance
If you think you need specialist home insurance, the next step is to make sure you work out what your contents and valuables are worth so your high value home insurance broker can ensure you get the correct level of cover. We’ve put together a simple to follow valuation guide that you can print off and fill in as you walk around your house.