It’s an Investment, But Is It Art?

Get all the latest insurance news from Barney

High value property

Defining a high-value property in the UK can be tricky. In pure monetary terms, it more often than not comes down to the postcode first, before the state of the actual property and buildings.

Just ask anyone who hoped for a bargain on a Dorset beach hut (Mudeford huts will run you from £300k and up), or the proud owners of a certain shed in Chelsea, London (finally sold for an eyewatering £550k): the lack of amenities and size of those buildings had pretty much nothing to do with their overall selling prices.

If you had an older relative who protested bitterly, “But there isn’t even a loo!”, rest assured that you are not alone.

Add amenities like a flush toilet and working electricity and gas to properties in those postcodes however, and the price can get stratospheric in a hurry. A single bedroom flat in Mayfair, London, will set you back close to two million pounds, while a five bedroom house in Brigham Park, Edinburgh, comes in at below that at just over 1.7 million.

Living in an expensive home brings its own set of challenges and problems, from indoor and outdoor maintenance to getting the right insurance.

Insurers of high-value (or 'high net worth') homes tend to have their own definition of what that is. Some concentrate on property size, some go by the value of the property alone.

While this can be frustrating for someone looking for a one-size-fits-all solution, it’s actually a better prospect for the insurance buyer. You want a broker who can assess the property intelligently, rather than stick it under an umbrella catch-all.

Whether it’s a beloved inherited property or a brand new buy, you want to protect it properly.

Finding an insurance broker that suits you will mean an in-depth conversation about the property. A converted lighthouse will have different requirements and concerns to a 400 year old thatched building, and the broker needs to establish this with you.

High-end home furnishings and contents

Can't I just use standard home insurance?

It might be cheaper, but a standard home insurance policy is going to cost you more in the long term.

High-value property insurance tends to cover a lot more than your run-of-the-mill setup, including and not limited to pet damage, fire, theft, and worldwide coverage on the house contents. A number of policies will cover your vehicles and contents as well, so it’s worth shopping around and talking to a number of brokers.

If you’re the proud owner of a high-value home, you’ll need at a minimum mid-level to high value insurance from a specialist broker.

The average home insurance just isn’t made for high-end claims, and under-insuring your home can be devastating when trouble strikes. Fire and floods are equal opportunity disasters, and it can be soul-destroying when you realise that you’ll need a second mortgage to repair any damage.

Choosing the right insurance broker

Discussing your property with brokers means revealing a lot of detail. You need to pick someone you are comfortable with, who asks the right questions, and above all, someone who supplies the right coverage for your needs.

From listed properties to brand new modern builds, there’s a high value property insurance broker for you.

Where do I find one?

That’s where we come in. We know that you’ll need to speak to a couple of brokers to find the right one, and that googling them individually will take up valuable time and give your browser conniptions.

Luckily, we can send you to our curated list of fabulous high value property brokers with just a few simple questions. It’s really as easy as filling in our short form, sitting back, and waiting for them to contact you.

Much better - and faster - than opening twenty separate tabs and filling out twenty separate forms individually.

Click here to go straight to our high value property insurance quote form.