Understanding High Net Worth Insurance


Whether you’re an entrepreneur who has built up a successful business or an individual who has worked hard to accumulate personal assets, it’s essential to consider the value of your possessions and lifestyle. High net worth insurance is designed to protect your assets and properties that may require cover beyond what some standard insurance policies provide. 

What is High Net Worth Insurance?

High net worth insurance isn’t just for the rich and famous. Everyone needs to assess the value of their property and the contents within it. Over time, some homeowner’s contents may have increased in value, or you may have inherited items requiring higher levels of cover.   There are many definitions from insurers when a ‘high net worth insurance’ policy is needed. This could be based on the property’s re-build value, which is over £1,000,000, or if the contents within the property are valued over £150,000. To eliminate any doubt speaking to a specialist high net worth insurance broker can provide advice and guidance on the correct policy that should be considered for your property and contents.

Why is High Net Worth Insurance Important?

High net worth insurance is essential because it offers specialised cover designed to provide more comprehensive protection. When you have significant assets there are more risks, and potential losses are greater. For example, suppose a standard homeowner’s policy offers cover up to £500,000 for your home, but your property will cost much more to rebuild. In that case, you risk being underinsured and losing a significant amount if something were to happen to your property.  

Speaking with a high-net-worth insurance broker will ensure the relevant appraisals and valuations are completed for your assets, ensuring appropriate cover is in place and not underinsured. Some of the assets typically covered under a high-net-worth insurance policy include:

  • High-value properties
  • Watches & Jewellery
  • Fine art or wine collections
  • High-end technology items
  • Bespoke furniture
  • Collectibles
  • High-performance or classic vehicles
  • Yachts or boats

What are the benefits of high-net-worth insurance?

The main advantage of high net worth insurance is ensuring the appropriate cover for items that may not be within a traditional insurance policy. Due to the nature of assets covered under a high net worth policy, the right valuation and appraisals will be conducted so the correct levels of cover are used, giving you complete peace of mind.  

In addition, cover can be placed under one policy with a common renewal date which helps reduce the admin burden of managing multiple policies.  

What is the best way to purchase High net worth insurance?

One of the most effective ways to protect your assets is to work with an experienced high-net-worth insurance broker. They will often provide a comprehensive risk assessment to identify gaps in cover and help tailor cover to your circumstances and assets. In addition, they can provide guidance on other preventative measures to protect your high-value assets, e.g., investing in security measures like surveillance cameras and home alarm systems and using safety deposit boxes for your high-value items, which help prevent losses and potentially reduce premiums.

Final thoughts….

  • Take your time and review the contents currently within your property. You can create a list of items in each room and consider the cost of replacing each of these items
  • Suppose you had high-value items such as bespoke or classic furniture, jewellery, watches, or fine art check when these were last valued. These items should be valued every few years. If this still needs to be done, consider arranging a professional valuation to assess
  • Speak to an insurance broker to help navigate and guide you with the cover and policy required for your circumstances.

At Riskworks, we have assisted clients with high-net-worth insurance solutions for over 20 years. We have helped many clients appraise and assess their assets to provide comprehensive insurance policies. We believe in the personal touch and work closely with our clients to understand their needs and explain cover options. We have access to a wide range of specialist policies from the top UK insurance providers.

To talk with us about your insurance needs or conduct a free review, contact Emma Patrick on

01625 547754 or email emmap@riskworksbusiness.com