Your home is probably your biggest investment – and most valuable asset. However, research consistently shows that millions of homes in the UK are underinsured.
Many people have little understanding of how valuable their general household contents are – let alone expensive items of jewellery, watches, antiques or pieces of art that have been acquired over the years. Take into consideration the changes in valuation and it becomes very easy to be under-insured.
The following case study demonstrates how FOCUS can help.
We were contacted by a lady who had seen our advertisement. Her home was insured on a standard home insurance policy and she had no idea of what she was covered for and whether the value etc was sufficient.
Following an in-depth discussion, it became apparent that the insurance currently in place was inadequate and a High Net Worth Home policy would be far more appropriate.
I took the time to explain that whilst the standard policy provided the core essentials, such as buildings and contents insurance, based on the information provided, she needed additional cover for fine art and antiques, jewellery, as well as a swimming pool and tennis court in the grounds of her home.
She needed advice and assistance to understand the sums insured required to provide the cover needed and to determine which items needed to be specified separately. We also discussed security at the property and upon my recommendation, she upgraded her alarm system.
After researching the market, I recommended a new High Net Worth policy which offered an appraisal which I strongly advised. On taking out the policy, the appraisal was arranged which concluded that she was indeed under insured. As a result, her sums insured were increased, thereby protecting her against under-insurance – and based on the appraisal, the rebuild sums insured were then guaranteed.
My client was extremely grateful for the advice, cover and assistance I provided. She really wanted to find someone she could trust and have confidence in to make sure she had the right insurance solutions in place to protect her home. Being available to talk through the process and explain things made a huge difference.
What FOCUS can offer
Once we understand your requirements, we will make our recommendations and offer advice to ensure you have the cover you need and deserve.
To find out more, contact us.
Private Client Director