High net worth homeowners at risk of not having adequate home insurance cover

Tue, 10 May 2011

Around 60 per cent of high net worth homeowners risk being under insured, according to Hiscox.

The home and contents insurance company, reveals that the majority of those buying high net worth insurance undervalue the contents of the items they own and fail to buy adequate cover. A great number of people forget to insure items they have inherited or are unaware that the value of expensive jewellery has increased recently, and this also applies to objects of art and antiques .

Andrew Cheney, risk and valuation advisor at Hiscox, said: "After a while even the special things in your home can seem like part of the furniture . This means that when it comes to estimating the value of your home contents, it can be easy to forget about items that actually hold reasonable value. It is important to consider all items in the home and not just those that are front of mind. Using a check list can help people conduct an accurate self assessment as it prompts them to think about including the easily forgotten items such as the curtains, carpets and bed linen ."
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