What is a mid net worth home insurance policy?

There are different levels of insurance cover – High Net Worth, Mid Net Worth and Standard.  If you have a standard home insurance policy but have high value contents, art or jewellery, have you considered moving to a mid net worth policy?

Generally, people know if they, or their home, are ‘high net worth’ but that’s not the case with ‘mid net worth’. We’re often speaking to people who have moved to a new house or bought higher value contents but maintained their standard home insurance policy, whereas they’d be better served upgrading to a mid net worth policy.

What additional cover will I get from a mid net worth policy?

A mid net worth policy doesn’t always cost more than a standard policy, especially if you’ve outgrown your standard cover. They are designed to protect higher value contents and will have higher single article limits and inner limits for things like alternative accommodation, finding a leak, art and jewellery. The policies are usually “All Risks” which means that there’s wider cover for more eventualities. They can also include cover outside your home for all of your contents, fine art and jewellery.

These policies also tend to be more flexible in terms of their underwriting as you’ll be dealing with a person empowered to make decisions. You’re therefore less likely to hear a “computer says no” type answer when you want to make a change to your cover.

Another benefit is that they’re less likely to contain restrictive clauses, especially security clauses that can be applied on standard policies when you have higher value contents, art and jewellery.

How do I know if I need a mid net worth policy?

As a guide, mid net worth policies usually require a minimum of £50,000 contents sum insured but tend to work best at a minimum of £100,000 or for policies where the annual premium is more than £1,000.  If you have contents upwards of £150,000 then we would recommend that you look at high net worth policies.

Of course, none of this is set in stone and if you’re questioning the level of cover you have or think that you may benefit from a mid or high net worth home insurance policy, then call Howden Private Client on 020 8256 4901 or email privateclients@howdeninsurance.co.uk. After all, you’ve worked hard to get where you are so you need your home insurance cover to be sufficient should the worst happen.