High Value Property Insurance Is A Good Option To Consider

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If you are lucky enough to live in a property whose value is much higher than normal

, then you will also require insurance that is proportionate to its value. The fact that high net worth individuals constantly keep purchasing or acquiring high-value items in the form of art pieces, antique, jewellery, electronic gadgets and so on - and overlooking their insurance is quite common. They are generally too busy to look into these issues and the risk exposure to theft remains high. Moreover, the insurance cover provided by standard policies may not be sufficient and that is where the concept of high value property insurance comes into play.

This policy has aspects that are much different from the normal policies, such as:

a) They offer full insurance cover and there are no limits to the value.

b) They even cover special buildings that are listed.
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c) They cover structures that are unconventional and beyond the ordinary.

d) They offer a service that is on call 24x7 and is extremely personalised.

e) They also offer maintenance cover.

Since such properties are not very common, they require the administration of a policy that is absolutely customised. A similar approach has to be followed for contents cover as well since each of these properties would have valuable and unique contents that are not of the run-of-the-mill kind.

It is natural that many insurance companies would be keen to have high net worth individuals possessing high value property and contents as their clients. They would be keen to offer such clients a personalised service and would be more than pleased to be flexible enough to extend them the best price offers as well as benefits that they may not be able to extend to normal customers along with normal policies. They are aware that very often the normal house insurance policies are not able to provide adequate coverage for costly items like antique, art pieces, sophisticated and hi-tech entertainment gadgets, jewellery, and vintage cars and so on and they can fill that gap admirably. They are also aware that just having some high net worth clients on their list would go a long way in improving their profitability.

A good high value property insurance policy would definitely have the benefits as under:

a) Personalised security that is unique and made specifically for the well keeping and protection of all high value valuables.

b) All risks covered for these high value items without any exception or conditions.

c) No danger of any under valuation as per the zero 'average clause' being followed by them.

d) Travel cover also extended at an additional premium cost for all family members globally.

e) Prompt settlement of any claims.

f) Claims would be settled without any depreciation cuts or wear and tear deductions.

It is therefore clear from the above that it is better to opt for high value property insurance policy plans as opposed to normal house insurance. The additional cost is well worth the risk and benefits that such policies offer.

by: Neil Anderson

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