Majority of high value homes and contents are underinsured

New police figures show a 32% increase in domestic burglaries for the year ending September 2017 compared with 2016. The rise in home break-ins has been attributed to police cuts and the inability to focus on ‘low-level’ crimes, as victims can expect little to no investigation without presenting evidence or a suspect name.

This gives criminals the perfect opportunity to make money fast and puts your home and belongings at risk. If you possess high-value items such as fine art, antiques or expensive jewellery then you are even more of a desirable target, so it’s essential that you have sufficient high value home insurance cover to avoid the risk of losing thousands of pounds worth of belongings.

Unfortunately, it is often only once someone is burgled and tries to make a claim that they realise that they are underinsured and are not due for compensation. A staggering 75% of high value homes in the UK are underinsured, often neglecting to have their collectables, fine art, or jewellery professionally valued. Many high net worth individuals fail to have their insurance policies updated to reflect any increase in the value of their collections over time, meaning that they are unable to claim for its current worth and could put themselves at risk of insurance loopholes.

With targeted burglaries of high net worth homes on the rise, it’s essential that you protect your assets with a comprehensive home insurance policy. Insurance can be complicated, and you may be confused as to what steps you need to take first to guarantee that you’re entitled to the full value of your items in the case of a claim.

We are professional insurance brokers experienced in working with a variety of high net worth clients and can help source you the best policies to protect your home and its contents. Contact us on 01202 754900 for more information.