Having providing your family with a beautiful home, the home you always dreamt of, the home you worked hard to build, it is only natural that you will want to protect it.

After all, there’s no place like home, and home is where the heart is. The first and best defence in protecting your home is insurance.

Home insurance differs from Business insurance, and you should be aware that standard home insurance coverage is not enough to cover all the potential risks that come with high-value residences. Without tailored insurance, your home and treasured possessions will be unprotected. However, mainstream insurance providers cannot offer individuals with significant assets to protect, and who appreciate superior levels of service, the right attention and expertise to cater for their needs.

With the right insurance in place from the right provider, your home, furnishings, jewellery, fine art and other valuables can be covered against all eventualities.

THE RIGHT HIGH-VALUE HOME INSURANCE: A SHORT GUIDE

The Private Client Approach to a homeowner’s insurance coverage gives you comprehensive protection and the freedom to enjoy your home and belongings with complete peace of mind.

To avoid having commoditized home insurance, it is prudent to tailor the coverage based on your specific needs. Here are some examples:

• The limit of coverage for the buildings should be based on how much it would cost to rebuild your home, especially when it is a custom-built, luxury home made with materials and craftsmanship that are hard to find.

• Contents such as luxury decor, antique furniture, hardwood flooring, top-of-the-range electronic items, sports equipment, along with and many other items, require careful consideration. The best practice is to make a list and insure based on replacement costs.

• When selecting Fine Art insurance as part of a home insurance package, ensure there is coverage for everything in your prized collection, including immediate coverage for new acquisitions, worldwide protection, and coverage for items in transit or on loan to exhibitions.

• To fully protect your jewellery and valuables, you will need to specify their value, obtain worldwide coverage, ensure immediate coverage is in place for new acquisitions, plus repair and restoration damage, and pair and sets coverage. Jewellery and valuables are most at risk when you wear or use them – not when you store them.

• Essentially, luxury items, such as art, jewellery, wine collections and couture items, should be itemized and specified in the policy in order for the policy to be in continuous effect anywhere in the world.

EXPLICIT ADD-ONS FOR ENHANCED COVER

Explicit add-ons can be developed for clients with luxury homes and specific needs, such as the following:

• Living expenses and temporary accommodation that will not impact negatively on your lifestyle in the event your home is considered unliveable.

• Replacement of materials to match the originals even if it means replacing undamaged materials.

• Pair or set replacement when, for example, losing one special earing or when a non-replaceable antique set of vases is damaged.

• Additionally, tailor-made home insurance can be extended internationally to ensure there are no reductions on theft cover if your property is left unoccupied for a period of time.

This tailored approach can be extended to other areas of need, such as:

• Fine Art collections: unique art requires unique insurance, especially when it is being moved.

• Jewellery collections and bullion: special treatment is essential, especially when items are in multiple locations.

• Yachts and superyachts: comprehensive solutions to protect you and your investment at sea and on shore.

• Health and life: global, hassle-free cover.

• Kidnap & ransom: full confidentiality, urgent response and special crisis management services to protect your loved ones.