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The recession is increasing the number of instances of burglary and robbery and at the same time climate change is increasing the risk of severe flooding and storm damage. Despite these two phenomenons, many people are still purchasing Buildings and Contents Insurance Policies with an insurer offering off-the-peg standard-type cover at a seemingly low price.

In the event of a claim, this type of standard policy can prove woefully inadequate when the many onerous terms and conditions, which pepper the small print, come into force leaving compensation short by possibly many thousands of pounds.

Private or High-Net-Worth clients do not have this problem as they have available to them the services of specialist brokers able to offer the products of the relevant specialist insurance companies. Unlike arranging ‘off-the-peg’ insurance, a prospective client benefits from the help and advice of a professional adviser who will give personal service and expert advice. This ensures that all the clients needs and requirements, plus realistic sums insured, are established. In many cases this is backed up by a free appraisal service carried out by the insurance company. This service eliminates any possibility of haggling by an insurance company after a loss.

These policies are on an all-risk, accidental damage, worldwide cover basis without any onerous or restrictive terms and conditions. Many claims can be settled within 48 hours. The cover is arranged on a declaration basis, i.e. no lengthy proposal forms and any claims are dealt with by telephone. Surprisingly these specialist high net worth all-risk policies in many instances may well only be at a slightly more expensive rate than the standard package policies.

There are numerous additional benefits with very generous limits automatically included within the policy. These include trace and access, gardening machinery, ride-on mowers, automatic cover for newly-acquired items, students possessions away from home, elderly relatives possessions in residential care, business equipment relative to working from home. Whilst fine art and jewellery cover benefits from agreed value and cover is worldwide. Compensation for an item’s loss of value following a claim, plus pairs or sets cover paid in full. Many optional extras can also be added such as annual family travel cover and second homes including ones outside the UK. The family cars, planes or boats can all be added to the one policy benefiting from the relevant generous cover. Other add-ons and sadly increasingly necessary these days is family protection, i.e. being a victim of aggravated burglary, road-rage, air-rage, stalking and car jacking. Seek advice from a specialist broker with access to a large panel of High Net Worth Insurance policies. These policies usually cater for certain business use at home for many varied professions and occupations but for some it may be necessary to arrange separate business insurance.