The high net worth market has gone from strength to strength with thousands of people joining the exclusive club every year. It seems that despite the double-dip recession the most prosperous Briton’s are continuing to amass their massive fortunes and invest in covering their possessions.
According to one of this year’s UK rich list, the combined wealth of the top 1000 richest individuals rose to record highs of around £414billion! Somewhat responsibly, the majority of these individuals are investing their time and money in purchasing the correct insurance policies to protect their livelihood. High net worth (HNW) insurance being the most suitable policy for anybody with a range of luxury belongings. Expensive cars, real estate property, fine arts and even jewellery are just some of the features frequently included within a net worth policy.
According to latest figures the total number of UK millionaires is also on the increase. In 2008, there were an estimated 528,000 millionaires in the UK which now stands around 619,000. Claims are of paramount importance just as any other sector of the insurance market, so entrusting your valued assets with a broker that has experience is important. Liaising with a trusted broker is always an important step to reassuring yourself that your pride and joy is in safe hands.
Although this insurance is generally associated with the millionaires of the nation, the truth is you do not have to live in a stately home to be eligible for a HNW policy. HNW insurance is designed to cover those people with ‘above average’ assets and quite often can cost a lot less than you originally presume. Although slightly more expensive than a standard policy, you could in effect save thousands of pounds in the event of a claim.
Additional benefits of private clients insurance include family portfolio policies, whereby you combine all of your assets including your household, motor vehicles, overseas properties and watercraft
– providing you with one policy, one renewal date, offering minimum hassle and problems. Unlike many other insurance industries, HNW is a policy that is tailored specifically to your needs whereby agreed valuations can also be given on your possessions to give added peace of mind.
Here at Think we provide specialist insurance that respects the individuality of each client we deal with. Our high net worth insurance policies aims to shield you and your assets in the event of a claim. With professionals in the field of HNW, Think could save you money on your premium whilst maintaining the highest levels of service and cover.