La Playa will work closely with specialist insurance company consultants to create a specific policy for your home, based on a detailed risk management appraisal of the property. High net worth individuals are rewarded by insurers for the care they take of their possessions.
The usual cover we provide is for “All Risks” including accidental damage. Unlike some policies, this will also encompass costs incurred through, for example, knocking through walls or floors to trace burst pipes.
Insurance can become a mass of confusing jargon that obscures what you'll actually need in a crisis. It's very important to get the right advice when assessing the reinstatement cost of your property (ie: how much it would cost to re-build), as under-insurance can lead to reduced claims settlements. Often we discover that larger properties are insured for their market value and not the reinstatement cost (a re-build following a fire, for example). This is particularly a problem with period and listed property, as the reinstatement costs can be much higher.
Period, listed or unusual property?
While these may draw a sharp intake of breath from non-specialist insurance brokers, there's a perfectly simple solution to protecting special homes.
You buy a home for £500,000 - but how much should you insure it for? Standard insurance companies leave that calculation to you; under-estimate and they penalise you by reducing your settlement. Research by Chubb Insurance shows that nearly 80% of homes in the UK are under-insured - it's staggering how many astute people put themselves at considerable financial risk.
If your home is large, special or unique, you need a specialist policy. This may - or may not - mean you pay a little more, but a policy that doesn't pay out when you claim is simply money down the drain. It's a false economy.
It's important to work with a broker who will take time to assess your specific needs. And after a claim, you will want sympathy and efficiency, not more hassle.
Home Security: tips on home protection and risk management to keep your premium down.
Protecting your Garden: if you've invested in a beautiful garden, it's worth protecting it properly - click here for our tips.
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