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Why underinsurance is concerning High Net Worth individuals
One of the key reasons for underinsurance is due to a lack of proper assessment or valuation. According to Sovereign, around 1 in 6 high net worth individuals have insurance based on a valuation from more than 20 years ago. Given the huge economic changes in recent decades and the drastic fluctuation of value in many items, it’s simply not possible to create an accurate policy based on such dated facts and figures.
Facts and figures
Taking precautions over your prized assets comes as second nature to some, yet figures suggest this isn’t necessarily the case for all. A report compiled by Datamonitor suggested that as much as 75% of high net worth individuals are underinsured. But conversely, only around 54% of high net worth individuals are concerned that they may be underinsured, according to a recent report by Chubb. These reports suggest that many of those who are underinsured are unknowingly so.
It may also be the case that consumers are downplaying the real value of their goods to save money on premiums. Whilst not listing certain goods on a regular household insurance policy is a risky tactic, where your policy concerns high-value goods, you run a high risk of limiting any payout and, worse still, voiding your policy in full if the true value of your possessions is not correct.
What to do
We want you to enjoy the assets you have and to be safe in the knowledge that if something does happen, you’re fully covered for the financial cost of your items. By undergoing regular valuations of your goods, you’ll have physical evidence to back up your valuation in the event of a claim, which will rapidly speed up the process. The policies you’re quoted will then closely reflect the current value of your goods and can be tailored to you to work around your lifestyle.
There’s no pressure to take on a policy following an assessment or valuation of goods and we’ll endeavour to ensure you’re not paying for cover you don’t need. An efficient policy for your valuables can give you the peace of mind you deserve, letting you get on with the important things in life.
For bespoke cover centred on you and your possessions, contact Fiveways Insurance on 01952 812 380 to get started.