High net worth insurance specialist Home & Legacy, a subsidiary of Allianz
, has updated its home product selection as a response to the changes in its client base’s lifestyle.
As of 2015, there are now 550,000 high-net worth individuals in the UK, a 4.2% increase from the previous year.
Home & Legacy has added market appreciation cover for all household policies up to 150% of the sum insured. It is applicable to fine art, antiques, and collectibles. This ensures that customers are protected from fluctuating values for their goods.
Other new benefits include business stock up to £10,000 (on all household policies) covering computers, equipment and other work-related items. Defective title limits were also increased to £100,000 for Prestige Home and Ultra Home policies, ensuring that clients are protected when they are legally required to return an item to its rightful owner.
Ade Ewington, underwriting & markets director of Home & Legacy, commented, “The high net worth arena is always growing and adapting and it’s our responsibility to make sure that our products evolve to best meet the needs of our customers. Cover like Market Appreciation is particularly relevant as values can often increase more quickly than our customers expect them to. This addition, combined with the fact that we don’t impose an inner limit within the total contents sum insured for unspecified fine art, means that we offer one of the most inclusive covers on the market.
“These new benefits, along with the existing features such as legal expenses and Experian’s ‘ProtectMyID’, provide peace of mind for our high net worth clients.”