House Insurance for high value items

[Famouspersonoutside]

Just wondering if anyone has any tips on the most cost effective way of doing this?

house worth £1m but likely £1.5 to rebuild with current building costs.

contents: Combined individual high worth items £50k (all under £14k except 1 item at £25k) and total replacement £110k.

Last year it was cheapest to do all as contents and buildings plus a separate policy for the £25k item. Looks like it will be the same again unless anyone can suggest different? B&C as a combined purchase is coming in at £7000!!!

apologies in advance to those that this post will inevitably offend- but it’s not exactly a question I can ask friends over dinner.

Hiscox used to be good for high value house and contents insurance. Maybe use a broker and look at ways to reduce the cost of insuring the high value items eg increased security and safe.

Are you certain about rebuilding costs?
Usually rebuilding costs are lower than the market value as the land is already owned.

We use Hiscox. House value & contents similar and we pay £400pm for buildings & contents.

Cotswoldbee pretty certain a rebuild would be more than the current value based on the quotes we’ve just had for a small first floor extension and general refurb (not expensive spec) 4 quotes; 1/3 of the value of the house!

Have you looked at BICS for rebuild costs?

Your contents seem low.

Main HNW insurers are

Hiscox
Chubb
NFU
Aviva do more mid net worth but worth a try, Direct Line also say they do HNW.

A specialist broker can pay dividends as they have access to more markets and can give advice. Flint Insurance Brokers or Highworth are worth contacting

It's certainly not unusual for the buildings sum insured to exceed the market value

Your contents sum insured does sound low- what would it cost to replace everything new for old?

Also, what risk mitigation do you have? alarms, safes? Window and door locks to British standard? All worth mentioning!

I don’t think the contents is wildly off. I did a quick whizz round each room and totted up the contents. We don’t have expensive furniture, art or clothing- the inside of our house doesn’t reflect the need for HNW insurance!

will try the suggestions tomorrow. Thank you.

I’d suspect op has a stone built house. Rebuilding costs are always massive as it requires specialists. My rebuild costs are 59% more than the cost of house too. I wonder if it’s a standard surveyor amount.

@Pleaseme ….yes! Stone house. Saving grace is that it isn’t listed.

we’ve actually got a good quote with Halifax which only works if we insure the most expensive single item separately, which we have. The proof is in the eating though. As we have 14 days cooling off I’m going to go to a broker and hiscox and NFU for comparison.

thanks everyone.