Your interior design project may now be finished and you can sit back and relax in your beautiful new interior.... But have you thought of reviewing your home and contents insurance? After any big purchase or if you have had renovation work carried out, be it by us or anyone else, you should ensure that your contents insurance covers your new pieces as well as the upgrade in interior furnishings.
70% to 80% of the UK’s high net worth individuals are underinsured. Reviewing your insurance policy annually is not usually a task high on one’s agenda but an insurance broker can help you to ensure that your high value purchases and property upgrades are adequately covered and alert you to the ‘small print’.
For instance, in the example of the Murano Palazzo table that we recently sourced for a client, (see October 31st Blog) costing £ 19,200 you will find most insurance policies will not cover you. With many direct market insurances the ‘single article limit’ is £1,500 unless you have specifically requested that such an item is specified, and even then they may not agree to insure it. Also did you know that insuring fine art and antiques under the specialist section of a high net worth policy is cheaper than insuring them under the contents section?
Its not our role as interior designers to get involved in your insurance matters but we do feel, seen the value of some of the projects we deal with, that we should highlight this to our clients. Bruce Stevenson Insurance Brokers is one of the insurance companies that has a private client department which offer a personal insurance complimentary review. You can reach Alexandra Richards on 07464 545648 or call 0131 553 2293, for more information. After all, the most expensive insurance policy you can buy is surely the one that isn’t valid.