Private Clients

Chubb’s five tips to make sure you’re properly insured

Having built a life on the back of your hard work and success, you buy insurance to protect the people and possessions that matter to you. But effective insurance can’t be taken for granted. Some products are not designed for people with higher than average wealth; others don’t explore their needs in sufficient depth.

Even if you’ve bought specialist insurance, as your life changes, so both the type and amount of protection you need changes, too. And while your policy may cope with smaller fluctuations, if you make major purchases or the value of your possessions rise significantly, you’ll need your insurance reviewed to make sure it’s still suitable.

What is under-insurance?

You’re under-insured when the amount of insurance protection you’ve bought is not sufficient to cover the value of your home and possessions. It means that if you make a claim, you may not receive the settlement you expect.

The Chubb difference

Chubb’s insurance for affluent customers provides market-leading protection for your world. If your home is listed or of unusual construction, we can protect it. If you own classic cars or collect vintage watches, we can protect them, too. In fact, we can protect almost every aspect of your lifestyle, from the latest technology through to a collection of rare teddy bears.

At Chubb, we help you ensure the protection you buy matches your needs. Here are five tips from our experts to prevent under-insurance.

  1. Have your policy reviewed by your broker and underwriter annually
  2. If you purchase an expensive item such as a piece of jewellery or art, notify your insurer
  3. The value of collectibles like classic cars or works of art can rise sharply. These need to be valued every three years by an independent expert.
  4. Check the maximum amount of money your insurer states it will pay for a particular type of claim. Ask yourself if it’s sufficient.
  5. Is your home listed or of unusual construction? If yes, check your insurance covers this type of property. Many standard polices don’t.

A thorough home appraisal is one way of being certain of having the right insurance protection for you and your family.  From establishing the most accurate rebuild costs through to assessing limits for fine art, jewellery and rare collections; Chubb’s expert risk consultants will help make sure your insurance cover keeps lace with your lifestyle.

For more information on Chubb’s specialist insurance protection for people with above-average wealth, please visit chubb.com/uk/privateclients