Securing home insurance for high-value properties
The UK home insurance market has undergone significant changes over the past few years, leading to what is known as a hard market. This situation arises when insurers reduce their capacity and appetite to write new policies. Despite some signs of recovery, the market remains challenging. Here, insurance specialist George Seatter explores what this means for consumers.
“Despite some signs of recovery, the market remains challenging.”
What caused the hard market?
The hard market was triggered by several factors, including major weather events, high inflation, supply chain pressures, and an increase in claims. These challenges led to significant losses for insurers, prompting them to raise premiums and become more selective about the risks they cover.
Green shoots of recovery
While the market remains tough, there are signs of improvement. Insurer capacity is gradually increasing, and costs are becoming more controlled. However, recent events like the January 2025 frost and California fires may slow this recovery.
Challenges for homeowners
In addition to higher premiums, some clients are finding it difficult to secure insurance due to their claims history. Even a single recent claim can make it challenging to get a quote or switch insurers. Additionally, “blanket cover” policies are being withdrawn, and homeowners with larger properties may not receive renewal offers due to higher rebuild costs.
Policies for high value homes and contents
If you haven’t been offered a renewal due to the size of your property or the value of your contents, consider switching to a policy designed to protect higher value properties and contents. These policies typically offer higher limits for art and jewellery, alternative accommodation and finding leaks. They typically provide “All Risks” cover, which means broader protection for various eventualities, including cover outside your home for contents, fine art, and jewellery.
How Howden can help
Now more than ever, it’s crucial to have a broker working hard to secure the right home insurance policy for you. At Howden, we use our extensive market knowledge, leverage, and relationships to negotiate fair prices with insurers.
To discuss your home insurance needs, call 07500 032045 or email george.seatter@howdeninsurance.co.uk
A note from Nichola Andrews, Director of Property at Mountgrange Heritage:
As property managers, we see firsthand the heightened risks associated with unoccupied homes, including undetected damage and potential criminal activity. We advise our clients to secure policies that offer comprehensive coverage while addressing the unique challenges of vacant properties. To ensure proper protection, we encourage clients to consult an experienced insurance broker who understands the complexities of the current market and can tailor coverage to their specific needs. For more information or guidance on protecting your vacant property, feel free to contact our property management team—we’re here to help.
