Specialist home insurance may be needed for "VIP" homes

Posted : 30-08-2007

Consumers moving into larger than average homes may have to seek guidance from specialist insurers, the Thrifty Scot announced today.

Larger than average homes - identified in the study as homes that have "VIP" financial need - were said to require specialist treatment, as many high street mortgage lenders and insurance brokers often have limits on the services they can provide.

The study noted that many mortgage lenders have an upper limit of £250,000 on the amount of money they can lend, which may seem like a low threshold in today's real estate market where many homes cost well above that amount.

"VIP" homes may be seen as more likely to contain expensive commodities and as such standard home contents insurance may be insufficient to cover the requirements of the consumer, resulting in the need to consult experts.

Research earlier this year by LV= advised homeowners not to advertise expensive new purchases to potential thieves by leaving empty packaging outside their homes.


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