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Comment: No halfway house for inbetweeners

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Mid-net-worth clients are valuable customers and there are products with the breadth and depth of service they require

Most of the commentary on home insurance issues addresses the benefits or shortcomings of standard policies.

The name ‘standard’ suggests, quite rightly, that these are aimed at the majority of clients. Contents cover is usually for a maximum of £50,000–£75,000.

For particularly wealthy clients there is bespoke cover available via high-net-worth products. These policies provide cover for contents exceeding a total of £150,000.

So what about mid-net-worth clients, who fall somewhere in between? They require a tailored approach but expect a premium that does not raise eyebrows.

These could be some of your most important clients. Their home and its contents will likely be their most financially significant asset, so they will want to both seek and take your professional advice.

A few intermediary providers have addressed this glaring gap in the market with bespoke mid-net-worth policies. These plans include: higher single-article limits on valuable items before they need specifying; increased cover away from home for things such as bikes and other possessions; and improved terms when more bespoke cover is needed for the more expensive items of jewellery, artwork and so on.

Mid-net-worth clients do not have to be ‘stuck in the middle’ – and neither do you. There are product propositions out there that can help you to provide both the breadth and depth of service required for these very valuable customers. So do not despair if your general insurance product sourcing systems say ‘No’. Simply pick up the phone to your provider and ask for help.

Geoff Hall is managing director at Berkeley Alexander

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