Take cover -you're rich

MONEY cannot buy you love - but it can make you the owner of a palatial pile in the country and a luxurious pad up town. There are also more of us in the seriously landed bracket than you might think. According to research by Mintel, 10% of UK households - 2.2 million - have contents insurance of GBP 50,000 and above, compared with most of us who are insured for below GBP 25,000.

But money can just as easily bring burglars to your door as happiness. If you are rich you are far more likely to be targeted by professional criminal gangs than your more humble neighbours.

Adequate security measures and insurance cover are important for all households. But if you are rich and living in a substantial property filled with valuable items, the type of risk is obviously different and the level of precaution and insurance cover needed much higher than for ordinary householders. Many wealthy householders choose to use specialist insurers because they feel specialists understand the lifestyle and the particular vulnerability of the rich. Bog standard insurance policies may not even cater for this clientele. There are around 10 insurers who target the upmarket sector seriously. That is competitive enough but you still need to shop around for the best deal. The higher up the scale you go the more bespoke the insurance service you will need, and be offered. Steve Bartlett, marketing director at Heath insurance, also suggests it is a two-way relationship. If a householder demonstrates that he or she cares about security, a better deal can be hammered out. A broken or misused alarm system may prevent you from getting cover. Or it will land you with prohibitive premiums, big excesses or punitive exclusion clauses. If you do switch off your security system at specified times or if the house is left unattended on a regular basis, you must tell your insurer. It might mean a higher premium or excess, but insurers are dab hands are refusing to pay claims if there's a whiff of an excuse. When insuring your property, you will need detailed valuation of your possessions. You may need expert opinion, often supplied by the insurer. Buildings themselves often have to be valued by architects or chartered surveyors, particularly if they are listed. When shopping around for the best deal, make sure that your policy replaces all items for their full value. Ask for discounts in lieu of bigger excesses or for installing approved safes and security systems.

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