Over the last 14 months we have seen an unprecedented change in the insurance landscape as we know it. Travel, and therefore the need for travel insurance has all but dried up and not surprisingly, with the amount of time we are spending at home these days, certain types of home insurance claims have increased.
How has the landscape changed and what can we do to assist our clients for the future?
Enquiries for our renovation insurance product have gone through the roof (no pun intended) with a large number of projects completed in 2020 and new projects commencing this spring and summer. With the construction industry continuing to operate at full pace during the pandemic, families have had an opportunity to plan renovations to their homes. HNW clients are spending more time at home and are looking at ways to improve their day to day lifestyle whether that’s through a large renovation or an extension.
We see this trend continuing for the foreseeable future and believe that niche HNW Renovation insurance cover is imperative to protect your clients when work commences.
Uncertainty in the travel market is here to stay. COVID-19 flare-ups globally will add to this and the insurance market needs to adjust their models to accommodate for their clients. Flexibility is key and brokers should be advising clients to book holidays with cancellation flexibility in order to reduce disappointment on any travel policy claim they have. Cover can vary dramatically, please speak to our team to find out how we can help.
As the Pandemic eases, HNW clients will be now facing a more volatile world in which new and emerging risks will affect their family when they are travelling or in the UK. Whilst HNW Home insurance protects the assets of the client, they also need insurance cover to protect their family. Instances such as extortion, threats, stalking, kidnapping, civil unrest will become more prevalent.
Should your clients be interested in getting an insurance product that responds financially, responds to a family crisis and avoids prevention advice, we would be delighted to assist.