Norwich Union's Tapestry Home Insurance: Rich are underinsured

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Norwich Union's Tapestry Home Insurance: Rich are underinsured

Millions of UK homeowners could be undervaluing their family heirlooms and other possessions, according to research revealed today by Norwich Union's Tapestry Home Insurance.

A series of "wealth checks" have been carried out by Norwich Union's Tapestry Home Insurance and it was found that high net-worth customers could be underinsured by tens of thousands of pounds.

The investigation of 100 customers found on average wealthy people were underinsured by £85,000 and in total £8.5 million.

A list of top ten underinsured items has been compiled by Norwich Union's Tapestry Home Insurance, which includes antiques, original works of art and Christmas decorations.

Nigel Wembridge, Norwich Union's Tapestry underwriting manager, said: "The wealth checks mean that the client can be properly insured for the correct amount and in the event of a claim, receive the true value for their possessions."

Norwich Union's Tapestry Home Insurance was devised specifically for Britain's estimated six million high net-worth population and is one of a range of home insurance policies on offer from the company.

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