High-Value Home Insurance Glossary: Key Terms Explained
Quick answer
This glossary explains common high-value home insurance terms in plain English, including rebuild cost, sum insured, average clause, single-article limit, specified items, agreed value, all-risks cover and unoccupancy. Definitions are general; each policy wording sets its own meaning.
General information only. High Value Home Quote is an FCA-registered insurance introducer (lead generation), not a broker or insurer. We do not give advice or prices. An FCA-regulated specialist broker can advise on your own circumstances.
Agreed value — An amount agreed in advance for an item, typically art or jewellery, that is paid if it is totally lost, without debate over market value.
All-risks cover — Cover for items against accidental loss or damage, often including away from home, subject to exclusions.
Average (underinsurance) clause — A clause that can reduce a claim in proportion if the sum insured is lower than the true value.
Buildings cover — Insurance for the structure, fixtures and fittings of the home.
Contents cover — Insurance for belongings inside the home.
Excess — The part of a claim you pay yourself.
High net worth (HNW) — A term used in insurance for clients with significant assets, often needing specialist policies.
Introducer — A firm that passes enquiries to a broker without giving advice. See introducer explained.
Listed building — A building protected for its historic or architectural interest. See listed buildings.
Non-standard construction — Building methods other than brick or stone walls with a tiled or slate roof. See non-standard construction.
Pairs and sets — Wording dealing with loss of value when one item of a set is lost.
Rebuild (reinstatement) cost — The cost to rebuild the home from scratch, not its market value. See rebuild cost explained.
Schedule — The document listing what is covered, sums insured and specified items.
Single-article limit — The maximum paid for any one unspecified item.
Specified item — An item listed individually with its own sum insured.
Sum insured — The maximum amount an insurer will pay for a section of cover.
Underwriter — The person or insurer assessing and accepting the risk.
Unoccupancy — A period when no-one lives in the home, which often changes cover. See unoccupied homes.
Frequently asked questions
Are these definitions legally binding?
No. They are general explanations. Your policy wording is what applies.
Who can explain my policy terms?
Your broker or insurer can explain how terms apply to your policy.
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