Aviva Private Clients: Distinct Home Changes
We’ve reviewed our High Net Worth Distinct Home products and made some changes. You will see these coming through in new business quotes and renewals on Distinct 75 and 150.
Following an extensive product review on our Distinct 75 and Distinct 150 Home products, we have made some changes that will allow us to better support customers and brokers now and in the future. As part of that review we have considered the single article limits that are in place on Distinct 150 and decided that they do not reflect the needs of the high net worth market today.
Therefore, we have:
- Increased our single article limit on art, antiques and collectibles from £25,000 to £35,000 on Distinct 150
- Increased our single article limit on personal belongings and jewellery from £15,000 to £30,000 on Distinct 150
- Increased our valuations limit on art, antiques and collectibles from £25,000 to £50,000 on both Distinct 150 and Distinct 75
- Increased our valuations limit on jewellery from £20,000 to £50,000 on both Distinct 150 and Distinct 75
We have also considered external information and according to the Association of British Insurers, burst pipes and leaks cost over £860m a year on average in the UK. In response to this, we’ve made some changes to support customers in preventing these issues occurring in the first place, whilst still providing excellent cover if they do.
Some of these changes include:
- For main residencies we are specifying that a customer should keep their central heating set to a minimum temperature of 10°C between 1 October and 31 March if the property is going to be unoccupied for more than 60 days consecutively
- For holiday homes we are specifying that a customer should keep their central heating set to a minimum temperature of 10°C between 1 October and 31 March if the property is going to be unoccupied for more than 48 hours consecutively
- For properties that don’t have central heating we are specifying that a customer should switch off their water if leaving the property unoccupied for 60 days for a main residence or 48 hours for a holiday home.
Having seen a significant increase in the number of large losses, we have decided to increase our large loss excess waiver from £10,000 to £25,000. Doing this has enabled us to keep costs down.
We have used our extensive data and analytics capability from the Aviva Group to improve the accuracy of our pricing to better support you in providing our best price for your clients. Better data, better pricing.
For any questions or queries, please get in touch with your Aviva Private Clients contact.