25 actionable risk management tips for high net worth individuals

As a high net worth homeowner, you’re more likely to be a frequent traveller and may own more than one property.

Statistically, any home which is unoccupied for lengthy periods is more susceptible to the risk of loss or damage.

There’s also much more likelihood that small problems become big ones – because leaks, faults and breakages may go undetected.

In this detailed guide, we’ll highlight some actionable solutions which can help to minimise the common risk factors you face – including:

  • Fire
  • Flooding
  • Water leaks
  • Theft

Hopefully, these simple precautions can prevent such a situation from ever materialising – and may reduce your insurance premiums.


Fire is obviously a cause of major loss and even a small, quickly controlled fire can cause costly structural issues and smoke damage.

To prevent a fire from happening or minimise its impact, you should…

  • Install smoke alarms on each level of your home – and check them at least once every 12 months.
  • Automatic fire detection systems offer great protection for larger properties – altering the Fire Service immediately even if you’re not home.
  • Installing fire doors at key points throughout your home – this reduces the rate at which fire can spread.
  • Always use a fireguard – to prevent carpets and rugs from being caught by embers.
  • Position fire extinguishers or fire blankets at tactical points in your home.
  • Make sure your chimneys are swept every year.


Flooding can be a traumatic and stressful event for any homeowner and it’s becoming much more frequent across the UK.

To minimise and limit the impact your home, you should…

  • Ensure any waterways which cross your land are flowing properly and clear of debris
  • Keep an eye on nearby streams, rivers and lakes for water level changes
  • Monitor the local news and Environment Agency for any flood warnings
  • Permanently block any easy entry points for large amounts of water – such as coal chutes, basements and cellars
  • Keep a store of sandbags and boards to block doors and windows
  • Consider investing in a sump pump system

Water leaks

Water leaks are a common cause of home insurance claims, leading to significant disruption and upheaval.

If you own a second home or holiday home, leaks are a danger you’ll need to be particularly aware of as issues can go undetected for long periods of time.

To minimise the risks, you should…

  • Insulate your pipes to prevent them from freezing and bursting
  • Switching your heating on for at least an hour a day in cold weather
  • Consider draining the water system if your home will be empty for some time
  • Service your boiler, radiator and pipes regularly
  • Consider installing a leak detection device

Burglary and theft

Having your home broken into is not a pleasant experience. Robust security measures will discourage opportunist thieves – and slow burglars down to create more time for help to arrive.

To protect yourself and your property, you should…

  • Install five-lever mortice deadlocks or multi-point locks on all external doors and windows
  • Invest in a security alarm connected to a monitoring station – this will alert both you and the police if an intruder is detected
  • Install movement detection devices in different zones around your home
  • Use laminated glass in all ground floor glazing to prevent easy access by force
  • Use timer switches throughout your home so lights come on even when you’re out
  • Install lighting outside your home – with either a timer or infrared detection
  • Secure all outbuildings and garages – to protect valuable bikes or outdoor equipment
  • Consider installing internal and external CCTV cameras

Never take risks with your approach to risk management

With a little good thinking and some sensible measures, you can quickly improve your safety and reduce exposure to risk.

At Nowell & Richards, we work closely with high net worth individuals so they can relax in the knowledge that their assets are safe and secure.

If you’re worried about being underinsured, we can give you greater peace of mind – and take your lifestyle into account when establishing your insurance premiums.

For impartial advice and expertise – call our specialist Private Clients insurance team on 01785 255514 to discuss your options.

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