More than 3.5 million households are now 'mid net worth'  yet the vast majority underinsure because they don't consider themselves 'wealthy'.
According to LV= Broker - who this month announced a range of enhancements to its ABC cover (specifically for those covering £75,000 of contents or more) - a significant majority of mass affluent households (79%) don't take out appropriate insurance, despite having above-average household income and a range of luxury items in their properties.
While average household income has doubled over the last 20 years , creating swathes of new affluent households, half (49%) of mid-net-worth homeowners don't consider themselves wealthy and as a result retain standard policies instead of trading up. This means approximately 2.7 million households who should have more premium policies instead choose standard cover. 
As part of the study by the insurer, many luxury items have been identified as indicative of a mid-net-worth home (appearing in at least 10% of them) - a list including 'nutrient extractors', wine fridges and walk-in wardrobes (full lists below).
The study also looked at the items they aspire to own, including pizza ovens, grand pianos and rainforest showers.
Michael Lawrence, Personal Lines Director at LV= Broker said:
"Brokers face a challenge in that many of their customers are well-off and require premium products, but these people don't often feel wealthy so might not opt for classic 'premium' products. Brokers need a more diverse product offering that combines solid cover at a competitive rate and we're confident that ABC now does this even better than before."