High Value Homeowners Insurance
If you own a home, you know that you need a good homeowners insurance policy to protect you from significant financial loss should your property be damaged by storms, fire, or other common risks. For most homes, a standard homeowners policy can provide adequate protection should the worst case scenario happen. If, however, you own a high value home or luxury condo, a standard home insurance policy may not be enough, leaving you with potentially costly gaps in coverage.
Here are 9 things you should know about high value homeowners insurance to help you decide whether it’s right for you!
- High value homeowners insurance is usually required for homes worth more than $750,000 because these homes have a higher-than-average replacement cost. High value homes may include single family residential homes, luxury condos, and even rental properties.
- High value homeowners insurance is also appropriate for heritage homes and homes with unique design elements. Unlike high value insurance, standard homeowners insurance won’t usually cover the costs of specialists such as architects, interior designers, and landscape artists required to repair and rebuild your unique home’s specialized design features.
- High value homeowners insurance includes expanded coverage limits to protect the high value specialty items contained within your home. Standard homeowners insurance has lower caps on coverage that may not include high-end appliances and fixtures, non-standard construction materials such as stonework or clay, tile, copper, or metal roofing, or specialty “green” heating and cooling systems.
- Standard homeowners insurance offers only limited coverage for expensive or priceless decorative items and/or collections like fine art, rugs, antiques, extensive jewelry collections, and wine cellars. High value homeowners insurance, on the other hand, will offer higher coverage limits and specialized coverage to protect the full value of your valuables.
- While standard insurance usually deducts a percentage off the value of replacement items for depreciation, high value insurance offers full cash payouts, without depreciation, for both the value of the home itself and for its contents.
- High value homeowners insurance usually involves full coverage for complete and/or matching items. In other words, if one item in a pair or matched set is damaged, high value homeowners insurance will cover replacement cost for the entire set. Likewise, if part of your home is damaged, such as half of the kitchen, high value homeowners insurance covers rebuilding or replacing even undamaged areas to ensure that the overall design of the house is not compromised.
- High value homeowners insurance has higher limits on coverage for additional living expenses you may incur while waiting for your home to be repaired or rebuilt. For instance, you may have the necessary housing allowance to find a temporary home that meets your standard of living, and to live in temporary house longer than normal so you have time to hire an architect, designer, and/or other specialists.
- Standard homeowners insurance usually comes with standard (or sub-standard, in some cases) customer service. High value homeowners insurance, on the other hand, includes white glove customer service and offers additional services to facilitate the process of getting your home back. For instance, high value homeowners insurance may include a complimentary home inspection to help you verify the value of your home, ensure that you have appropriate coverage limits, and properly document your home’s special and unique features and the value of your personal belongings.
- Not every insurance company offers high value homeowners insurance or insures homes above a certain value. At Sungate Insurance Agency, we work with the top-rated insurance companies offering high value homeowners insurance to ensure that your high value home, your personal belongings, and your financial stability are protected against damage and loss.
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