If you are like most financially successful individuals, you may have a great deal of wealth invested in your home. Typical homeowners insurance policies may not be suitable for your situation. If you have a high value estate with expensive furnishings and valuables, you may need specialized insurance to cover your investments for damage or loss.
Independent agents in the Trusted Choice® network understand the exclusive needs of high net-worth individuals and can provide information about high value home insurance policies that are available to you. Because of the many relationships these agents establish with top insurance companies, Trusted Choice independent agents can provide you with a selection of policies at competitive rates. Contact a local agent today for personalized service and quotes tailored to your needs.
When it comes to high value home insurance, how do you know whether or not your home is a candidate for this type of policy? Some insurance companies may offer high value home insurance to customers who own homes greater than $300,000 in value, though most require that the home be worth at least $750,000, and others begin offering high value home insurance for estates valued at $1 million or more.
Home values and prices vary throughout the country and insurance companies differ in their coverage requirements. While one company may require a higher valuation than your home’s current value to obtain high value home coverage, another may provide coverage to you. So it pays to shop around a bit before you purchase a policy. If you feel that your home and its contents exceed the normal caps for standard home insurance carriers, you may want to discuss high value home insurance with a Trusted Choice independent agent who can help you determine your needs and find you a suitable insurer.
Owners of high value homes tend to have non-residents, including staff and guests, in their homes. With many high value items on display, luxury home owners may be more concerned about loss due to theft than other homeowners. Burglars often also see high risk but high reward opportunities when targeting these homes.
Additionally, when you have very expensive luxury items such as custom stained-glass windows from Italy, a wine cellar stocked with Chateau Lafluer wine from France, and fine woven Persian rugs, you may have a difficult time convincing a typical insurance company of their value following a loss, particularly if they are items that appreciate rather than depreciate in value.
To ensure that you are fully covered for the actual value of your high-end items, and that you can rebuild your home in the event of a catastrophe, you need to have an elite home insurance policy through a company that understands your unique coverage needs and will value your belongings as much as you do.
High value home insurance provides all the coverage offered by traditional homeowners policies and more. In the event that a large portion of your home is damaged and needs to be rebuilt, high value home insurance will allow you to rebuild your home to its previous state or value.
Additionally, a typical homeowners policy will have caps on contents coverage for different categories of items. If your personal belongings exceed that amount, you need to purchase separate endorsements, or insurance “riders,” to cover the additional value. If you have an extensive list of luxury items that need additional coverage, the limits on the endorsements may still not be high enough. With high value home insurance, you can receive full coverage without the need to purchase several endorsements, which will save you money in the process.
High value home insurance providers understand that your coverage needs extend beyond the typical structure and contents coverage you expect from a traditional policy. They will offer several other coverage options that can provide full coverage for all your needs.
Luxury home insurers will usually send an expert appraiser to your home to view, assess and document your high-value contents such as jewelry, artwork, collectibles, antiques and custom materials and construction. If you disagree with any values assessed by the appraiser, you can request that a second appraiser be sent to view your belongings, or you may appeal it by providing your own expert assessment.
Your coverage needs can change over time as you redecorate, renovate or buy valuable items for your home. Therefore, your insurer may want to conduct periodic assessments. It is a good idea to conduct reviews of your home insurance coverage at least once every five years.
If you own a high value home, you will want to be sure that you have the right coverage in place to protect your assets. Independent agents in the Trusted Choice network have relationships with several different insurance companies and can provide multiple options for you to review.
Trusted Choice member agents have taken a pledge to provide the best in customer care as well as honest and ethical advice. Find a local independent agent in your community today who can help you find the best possible luxury home insurance policy to meet your unique coverage needs.