You've had the good fortune of experiencing financial success in your life, and you've invested a great deal of it in your home. But when shopping for homeowners insurance, you may find that standard policies don't quite meet your needs. You've worked hard to build high-value estate complete with expensive furnishings and other valuables, and you deserve a specialized policy designed to cover your investments.
Our independent insurance agents are here to help. Our agents understand the exclusive needs of individuals with a higher net worth, and they're here to break down all kinds of high-value home insurance policies available. Whatever the specific value of your estate and possessions, they'll get you set up with all the coverage you need. But before we jump too far ahead, we'll start with an overview.
In short, high-value home insurance is a policy that provides all the coverage offered by traditional homeowners insurance, and then goes above and beyond. Allowed coverage limits in each category are much higher than with traditional homeowners policies, which makes this type of policy perfect for individuals with luxury estates. The value of your home and possessions is factored into your specific policy.
Obviously, all homes (and the possessions within) have different total values, and your personal estate will demand coverage needs tailored specifically for you. Your policy will even provide coverage in the event that your home is badly damaged and needs to be rebuilt — up to its original value.
Published on MarketingCharts.com in March 2018 | Data Source: Spectrem Group
Beyond just understanding that typical homeowners insurance policies may not be enough to meet your unique needs, it's helpful to see the specific breakdown of where they might come up short.
Basically, a high-value home insurance policy helps to fill in the gaps that would be left by a traditional homeowners insurance policy. When dealing with potentially replacing or repairing luxury estates and valuables, these are gaps you can't afford not to fill.
High-value home insurance addresses the issue of coverage needs that extend beyond the coverage caps locked on to numerous categories by traditional homeowners insurance policies. With high-value home insurance, the need to purchase separate endorsements or insurance riders in order to cover the additional value is eliminated.
|Typical limits for high-value items in standard home insurance|
|Photo & Video Equipment||$1,500|
Individuals with an extensive list of luxury items requiring higher coverage amounts can get all their needs met, wrapped up in one neat and tidy policy. To make matters even better, having a single policy without extraneous endorsements or riders will ultimately save you money.
High-value home insurance sounds great, but how do you determine if your home is a candidate for this type of policy? Well, some insurance companies offer high-value policies for homes valued at $300,000 or more, but most won't insure homes under $750,000 in value. Some policies even begin at the $1 million mark when it comes to estate values.
Keep in mind that home values vary throughout the country, and that insurance companies differ in their coverage requirements. You'll need to shop around to find the best policy, since not all the available options will apply to your unique needs. An independent insurance agent can make this process much easier for you.
Now that we've covered how high-value home insurance differs from standard homeowners insurance, it's important to determine why luxury homes need to be insured in the first place. Here are just a few reasons why luxury estate owners should look into getting coverage:
Only a high-value home insurance policy can recognize and honor the full value of your luxury estate and possessions. In the event of a catastrophe that requires the replacement of your belongings or the rebuilding of your home, you'll need an elite home insurance policy from a company that not only understands your unique coverage needs, but also values your items as much as you do.
Because high-value home insurance providers understand that your unique needs extend beyond traditional policies, they offer several options to choose from in order to create complete coverage designed specifically for you.
Typically, an insurance company will send out an expert appraiser to your estate to examine, assess, and document the value of your home and luxury possessions, including jewelry, artwork, collectibles, antiques, and custom materials/construction. Should you disagree with the final report given by the appraisal, you may request a second appraisal, or appeal it by conducting your own expert assessment.
Your coverage needs may change over the years as you redecorate, renovate, or otherwise revamp your home. Your insurance company may require periodic assessments in order to accurately keep your coverage up to date. An assessment of your estate, as well as a review of your insurance policy, is encouraged at least once every five years.
We all know how valuable your time is, so why spend it doing all the hard work yourself? From insurance packages to add-on policies, our wise and helpful independent insurance agents will help you determine which types of coverage make the most sense for you.
Our independent insurance agents stay on top of the industry and all the latest discounts so you don’t have to. That means they’ll help find the right coverage at the right price for you.
They’re not just there at the beginning, either. If disaster strikes, your agent will be there to help walk you through the claim process and make sure you are getting the benefits you're entitled to. Now that’s thinking ahead.