All property deserves to be protected, and especially when it's got a reputation like the Playboy Mansion. There are risks of all kinds that need protecting, and here's what an independent insurance agent would keep in mind when trying to find the right coverage for all of the Playboy Mansion.
How Do You Insure the Playboy Mansion?
The Playboy Manion isn't your typical home and, as such, has a number of pretty unique insurance needs. Hugh Hefner purchased the 22,000 square foot mansion in 1971 for $1.1 million that once held some of the most notorious Los Angeles parties. It sold in 2016 to the next-door neighbor for a reported $100 million.
The mansion is home to a licensed zoo, a grotto, and 70 rooms behind those gates. The walls no doubt have stories to tell with the annual Halloween and Midummer Night's Dream parties.
But what kind of insurance does an unusual estate like this need? The following coverages are similar and not so similar to your own homeowners insurance.
- Personal liability: Every home needs a liability insurance policy, tnd the Playboy Mansion is no exception. Given the wild parties and torrent of people in and out of the mansion, there would need to be one significant liability policy in place. Millions of dollars worth of liability would be necessary to make sure a lawsuit didn't wipe out Heffner for everything he had.
- Personal property: The Playboy Mansion has hundreds of thousands of dollars worth, if not millions, of personal property that could be stolen at any of the home's infamous parties. Mansions like these are filled with high-priced items. This coverage will have a set dollar amount that is usually a percentage of the dwelling amount that covers the actual home itself.
- Scheduled items: Scheduled items will need a separate policy for all your high-valued personal property such as jewelry, guns, furs, fine art, and the like. No doubt, the Playboy Mansion has property that falls under this type of policy. The great thing about these policies is there is no deductible.
- Dwelling coverage: The dwelling coverage covers just that, the dwelling. The 22,000 square food abode known as the Playboy Mansion requires a lot of replacement cost coverage. This home also likely has a higher deductible in place overall due to the replacement value. To restore a mansion like this to like, kind, and quality would be quite a feat. The insurance has probably adjusted over the years because of replacement costs increasing as well.
There's a number of other coverages that may apply to this massive location, and those will be discussed below. If you have a high net worth and fancy that you have a mansion like Hugh Hefner's, then buckle up for some interesting facts and coverage options.
Necessary Property Coverage for the Playboy Mansion
It's important to know that there is property coverage, and then there's Playboy Mansion-style property coverage. This home is quite the masterpiece from its French style flair to its unique castle-like appearance. This mansion needs some serious dwelling coverage. The replacement cost estimator that the insurance companies use to determine how much high-end homes would be to replace is in the nine figures for this mansion.
Your little castle might not be as elaborate as this legendary property, but it still needs insurance. Your independent insurance agent is just the person to get you there and can make sure your designer kitchen and custom tile bathrooms are accounted for on your policy.
Another property coverage is for your personal, non-permanently attached to the home, items. Personal property can be anything from your clothing to your rugs to your furniture and is one bulk amount.
- Scheduled personal property: Your scheduled personal property is for your more valuable items such as furs, jewelry, and fine arts. A scheduled property policy will not have a deductible and will itemize each belonging. It will also require an appraisal of some sort to have on record.
Essential Liability Coverage for a Proclaimed Party House
If you're like "Hef" was and you love to entertain, then you'd be wise to have top-notch liability insurance. Whether you have a quiet dinner with neighbors or decide to have a full-on Playboy Mansion style affair, you'll need to make sure your insurance is sufficient.
For example, you are serving alcohol and your dear friend decides they are going to drink to their heart's content. They also decide they're up for the challenge of driving home, then get into an accident, causing a four-car pileup and a death. The insurance companies won't be pointing the figure just at your friend, they'll be coming after everyone who was involved, and that means anyone serving alcohol to the guilty party.
Your personal liability insurance will protect you from people doing not so smart things on your property or as a result of being at your property. Coverage will apply to any bodily injury or property damage of others. Your independent insurance agent can be a resource for you when deciding how high limits need to be. Likely, your limits won't need to be as high as the owner of the Playboy Mansion, but you never know.
Umbrella Coverage for the Playboy Mansion and Your Little Mansion
You know what can happen with a wild party, and you can imagine if your guests consume one too many adult beverages. But what if your coverage isn't enough? Luckily, you've got options in an umbrella insurance policy. An umbrella policy is exactly as it sounds. Picture an umbrella over your underlying personal liability, personal auto, and property policies. Whenever any of your underlying policies max out from any one covered claim, your umbrella coverage will kick in and pick up the remaining amounts up to the policy limit.
Domestic Employees and Your Mini Mansion
The Playboy Mansion was reported to have anywhere from 60 to 80 staff working at a given time. These domestic employees kept up the grounds, prepared meals, maintained the iconic home, and waited on the owner's every need.
You may not need coverage for that many employees, but maybe you have one or two who work to maintain your home. There is coverage that can be obtained in a workers' compensation policy for these domestic employees. This policy will provide bodily injury and illness coverage for any worker who gets hurt or ill on the job.
Some crossover could happen is if you have live-in staff. These live-in employees will have their room and board on your property, and the lines may get blurred if they get injured or ill on the clock. If you have a knowledgeable agent who will work with the workers' compensation company on an adequate investigation of each claim, then misrepresentation can be avoided.
Cost of Homeowners Insurance Based on Location
Each homeowners insurance policy will have a different cost. The differentiating factors for the premium will be not solely based on size, or type, or location of the home, but also on the following:
- Credit scores of named insured: As the titled owner of your mini-mansion, your credit score comes into play when you are purchasing homeowners insurance. If you have bad credit, then your insurance rates will be more. This is because each insurance company runs what's called an insurance score, which doesn't take a hard hit to your credit, but it does factor it in.
- Square footage: How big your house is, the more it will cost to replace, and the more it will cost to insure. The more insurance you have, the more premiums you will pay.
- Like, kind, and quality: Your home may eventually have a claim that requires the dwelling coverage to be used. Dwelling coverage will provide replacement cost coverage to rebuild or replace your home to like, kind, and quality.
- Coverage: How much coverage and the ancillary endorsements your homeowners policy has will affect pricing. More coverage means more money.
- Location, location, location: Location is king. Where you live matters to the insurance company. The more crime and traffic your city has and the more crowded it is, the higher your insurance rates. Also, if you are near a fire hydrant and within five miles of a responding fire department, it will make an impact on prices as well.
Ultimately, the premium will come down to your specifications. Your independent insurance agent can help a great deal in making sure your coverage is accurate and sufficient so you can get the best premiums for the lowest pricing possible.
Here's How an Independent Insurance Agent Would Help
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working for you. Find an independent insurance agent in your community here.
TrustedChoice.com Article | Reviewed by Candace Jenkins
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