Homeowners who have luxury homes with high net worth likely won’t have complete coverage with standard homeowners insurance. If you have a luxury home, you may need high-value home insurance to best protect it.
A high-value home insurance policy can provide higher property coverage limits and better protection for your assets. Our agents at Harlan Rossmann Agency are prepared to assist you with your home’s coverage needs.
What Is High-Value Home Insurance?
A high-value home is categorized as a home valued at more than $750,000. A standard homeowners insurance policy may not be able to provide enough coverage for the home and its contents, leaving you underinsured. When you own a high-value home, you are at risk of higher personal liability and personal property losses, resulting in a need for higher protection limits. If you believe your home is high value, reach out to an agent to discuss high-value home insurance.
What Does High-Value Home Insurance Cover?
High-value home insurance can go beyond the coverage limits of a standard homeowners policy. The following are ways it differs:
· Increased dwelling coverage. High-value home policies will often go beyond a standard homeowners policy by extending replacement cost coverage. This includes your dwelling and other structures. There is a cash-out option with some policies, meaning if your home has been destroyed, you can take these funds and build elsewhere.
· Increased contents coverage. If you’re living in a luxury home, you may have more expensive assets to cover. High-value coverage can help with higher levels of content coverage.
· Increased liability coverage. High-value home policies provide liability coverage, including personal injury protection. This is typically only offered under an umbrella policy with standard homeowners insurance.
· Additional increased coverages. There are several other coverage elements that may be provided by high-value home insurance, including:
o Automatic coverage for sewer backup.
o Increased coverage limits for replacing shrubs and trees.
o Increased medical payment coverage limits, which helps pay for others’ injuries no matter who was at fault, such as a visitor who falls on your front steps.
o Increased credit card, forgery and counterfeit money coverage.
Get Started Today
The coverage you need for your home is dependent on your needs as a homeowner. Our agents at Harlan Rossman Agency are ready to help you get the coverage you need. Reach out today to get started.