High-Value Home Insurance – A Policy That Fits Your High-Value Lifestyle
Having the ability to invest in a great home is a blessing. However, you may find that your regular homeowners' policy is insufficient to cover the expensive investments you've made. This is where high-value home insurance steps into the picture.
High-Value Home Insurance, simply put, is homeowners' insurance that extends coverage far beyond traditional policies. For instance, standard home insurance caps coverage at a predetermined replacement value of the home. On the other hand, high-value home insurance may provide up to a 100% guaranteed replacement value.
Why Choose High-Value Home Insurance?
Better Protection for Personal Property:
A High-Value Home Insurance policy covers both home and personal property at replacement cost on an All-Risk basis. Standard policies only cover the house at replacement cost (all-risk). However, personal property is covered on a named perils basis). This means you get a higher compensation amount for personal property.
Also, in a standard policy, only 16 perils are named regarding personal property. Consequently, there is a relatively low level of protection offered for your belongings. HVHI offers the more beneficial all-risk coverage (protection against all perils apart from those specifically named in the contract) for home and personal property.
No Need for Separate Riders:
To get around standard policy caps on jewelry, silver, etc., you'd need to purchase riders – however, these riders also have a cap of up to $10,000. HVHI eliminates the need to buy these extra riders altogether by offering a complete, comprehensive package.
Includes Additional Coverages and Benefits:
Instead of having to add endorsements to get additional coverage (as is done on a standard policy), you'll find that an HVHI policy has many of these protections already included. These include water backup coverage, identity theft coverage, family protection coverage, and much more.
Furthermore, homes insured with these policies also have unique perks that standard insurers don't provide. These additional benefits include natural disaster protection, wildfire prevention, complimentary home appraisals, cash settlements, and loss prevention consultations.
Who Should Get High-Value Home Insurance?
Obtaining high-value insurance can be a tricky process. For starters, many insurers require the value of your home to be a certain amount (such as $750k) before they agree to insure your home. Additionally, some companies offer High-Value Home Insurance only if you also utilize their coverage in other areas, such as boats, cars, etc. Here are some other points to consider:
- Are you willing to pay higher premiums? High-Value Home Insurance policies are typically twice/thrice the cost of a standard policy. Of course, the amount you ultimately pay depends on multiple factors, like location, credit score, age of home, additional coverages, etc.
- Do you possess items that appreciate? If you own certain luxury items that increase in value as the years go by (such as fine imported wines, textiles, antique art, and fixtures), standard policies may not adequately compensate for their worth.
- Do you require additional protection? High-Value Home Insurance offers protection for just about every eventuality that may arise at your home (ranging from natural disaster protection to domestic help liabilities to kidnapping ransom!) In addition, it covers your house against a much more comprehensive range of financial loss than offered by traditional policies. Suppose you think your home and belongings meet the criteria for HVHI and are valuable enough to warrant the full (albeit more expensive) protection – well then, this is the policy for you!
Safety Begins at Home
You've worked hard for your home and belongings – give us a call at 516.358.3612 or email us to see how our insurance professionals can get you the protection you deserve.