High Value Home Insurance
HIGH-VALUE HOME INSURANCE TO MEET YOUR NEEDS
What's high-value home insurance?
High-value home insurance is a type of homeowners’ policy for luxury homes that have custom or unique features. Like a standard homeowner’s policy, it covers the dwelling and other structures, such as pools, fences, and sheds. It also offers additional protection for personal items, such as your fine jewelry, that may be lost, misplaced, or stolen.
Why you may need it
If your home or condo has a purchase price or current coverage amount of $1 million or more, you may need coverage beyond standard homeowners’ insurance.
What types of home insurance coverage should I consider for my high-value home?
If your insurance company doesn’t offer a specific policy for high-value homes, discuss options for how a standard home insurance policy may be adjusted to meet
your needs. A few things to discuss can include
Dwelling & property limits
Confirm these limits are correct and can cover your home if it were damaged and/or needed to be rebuilt.
Dwelling & property limits
Confirm these limits are correct and can cover your home if it were damaged and/or needed to be rebuilt.
Dwelling & property limits
Confirm these limits are correct and can cover your home if it were damaged and/or needed to be rebuilt.
Other optional coverages: These are for things not typically covered by a standard homeowners policy. This can include things like earthquake and flood which may need separate policies or endorsements. Note, depending on where you live, you may or may not be able to get coverage for earthquake and/or flood insurance.
Features to help protect your luxury home
Depending on the insurance carrier and location of your home, high-value home
insurance typically includes these standard features.
Cash payout
With the cash-out option, you don’t have to rebuild your home after a total loss. You can decide to take a full payout of your insurance policy.
Guaranteed rebuild
Many policies offer guaranteed replacement cost. This pays to rebuild your home, even if the cost exceeds the limit on your policy.
Large loss deductible waiver
This waives a homeowner’s
deductible if there’s a large loss, commonly over $50,000. This doesn’t apply to special deductibles, such as hurricane or earthquake.
Other optional coverages: These are for things not typically covered by a standard homeowners policy. This can include things like earthquake and flood which may need separate policies or endorsements. Note, depending on where you live, you may or may not be able to get coverage for earthquake and/or flood insurance.