If you have had the good fortune to gain a large degree of financial success, then chances are you are considering (or have already purchased) a home that fully reflects your new-found status. However, you have also probably quickly realized that standard homeowners insurance just isn’t going to meet the unique needs of your big, beautiful, expensive home. What to do? Well, you need insurance that specializes in high-value homes. Here are some things you need to consider when shopping for high-value homeowners insurance:
Do you really need high-value homeowner’s insurance in the first place?
A handy definition for having high-value homeowners insurance is that it allows for all of the needs of traditional homeowners insurance then goes above and beyond, just like your high-value home does. For example, the allowed coverage limits for insurance on a high-value home will often be much value. However, you need to make sure your home qualifies. Generally, high-value homeowners insurance usually doesn’t go into effect unless the home is worth $300,000 or more. Additionally, most insurers would prefer to utilize this type of insurance only for homes worth $750,000 or higher. Thus, you should make sure your specific situation qualifies.
You don’t have to worry about riders with high-value homeowners’ insurance.
Young & Haggis Insurance Services Ltd. insurance policy realizes that you have unique needs, and they realize that you often not only want to insure the house itself but the contents as well. Yes, a standard homeowner’s insurance policy will do this, but it often is significantly limited. For example, a standard policy will often include riders, but they will usually only go as high as 1,000 to $2,000. You can purchase extensions, but even then, they will usually cap off and only 50 to 70% of your home’s value. Do you really want to leave your fully stocked cellar of vintage wines, your priceless french paintings, or your extremely valuable antique collection to chance? This is why you need high-value home insurance.
High-value homeowner’s insurance will keep your unique needs in mind.
As the owner of a high-end home, you definitely have some unique needs. A high-value homeowner’s policy will have these needs in mind. Such things as liability coverage in the event of a costly lawsuit, liability insurance if you have domestic help, unique flood insurance, and even kidnap and ransom insurance are all tied together in one unique package if you have high-value home insurance.
You have worked long hours building up your high net worth. You owe it to yourself and your family to invest in the best homeowners insurance policy possible to protect the fruits of all of your hard work.