High-Value Homeowners Insurance: 2 Main Benefits

Insurance is not something we think about everyday (unless you’re me!).  Like many of my clients, you may own one or multiple high-value properties. Maintaining a luxury home is a great responsibility, and carrying appropriate insurance is the best way to protect it from financial loss. As we all know, what you pay for is what you get. Most high-value homeowners insurance policies are offered by high-end carriers. Using one of these carriers means you will be treated as a “high-value” customer!

The following are 2 major benefits of choosing a high- value homeowners insurance policy:

1) Knowing Your Worth

More than 40% of high value homes in the US are underinsured. 

Premium carriers provide in-depth top of the line home inspections to make sure your home is being insured for the correct value.  Using highly trained inspectors, they are able to expertly determine the value of a luxury property taking into consideration custom features and other variables that typical inspections often overlook. Recently, carriers have even started to implement smart technology to determine if there are potential hazards or liabilities that could affect your home.

This type of loss prevention is an important incentive offered through a high-value homeowners policy.

2) Special Coverage to Fit Your Unique Needs

After many years of analyzing loss data and experience with high net worth clients, most carriers have figured out the formula to providing clients with 360◦ protection. As a result, a high-value homeowners insurance policy typically includes special or higher coverage options, as well as enhancements that are available at an additional cost.

Some examples of “special” coverage and enhancements:

  • Guaranteed Replacement Cost
  • Unlimited Living Expenses
  • Personal Cyber Coverage
  • Ample Jewelry Protection
  • Identity Fraud Coverage
  • Employment Practices Liability for Residential Staff
  • Water Back Up
  • Equipment Breakdown
  • Home Office
  • Home Invasion and Abduction
  • Fine arts
  • …and more!

High-value homeowners insurance provides more coverage and higher limits than your standard homeowner’s policy.   There are a handful of carriers that offer a high-value homeowners insurance product and will package your other policies such as auto, umbrella, and valuable items.  Bundling your policies with a premium carrier will ensure you receive all the benefits of a high-value customer, and optimal savings!

Opinions expressed in this article are solely the author’s opinion, not intended to provide the reader with legal or any other professional advice. Should you need advice or opinion, consult with a qualified professional to address your specific needs.