Get Instant Quote Button Choose a plan below:

Enter Your Zip Code

The Ultimate Guide to High Value Home Insurance

Sometimes, shopping for homeowner’s insurance can be confusing. Especially if you have a home that is considered to be of high value. Of course, you know that you need to protect your home from damage and losses, but how can you know exactly which type of coverage to choose?

Depending on the assets in your home, and the home value itself will also depend on the policy that you choose. And, there are different policies within high-value home insurance coverage that covers different aspects of your home and everything in it, depending on what you need.

That’s why a high value home insurance policy is what you should be looking for.

High Value Home Insurance  | Save-On Insurance Services

If you’re wondering what high-value home insurance is and how it works, then you’ve come to the right place. Here’s a handy guide to this exquisite type of coverage that you need for your home. Keep reading to learn more.

What is a High-Value Home?

Your home could be considered high-value anywhere from $300,000 to $750,000 and beyond. Typically, an insurance provider will require your home to be valued above $750,000. But, it also depends on your assets if your home is worth less.

It’s a good idea to shop around and consider your options before landing on a policy that’s right for you.

Why Invest in a High-Value Home Insurance Policy?

With a traditional homeowner’s insurance policy, your home and assets are guaranteed to be covered in the event of a loss, but a high value home insurance policy goes above and beyond your typical homeowners policy.

Your high-value home likely has assets that are not typical for the average homeowner. Valuables like fine wine and art collections will not be covered by a traditional policy. Additionally, there are caps on contents coverage for different categories of items in your home with a traditional policy.

High-value home insurance can even save you money in comparison to a typical policy because you’ll save on ‘riders’ and endorsements that may otherwise be required to cover your losses.

How Do You Determine The Best High Value Home Insurance Policy?

In order to determine the total worth of your home and assets, the insurance company will send an appraiser to assess and document the contents of your home. This can include and is not limited to specialty construction, custom materials, antiques, jewelry, and artwork.

You can provide your own expert assessment if you disagree with the original appraisal, or request a second appraisal to make sure they get everything right.

It’s also important to consider that your coverage needs may change over time. Your insurance provider may want to conduct periodic assessments and reviews of your policy. It’s a good idea to have this done at least every five years, depending on upgrades and renovations or additional assets in your home.

How Familiar Are You With High Value Homeowners Coverage Options?

Because your home and net worth are likely more than the average homeowner, there are special coverage options provided within this type of policy to ensure your protection. These go above and beyond a traditional homeowner’s policy.

Excess Liability

If you’ve injured someone, you could be targeted for a lawsuit based on your wealth. Excess liability coverage can help you handle lawsuits and legal fees associated with the case. You may also use it to hire legal counsel and pay any fines that could be required.

Umbrella Insurance Coverage - from Save-On Insurance Services

Umbrella Liability

Umbrella liability works similarly to excess liability coverage but also covers accidents such as auto collisions and personal injury on your property. It also takes care of other people’s property within your home that may be damaged in the event of a natural disaster.

Domestic Help Coverage

You can get liability coverage that covers medical expenses and lost wages for your employees if they become injured in your home. It also takes care of damages in the event of a lawsuit against you for injuries sustained.

Flood Insurance

You can’t get flood insurance with a traditional homeowner’s insurance policy. It’s provided only through the National Flood Insurance Program, separately, for most policies. However, this additional coverage is not adequate for high-value homes.

You can ask for flood insurance as part of your insurance package with a high-value home insurance policy.

Identity Theft Protection

With a high net worth and excellent credit report, you may be a target for identity theft. And, clearing your name if you do become a victim may require legal representation. This type of insurance policy covers some of those costs if you include it in your coverage.

Kidnap & Ransom Insurance

Wealthy individuals are higher targets for kidnap and ransom. With kidnap and ransom insurance included in your policy, you can rest assured that your coverage will provide assistance. It also provides cost coverage if you need to hire an expert negotiator.

Vacation Homes & Other Dwellings

Your property may have more than one dwelling and you need to be sure this structure is also covered for damage and losses. Additionally, if you have a vacation home that needs protection, you can include this in your main policy. Combining your coverage into one policy can save you money overall.

Emergency Vet Care for Your Pets

If you have pets, you can also ask about medical coverage in the event of a disaster that wounds them. This coverage can also take care of boarding costs if your home becomes uninhabitable due to said disaster.

High Value Home Insurance

If you own an expensive and luxurious estate, then you need high-value home insurance to cover your losses in the event of a catastrophe. A traditional homeowner’s insurance policy simply won’t have these added coverages which could leave your home and valuables at risk.

Luxury Home Insurance Coverage - from Save-On Insurance Services

Keep this guide in mind when you start shopping for a policy to cover your assets. Remember, these policies are designed with the high-value estate in mind to ensure that all of your belongings are protected. Not to mention the added measure of protection that they provide your family, domestic staff, and even your pets.

If you’re ready to invest in a policy that’s right for you, or if you have questions, feel free to contact us. We can save you money on a high-value home insurance policy that fits your needs.