Every home has its own unique qualities, and some properties are so unique and valuable that a special insurance product is required to make sure that your significant investment is protected properly.
Homes that are higher in value than average need a flexible insurance product that can be tailored to your specific needs. If you are in the market for a high value property insurance policy, you should seek the high quality insurance policy that you deserve with high limits and special discounts that are not available with other policies.
What Types Of Losses Are Covered?
You will want to make sure your policy will pay to build your home at full replacement cost, but you will also want to make sure that it will pay when those repairs may cost more than normal. Sometimes upgrades in building code requirements add significant costs to a repair or re-building project and you will want to make sure your policy will pay for this extra cost.
Every policy has a section that describes the types of losses that are covered and you will want to make sure that your policy covers as many perils as possible. Your high value property should be insured for things like fire, lightning, hail damage and wind storms, but you can also purchase extra protection such as sewer backup coverage or earthquake coverage which is normally excluded on most policies.
Personal Property Considerations
If you own a high value home, chances are that your personal property also has a high value. When it comes to your insurance policy, you will want to make sure these items are insured to their full replacement cost value as well. Many are unaware that certain types of property have special limits on a typical homeowner’s policy. If you own high value jewelry, artwork, or firearms, make sure your policy has these items scheduled and named to avoid problems with special limits on most policies.
You may have other special needs for your high value home, so be sure to speak with an insurance professional today about an umbrella insurance policy, identity theft coverage or a home business insurance policy.