An alarming number of homeowners are potentially underinsured. In some cases, if their home was destroyed, the cost to rebuild it may not be covered by insurance. In others, they could be risking personal assets to theft, vandalism or even litigation. High value home coverage is a possible solution.
What Are the Benefits of High-Value Home Insurance?
Luxury homes with custom features are difficult to value. As a result, they are often underinsured. A high-value home policy ensures repairs are covered, even if their costs exceed policy limits. They also offer higher than average liability limits to protect against claims if someone gets injured on your property. A few other features they provide include coverage for expensive jewelry or art collections, temporary housing or cash settlements in the event you decide against rebuilding.
Who Should Carry a High-Value Policy?
If you have a home with unusual and high-end features or one with an estimated replacement value over $1million, then you will want to have appropriate coverage. It is also a good idea for individuals who have extensive art or jewelry collections. Individuals with a high net worth who want to protect their assets from legal action may also find it worthwhile.
The right homeowner’s policy will ultimately protect your assets while also ensuring you are able to rebuild if your home is destroyed.