High value home insurance ensures you are covered for high costs to repair your home, personal property, additional structures and more. A basic home insurance policy has limits as to how much the insurance provider will cover. A high value home insurance policy has much higher limits to accommodate the insurance needs of homeowners with more expensive properties.
What Is Considered A High Value Home?
In the world of insurance, a high value home is a property that is far more expensive to replace than the average home. Most homes that cost more than $750,000 qualify as high-value. However, a high value home is not based on the sale price or the value of the land. Instead, the primary determining factor is how much it will cost to replace the entire structure of the home.
What Is A High Value Home Insurance Policy?
A high value policy is a policy specifically put together to cover the insurance needs of more expensive homes. The coverage limits a policy are much higher than that of standard home insurance coverage. This means that you are covered for more expensive repairs and replacements.
Another major feature of high value home insurance is that it will cover the replacement cost, rather than the actual value. In addition to higher limits with dwelling coverage and personal belongings, a high value insurance policy offers additional extended coverages, which may include:
- Contents coverage
- Personal liability
- Identity theft
- Large credits
- Multiple locations
- Property insurance
Every high value insurance policy is personalized for the homeowner to meet their needs and preferences. This makes life easier during difficult times when the home is damaged by a natural disaster or accident and a claim must be made.
Does Your Home Qualify For High Value Home Insurance?
A high value insurance policy is available for most homes that are worth more than $750,000. However, as mentioned, the determining factor is the cost to rebuild the home, which means the location of the home and the value of the land is much less of a factor in determining if you qualify for high value home insurance.
What To Consider Before Getting High Value Home Insurance
High value home insurance offers much more than a basic insurance policy, although it may come at a higher price. You may need high value insurance if the cost to repair or replace damage to your home or stolen personal property is too high for a basic policy to cover. You also have the option of more add-ons (see below) with high value policy. The best way to determine if high value coverage is right for you is to speak with an experienced insurance agent.
Additional Coverages to Add On
High value insurance offers more extensive coverage than a basic insurance policy. You can also add additional coverages as well. The additional covers to consider include but are not limited to:
- Water backup coverage
- Family protection coverage
- Loss assessment coverage
- Computers coverage
An insurance agent can help you determine what your precise needs are and help you receive the appropriate coverage options for the best price possible.
Broader Coverage and Expanded Policy Limits
A basic insurance policy has limitations on what the company does and does not cover. These limits are expanded significantly with a high value insurance policy. This is in addition to receiving replacement cost coverage rather than actual cash value. The coverage may be broader as well.
For example, if a home fire occurs that causes injury to your or a loved one and forces you out of your home while repairs are made, high value policy may cover the medical expenses and living expenses. The policy may also include higher sub limits to replace personal property that is of high value that may have been destroyed in the fire, such as jewelry and antiques.
Policy Perks and Benefits
High value poliicy also includes additional policy perks and benefits that are not included in basic insurance coverage. These perks and benefits may include:
- Home appraisal service
- Free home inspection
- Deductible waivers
- Loss prevention plans
- Cash settlement option
Of course, every policy is unique and will vary for every homeowner. There may be additional perks and benefits included as well, depending on your specific insurance needs and coverage preferences.
Talk With Merchant Family Agency About High Value Home Insurance
Merchant Family Agency offers high value home insurance. If your home is valued at $750,000 or more and you are not satisfied with basic insurance coverage, then connect with us today by phone or message to find out how a high value home insurance policy can benefit you.