Homeowner’s Coverage for the Wealthy

High Value Insurance

Many individuals that are considered affluent have earned their way into wealth and have amassed a number of expensive assets. These assets could include:

  • Luxury primary residence
  • Vacation homes
  • Private jets
  • Watercraft
  • High-value automobile collection
  • Elite furnishings
  • Priceless art
  • Vintage wine collection
  • Diamonds or costly jewelry

Protecting their valuable from destruction, loss, or the threat of theft needs to include more than a state-of-the-art security system.

The Damage of Being Underinsured

Since the average homeowner doesn’t face the same risks and financial hit when compared to the value of these assets, a standard homeowner’s insurance policy isn’t enough coverage. However, it could still be possible to have a special high-net-worth policy that doesn’t fully protect the financial investment of what you own. Should something happen, being underinsured is just as damaging as having no insurance?  With the help of your agent, be sure to select high-value insurance options that address the unique circumstances of your home, its contents, and other valuable assets.

The Value of Your Assets

The right insurance plan will address the value of your assets, though this could happen in several ways. With a high-value policy, your limits and sub-limits will be a lot higher, making it easier for repair or replacement circumstances. The coverage options could also extend to cover the cost of living while the home is being repaired, landscaping coverage, and family protection coverage.

Do You Need a High Valued Home Insurance Policy?

high valued home insurance
high valued home insurance

If you have a large or especially expensive home, then a standard homeowner’s insurance policy might be enough to cover you in case something should happen to your home. A high valued home insurance policy will cover your home in addition to any expensive business equipment or personal belongings that you own. A high valued home policy will also protect you should someone ever hit you with a lawsuit.

Additional Coverage

High valued home insurancealso offers several types of additional coverage. Should a fire ever demolish your home and your regular homeowner’s policy doesn’t cover all of the damage, extended rebuilding cost coverage could possibly pay an extra 100%.

If structures or the contents of your home ever become damaged, no requirement to rebuild or replace coverage makes sure that you don’t have to replace or rebuild those structures and belongings like standard homeowner’s policies might require you to. The cost of labor and materials for home rebuilding can leap sky high after a major disaster strikes, such as a flood or hurricane. Including demand surge coverage on your high valued home policy makes sure that you aren’t hit with increased costs as a result of the disaster.

If you have a high value home or are thinking about building one, talk with your insurance provider about high valued home insurance as a way to protect your investment and your high value belongings.