When you own a home worth more than $750,000, you own a high-value home. You need to seek special insurance coverage to keep your property and belongings safe.
Special Insurance Considerations
- Possessions
A standard home insurance policy will cover the loss of your belongings in a disaster, but when insuring a high-value home, consider the total value of your possessions. If you own a lot of art, antiques, or jewelry, you will require an insurance package or rider with high replacement limits. In particular, if you own items that come in pairs or sets, a high-value home insurance policy can cover the loss of the complete collection instead of a single item.
- Liability
Many times, high-value homes are targets for personal injury lawsuits. While all home insurance policies include liability coverage, insuring a high-value home will require choosing a policy with a higher coverage amount. In many cases, you can have your legal defenses covered as well.
- Flood Insurance
If you live in a flood-prone area, you need flood insurance. A standard homeowner policy doesn’t have a flood insurance rider, so you would need a separate policy. Some high-value home insurance policies do include flood insurance as a part of the policy or as an available rider, so seek out a provider that offers that option.
Insuring a high-value home requires special considerations to cover your home and possessions adequately.
