Homes with higher than average values may not be fully covered by a standard homeowner’s policy. If your home has unusual features or is historically or architecturally significant, a high-value home insurance policy can offer you the protection you need.
What Is High-Value Home Insurance?
This is a special type of homeowner’s insurance policy designed for homes with unusually high values. It offers highly customizable coverage options for your home’s features and contents, as well as liability protection for you.
If your home has a high value, typically over $750,000 or $1,000,000, then you should consider investing in a high-value insurance policy.
What Does a High-Value Policy Cover?
While you can customize your high end home insurance to match your needs, there are some features that set them apart from a traditional policy.
- Generous reimbursement for temporary housing
- Cash settlement payments in the event you decide against rebuilding
- Coverage for water or sewer backup damage
- Specialized coverage for luxury goods like jewelry, art or other collections
- High liability limits to protect your personal assets
- Replacement coverage to restore your home to original condition even if costs exceed your policy limits
When you are shopping for insurance for your home, make sure the policy will cover the full cost to replace it and your belongings in the event of a loss. High-value home insurance can be a useful tool when your home has unique features or an above-average value.