High Value Home Insurance

Your home is one of your most important and valuable investments. With that in mind, it’s necessary to understand that standard homeowners insurance may not always be enough to cover certain properties. For those owning expensive homes with values over $750,000, additional coverage should be strongly considered.

High-value home insurance offers extra security and protection for residences that would require significant funds to repair or rebuild. Specifically, this could include properties with historical or architectural significance or structures built with rare or expensive materials.

What Does High-value Home Insurance Cover?

In general, high-value home insurance policies provide coverage for a variety of potential expenses which could affect your residence but might not be included in standard homeowners coverage, such as:

• Home inspections—Insurance providers may cover the cost of home inspections at no additional cost. By performing this due diligence, policyholders and providers can ensure the property is properly covered.
• Employment practices liability claims—If an employee who works in your home alleges they were treated unfairly or wrongfully terminated, a high-value policy can provide coverage for the claim.
• Partial losses—If only a small part of your home—such as half of a tiled floor—is damaged, high-value insurance can help ensure repairs and replacements properly match original materials.
• Damage to pairs or sets—If damage is sustained by property that comes in sets or pairs—such as furniture—this coverage can help policyholders replace the entire collection, including undamaged items.
• Sewer and pipe issues—While most standard homeowners insurance policies do not include coverage for drainage, sump pump and sewer problems, high-value coverage often will.
• Temporary living expenses—In the event your home becomes unlivable due to a covered loss, a high-value home policy can help cover temporary housing and meals without imposing a substantial change in your day-to-day diet or lifestyle habits.

Get the Right Coverage

In addition to protecting you from additional incidents compared with a standard homeowners insurance policy, high-value home insurance can also provide coverage for certain features or risks which may not be common for an average home, such as swimming pools. In addition, homeowners with high-value coverage may need to consider acquiring additional protection for certain valuables, such as jewelry and electronics.

Like many other insurance policies, high-value home coverage can be augmented and customized to suit your lifestyle and fit your property’s needs. Contact James L. Smith Insurance Agency today to learn more.