High Value Homeowners Insurance

Unique Home Coverage for You and Your Family…

The majority of homeowners in the US own properties that have replacement cost values of under $1 million. For most, standard homeowners insurance policies do a fine job at protecting these property owners from dwelling loss, the contents within the dwelling, and offering adequate personal liability limits. However, when it comes to high value luxury homes, these standard risk policies are not designed to cover the higher replacement cost values associated with them, plus other unique property exposures that affluent individuals have. 

Studies have shown that seven out of ten luxury homes are being insured with standard insurance policy types… policies that do not offer special endorsements or higher limits of liability that high value homeowners require. Unfortunately, owners of high value homes do not realize they are under-insured until after suffering a loss… when it’s too late.

Increased Value Requires Increased Protection

Our Long Island based, New York Private Client Group has carrier relationships equipped to offer homeowners insurance policies that are designed to cover homes with replacement cost values of $1 million or more. For these properties, greater limits of liability and increased built in coverage’s are available which properly insure these high value residential structures. Some of these added coverage’s include*:

• – Dwelling limits of up to $100 million
• – Deductibles of up to $100,000 – lower deductibles waived when losses exceed $50,000 (excludes hurricane deductibles)
• – Guaranteed replacement of the dwelling, even if the cost to rebuild exceeds the dwelling limit on your policy, plus an option to receive a cash settlement rather than rebuild on site if you suffer a total loss
• – Replacement cost for contents - no depreciation of value
• – Additional living expenses (with no limit) reimbursed if your home becomes uninhabitable due to suffering a loss (includes loss of income if the property is rented)
• – Increased construction costs as a result of required building code changes
• – Built in/increased coverage limits for identity fraud expenses, kidnap & random expenses, backup of sewers & drains, loss assessment, breakage of fragile property, premises liability for all residences (e.g. secondary homes), and property located in bank vaults
• – Much more…

Additional Options for Even Greater Protection

Owners of high value homes may choose to endorse additional coverage options, which include:

• – Flood insurance – including excess flood insurance for higher valued homes in coastal areas
• – Additional limits of liability for business property located on premises
• – Additional limits of liability for identity fraud expenses
• – Additional limits of liability for kidnap & random expenses
• – Additional limits of liability for electronic devices
• – Green rebuilding coverage that allows you to restore, repair, or replace items with environmentally friendly materials
• – Full replacement cost coverage for other structures
• – Much more…

*Coverage features, limits, and endorsements vary by state and by the offering company. Contact us today to get started with a personalized, exhaustive risk analysis, and to begin protecting what you have worked so hard to earn.

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