Private Client Services – High Value Home Insurance
Insurance for High Value Homes is very important. These homes are unique in design and contain special features that are not in ordinary homes. Additionally, the home may be one of your top, or favorite, assets. In addition to finding the right policy, it is also very important to find a knowledgeable agent who knows how to handle this specialized type of policy.
Specialized Home Features
The most common mistake that agents make when working on a High Value Home Insurance policy is treating it like a regular home. For example, they may use something simple like a cost per square foot average to determine the replacement value of the home. This is highly inefficient because regular homes do not contain special features, and therefore the average will not be correct. For example, the home may have a custom-built wine cellar, imported Italian marble, or even a bowling alley. The cost for such unique items needed to be specially factored when determining the replacement value of the home for proper coverage.
Personal Liability Coverage
On a basic home policy, premises liability is included but that is the extent of it. There are many exclusions and the liability doesn’t extend any further than the premises in most cases. This is not acceptable for a High Value Home. As an individual with much to protect this is just another benefit of the proper policy for a high value home, more comprehensive liability coverage. This personal liability coverage will provide protection for things such as libel and slander wherever the insured may go.
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Home insurance provides two important areas of coverage, for the home itself and liability. Among other valuable coverages that we will discuss later, High Value Home Insurance is one of the best investments that could be made. Unlike the insurance for secondary homes and rental properties, which coverage applies primarily to the premises itself, primary home insurance is more comprehensive. Before going any further, lets discuss in more depth the main coverages you will find on the policy.
Dwelling: Provides coverage for the main structure of the home from damage. The policy should provide Special or All Risk Coverage. This means, that unless specifically excluded in the policy, it will provide coverage.
Other Structures: This would provide coverage for the structures on the property not permanently attached to the home. This could pool house, guest house, barn, boat house, and/ or detached garage as well as many other structures on the property. Anything on the property not permanently attached should be discussed with the agent to insure proper coverage.
Personal Property: This will provide protection for all the goods and belongings inside the home. This coverage should be done on a replacement cost basis, meaning the cost to purchase the items brand new. It is important to note that all policies will have limitations, or max amounts, for certain items in the event of theft. Items such as jewelry, art, guns, etc. We recommend purchasing a separate policy called an inland marine or jewelry floater as discussed on another page.
Loss of Use: In the event the home is deemed unlivable because of a covered loss, this will provide coverage to stay in a temporary location while the repairs are made. This coverage is very important with High Value Homes because of the cost associated (i.e. mortgage, HOA dues, utilities, etc.), eliminating the concern for the additional cost of temporary housing.
Liability: Another very important for the High Value Homeowner as this coverage is broad and expands beyond just the premises itself. Most often people associate this coverage with slip and fall coverage, and although it does cover that, it also may include Personal Liability. This is coverage for claims such as libel and slander which follow the insured everywhere.
Medical Payments: Provides coverage for someone getting hurt on the premises by no fault or negligence of the insured. For example, a friend comes over to visit and falls twisting their ankle. The reason they fell was because they tripped over their own untied shoelaces. Although this was by no fault of your own, but occurred on your property, medical payments will offer coverage.
More Than Home Insurance
I haven’t told you anything that you don’t already know. As a high net worth client, you know that aside from the specialized features built into the home, the policy itself does not provide all the coverage you need. Whether it is expensive jewelry items, art collection, guns, and/or antiques to name a few, you need more than a High Value Home Insurance policy. For those valuable items in the home and on you, a jewelry floater or inland marine policy is necessary to provide protection.
The liability policy, while comprehensive, just isn’t enough. An umbrella policy is important for providing protection for you, over all potential for liability claims. For this, we need to make sure you have a good umbrella policy. Do you have a yacht, motorhome, recreational vehicles? Liability on each of those items, as well as the umbrella liability policy to go over all your assets.
For all that you have, and all that you have worked for, it is important that you work with an agent that can provide the knowledge and service you need. Barbee Jackson Insurance has agents with over 40 years combined experience in writing High Value Home Insurance. We have superior claim service to keep you covered and get you back in the home as quickly as possible. Our agents are here to work with you every step of the way.