It goes without saying that as homes increase in value, so do the risks that owners face.
High value homes may necessitate higher insurance levels because of their considerable costs. High value home insurance usually covers homes that have values higher than $750,000.
Why do high value homes need high value insurance?
High value homes cost a lot to build, and they usually are on more expensive property. They also have a tendency to contain a higher proportion of valuable items.
Customized plans, materials and reinforcements may also go into building these homes. Therefore, the home’s value will likely rapidly increase. In case of a loss, homeowners could face hundreds of thousands, if not millions of dollars in damages.
High value home insurance protects the unique costs that come with expensive homes.
Questions to Consider for High Value Policies
Consider aspects of your home and let your insurance agent know. He or she might be able to add extra protection to your high value home insurance.
High value policies usually come with standard comprehensive and liability coverage. These coverage levels are often higher than those on the standard policy. Agents can often further specify policies to cover unique aspects of high value homes.
- Does your home contain expensive art, jewelry or other valuables? You might be able to add a specific dollar amount of coverage to protect these items. This is excess value or valuables coverage.
- What was the cost of building your home? If it was excessive, would a standard policy be enough to cover the replacement value? If not, consider high value home insurance.
- Do weather, fire or theft pose threats to the home? High value policies may contain higher levels of property value.
- How could water damage affect your home? The average home insurance policy doesn’t cover flood threats. If water damages an expensive home, the repair costs could add up quickly. High value home insurance can contain sewer and drain damage coverage. This coverage can protect the home in case of some types of water damage.
You stand to lose a lot of money if a peril destroys your high value home. That’s why the special coverage levels of high value home insurance can protect you.
Williams & Associates Inc can custom tailor a policy for your high value home. Give us a call at (317) 549-8994 for more information about Indianapolis high value home insurance.