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high value home insurance companies
These include both high value specialty insurance carriers and mainstream insurers that have established products designed for high value homeowners.
What is high value? A policy limit requirement of $500K or $10M? Its relative, but you need to know what market you are in before you seek quotes:
1. Standard Carriers
HO5 - Premier Homeowner Policy; with contents coverage now on open perils or just a regular HO3 from a carrier that does write up to your dollar policy limit need.
2. Standard Carriers - With Special Products
A defined product from general or standard insurance companies catering to higher policy limits and denoted as high value home insurance, with enhanced protection and flexibility.
3. Specialty Carriers
High value home insurance that is tailored and offers even greater customization than the typical special product sold by a general insurer.
High Value Home Insurance Qualification
- Owner occupied
- Age of the home
- Replacement cost value
With high value home insurance be sure that you meet basic qualification criteria before delving deeper into a product/process. In addition to the above, your credit score (good), prior claims record, liens and any bankruptcies can affect qualification.
Depending on circumstance, you'll want to have an appraisal expert determine what the rebuild cost of the home or dwelling and structures is, in the event of a total loss scenario.
The dollar dwelling limit or 'policy limit' is an important choice, not least in the fact that the cost of high value home insurance quotes and premiums is heavily dependent upon.
Robust High Value Home Insurance
1. Dwelling Cover
2. Other Structures
3. Home Contents aka Personal Property
4. Loss Of Usage
5. Personal Liability
Dwelling & Other Structures
All risk/open perils - means the loss scenario is covered unless explicitly excluded in the policy terms. Even with high value home insurance products, you still need to understand what is not covered by default. High value home insurance endorsements may be desired to build upon the standard or default protection.
Full, Enhanced, Guaranteed Replacement Cost - means your home may be rebuilt in like kind including quality, even where the eventual cost exceeds your policy limit.
This is clearly the best high value property insurance scenario, but Guaranteed Replacement may not be available with some high value property insurance policies or in geographic areas. This term means that no deduction is made for depreciation.
Replacement cost should apply to other detached structures.
With the best high value home insurance cover you should have flexibility regarding if and how you repair or replace after a loss and the option of a cash settlement.
High value home insurance should offer:
Unlimited Water and Drain or Sewer Back Up
Building Code Cover (cost increase of repairs/construction resulting from building, zoning and land use code change)
Other features not covered with regular homeowners quotes.
High Value Home Contents Insurance
Exceptional homes require high value home contents insurance that is comprehensive and may be customized to suit.
Insurers classify items for the purpose of claims. The default approach is referred to as 'Unscheduled' personal property, whereby in the event of a claim the insurer categorizes items and these categories are subject to dollar limits.
While a feature of high value home insurance for contents is to offer higher category limits, a standard high value home insurance policy may still not meet your needs by default. Higher limits for art, jewelry, computers, silverware, furs, guns and other item claim categories are offered as standard, however the category dollar limits and within that, per-item dollar claim limits may not be enough.
To overcome the limitation of standard category limits, one may:
- Purchase extended limits by endorsement and/or
- 'Schedule' any items or collections as desired.
Any scheduled personal property attracts an additional premium and items are listed on the declarations.
High value home insurance for contents by default sets your total contents limit as a percentage of the high value home insurance on the dwelling or the principal policy limit (e.g. 50%). You should have flexibility to choose the limit for contents but be mindful how that affects category limits (if for example you drop below 50%).
Coverage should be all risk /open perils and settlement should be at replacement cost. There should also be a cash settlement option. You should have plenty of scope with available endorsements and the ability to tailor the coverage to your needs with the best high value insurance quotes.
Best High Value Insurance
Your policy limit requirement affects the choice of potential quote providers. A standard insurer with a special high value home insurance product may suit your needs for a quote price that works. In other cases a specialty carrier is a must and you'll need to work closely with the company concerned. Scheduling contents requires that the items are either appraised or you have original receipts. The high value home insurance package contains loss of use cover in case you are unable to occupy the property due to a covered event. The best policies have unlimited (capped or time restricted) loss of usage cover. Specialty high net worth home insurance companies may offer loss prevention and risk management services. High net worth home insurance should offer increased liability limits with the ability to select limits and the best policies may accommodate domestic employee coverage where required. If cost is an issue, while discounts are often available they should not be the focus of a purchase choice. The insurance rating system requires one to shop the market for original high value home insurance value in the form of a lower base rate set for the home's location and principal coverage limit required.