Homeowners understand the challenge of finding the right balance of insurance protection and risk management. It is a struggle every homeowner faces. Those who own high-value homes (typically those valued at $750,000 or greater) often have different insurance needs than homeowners with less valuable homes.
Insuring a High-Value Home
When it comes to insuring a high-value home the challenge isn’t always about insuring the home for the right amount. Sometimes it is about the additional insurance products you need to protect the value, structure, integrity, and value of your home.
After all, your home is an investment. One that most people purchase with the intention of growing value over time. Getting the right amount of homeowners insurance is only half the battle. You must also continue the following types of insurance protection to supplement your coverage and have the robust insurance protection you require. This includes the following types of insurance products:
- General liability insurance. While some general liability insurance is included with your home insurance, you may wish to consider additional protection for general liability. If you have pets, swimming pools, treehouses, trampolines, or other “risky” structures on your property you will certainly benefit by considering higher general liability plan limits.
- Umbrella insurance. This is a different type of liability insurance that offers protection should you exceed the limit of your general liability insurance.
- Flood insurance. If the value of your home is $250,000 or more, you will want to explore private flood insurance options rather than insuring your home with the National Flood Insurance Program. The maximum value with this program is $250,000 which will be completely insufficient for your needs.
- High-value item riders. If you have costly collections, art, expensive electronics, antiques, furs, and jewelry, you should also consider additional riders for these items that are high value as your “contents” or “possessions” coverage may be insufficient to repair or replace these costlier items.
- Identity theft insurance. Identity theft is a growing problem. A problem homeowners need to be watchful of and protected against. Look for insurance coverage that provides some degree of protection against identity theft as well as some assistance in recovering should someone attempt to defraud you by assuming your identity.
- Employment practices liability insurance. If you employ household staff or in-home employees, this is another type of insurance people who own a high-value home can’t afford to live without. It offers protection against claims of discrimination, wrongful termination, and more.
Sufficiently insuring your high-value home is about much more than getting the right dollar amount of protection for covered losses. It’s about having protection and coverage in all the right places. InsuranceHub can help you with all your homeowners’ insurance needs. Contact InsuranceHub today by calling 770.497.1200 and let us help make sure you have coverage where you need it most.
