What is high value home insurance?
The typical homeowners insurance policies lack the coverage you need for a high-value or waterfront home. Some special standards and considerations come with owning and finding insurance coverage for a luxury home.
If you have a normal homeowners policy, then there may be severe gaps in coverage. This can make it hard to have adequate protection for your luxury home. That is because the typical homeowners policy is designed for the broad market, not for those who are affluent and own high-value residencies.
On top of that, if you have costly furniture and other valuable items inside your household, that further raises the need for special, high value homeowners insurance in Florida.
In the event of an incident that you can file a claim for, a good high-value homeowners insurance policy may be able to grant you the award that allows you to rebuild, refurnish your entire house, or make any necessary repairs.
Higher value homes mean needing higher coverage limits. But higher coverage limits are not all too high-value homeowners insurance. Because of your luxury property, you need custom-tailored coverage to meet your insurance needs.
This means that you need premium homeowners coverage that could be time-consuming to find or figure out by yourself.
High value homeowners insurance in Florida
In Florida, it is wise to protect the wealth and legacy you’ve built. That means acquiring the best homeowners policy for your household. If you have any valuable collections within your home, a high-value homeowners insurance policy can be necessary to protect your assets and legacy.
Florida has plenty of sunshine and tropical wonder, but with all the sunshine also comes hurricane liabilities. Potential fire and water damages are also always a consideration.
When you own a high-value home or multiple homes, there may be more risks involved. You might need better liability risk protection if, for example, you have installed amenities on your property that need special protection. Wealthy homeowners usually require higher personal liability and personal property limits compared to regular homeowners
What is a high-value home?
A high-value home might be a luxury or waterfront property in Florida that has a high price tag on the property itself. Condos, luxury apartments, and others might be considered high-value homes, not just typical houses or mansions.
Historic properties or homes with special amenities, collections, or features also may need high-value homeowners insurance because of their rarity and value.
If a historic property or an older home gets damaged, it can be costly or even difficult to repair. There may be hesitance in insurance companies if they offer coverage for older homes since a historic property may be more difficult to maintain.
Worth Insurance helps you find the kind of homeowners insurance that is preferable for you, be that luxury homeowners coverage or another type of insurance. We will listen to you and uncover for you which quotes and policies are the ones that might match you the best. That way, you may find the perfect premium for you and your family in Florida.
What are the different types of high value home insurance coverage?
Coverage may vary from insurance company to insurance company. Especially because a high-value home can have unique features and qualities, your best policy might look different from another household’s coverage.
The special thing about luxury homeowners insurance is how insurers often offer special perks and coverages to higher-end clients. These special add-ons can be very helpful in helping protect your home, assets, legacy, and even reputation.
Typically, certain features are considered standard on a high-value homeowners policy. The first one is higher liability limits. This means that if any injuries are occurring both on and/or off-property, you can be adequately protected financially.
One trouble that luxury properties might run into is unlawful breaking or trespassing. If any injuries occur to others while you are out, perhaps on vacation or a business trip, your liability policy will kick in and try to cover the medical costs associated with those particular injuries.
Unfortunately, you could also get sued for other people’s injuries if they are somehow injured by you or your property, so if a lawsuit against you does take place, you will also have a good amount of legal fee coverage. This might be a bigger potential problem for luxury homeowners, who might have in-home employees.
Another aspect of insurance to consider is the coverage of attractive nuisances. This is the legal term for any things and entertaining extras that may pose risks for any people who might walk by, namely children.
Examples of attractive nuisances are swimming pools, basketball courts, playgrounds, and more. Anything that is considered as likely to attract nuisances falls under the Florida attractive nuisance doctrine, making the property owner responsible for the child’s injuries. This can stir up legal trouble for you and your family in the neighborhood, so it can help immensely to have better liability coverage which takes care of fees related to attractive nuisances.
Protect your collections and amenities
We understand that it can sometimes be hard to put a price on your home or possessions. There can be a sentimental value that comes with them, making it even harder to think about parting with them. Not only that, but your assets may be worth a significant monetary amount that demands better insurance coverage that leaves nothing unprotected.
In the event of losing prized belongings, such as a collection of items that are considered high value, a typical homeowners insurance might be unable to protect you in a way that feels fair.
On top of that, some items might not be covered by the standard homeowners insurance. Only certain valuables may be covered, depending on your chosen policy.
For example, if you are a collector of fine art, it would be devastating and frustrating to lose pieces or the entirety of your collection and have insurance unable to give you a proper payout.
Other valuables such as rare bottles of wine, collectible items, jewelry, firearms, furs, and more also need to be protected adequately. This means that there should be higher coverage limits so that your belongings can be more safely protected. Because even in cases where they are covered as a category of items, the amount of coverage that the standard homeowners insurance provided might not be enough.
A proper, personalized high-value insurance package that suits your unique needs may cover the gaps that are left by other insurance policies that are typically offered to homeowners.
If necessary, you might also need a special classic car insurance or yacht insurance policy to get maximum financial protection for you and your family.
A luxury property might have amenities that are costly to install and replace. If you have a movie theater, basketball court, swimming pool, bowling alley, or any other custom luxury amenity, it can be difficult to find adequate coverage.
Special homeowners coverage for high value homes
Your high-value home may have many unique features and aspects that render a traditional homeowners insurance policy incapable of proper coverage. There are several types of additional coverage that might come with or come as recommended with the homeowners insurance policy that you end up choosing.
On top of the standard coverage, these are considerations or perks that the average high-end homeowners insurance company might add on for clients who have luxury properties.
Identity theft coverage
Your assets may be covered by other parties, including fraudsters who might not hesitate to try and commit identity fraud. Due to the increasing amounts of identity theft and attempted identity theft, some insurance companies may take more active measures to prevent identity theft from happening to you. This may come in the form of more diligent monitoring of any financial activities that occur on your accounts that seem nefarious or different from your usual activities.
Sewer and pipe coverage
If your home encounters any drainage backups, sump pump issues, or sewer problems, the standard homeowners policy might neglect to cover these events. A high-value homeowners policy may choose to provide coverage for sewer and pipe issues as standard.
Partial loss coverage
It is a lesser-known fact that many normal insurance policies might not properly cover a loss if it’s considered a partial loss. For example, if a part of your beautiful wood flooring is damaged, there’s usually no obligation to repair it using the same high-quality wood. The insurance company might opt to provide you with the money or materials to repair it with the same materials, which might mean a loss in value or a complete mismatch in aesthetics.
A partial loss of high-value coverage may come with your high-value homeowners insurance. That means that the policy might match you on any partial losses, meaning that if some of your precious gold tiles are damaged, the company will try to help you regain that section, regardless of the material cost.
Employment practices liability might be desirable if you have any employees who work on your premises. This way, if any injuries are sustained, their bills can be covered or compensated; or if they accuse you of discrimination or wrongful termination, you can be covered in terms of legal fees.
No-cost home inspections
Home inspections typically do have an associated cost. However, many high-end insurers might offer no-cost home inspections, especially because these inspections help determine the value of your home and any possessions or furnishings you may have.
Pair or set conditions mean that usually, the traditional homeowners insurance policy probably will not cover the value or the entire set if a single part of it has been damaged. This can be problematic if having the whole set or pair of items is of much higher value than an incomplete set, or it has been ruined somehow by the damages.
Pairs or set condition coverage will usually be provided by higher-value insurance companies and may be open to covering the costs of the entire set or pair that has been lost, even if the damage was only dealt to a single item in the set or pair.
How to find the best high value homeowners insurance for you
You can find better insurance for your high-value home with Worth Insurance. Not only can you get great rates, but also quality coverage from the top carriers around!
Whether you are searching for a personal insurance policy or a commercial one, our team at Worth Insurance has you covered. We can help you find the right homeowners insurance coverage just for you in a timely and professional manner.
Our experts in homeowners insurance in Florida will be able to match you to quality insurance options that can help you fill the gaps in coverage for your home.
If you need other kinds of specific coverage, such as renters insurance, landlord insurance, or boat insurance, Worth Insurance also has you covered. We’re the go-to agents for when you want insurance, fast, simple, and easy.