TUESDAY, FEBRUARY 8, 2022
Expensive homes often demand greater financial protection to protect these valuable investments. Typically, high-value homes are more costly than average homes. These homes are sometimes historic properties, condos or luxury apartments, houses of architectural importance made with unique features, or rare or expensive materials.
An expensive home can pose insurance challenges since not only is the property valuable, but often so are the homeowner’s belongings. High-value home insurance can help safeguard your home and personal property with expanded coverage limits.
What Benefits Does High-Value Home Insurance Offer?
Homeowners can benefit from this expanded coverage since it can include:
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Expanded coverage for the structure, home contents and scheduled property such as jewelry, art and antiques
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Guaranteed replacement cost, which may pay for the total cost to repair or replace your home even when the amount exceeds your policy limits
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Increased liability coverage with high limits can protect you if there is a lawsuit due to injuries on the property or off the property
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Sewer backup coverage
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All risks coverage for home contents
In addition, besides higher coverage limits, high-value home insurance can give homeowners additional benefits and services and an overall higher level of expertise and care. The Brick Insurance Agency can assess and potentially minimize your risk exposure.
How Much Coverage Should I Have?
We can help you evaluate and determine the amount of coverage you should have. There are specific considerations to review when choosing the amount of coverage. These include:
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Your personal property amount: You probably want enough coverage to replace all your personal belongings, including clothing, furniture, appliances and decor. A home inventory can help determine if you need to adjust your coverage amount.
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Your liability risks: The base limit of liability coverage is typically higher for high-value homes since there may be additions such as a pool, trampoline, swing set. In addition, if you entertain a lot, you may want to increase your limit or consider adding an umbrella policy.
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Your unique circumstances: You can usually customize your coverage with additional endorsements, such as identity theft, water backup and service line coverage to ensure your policy meets your needs.
Is High-Value Home Insurance Costly?
High-value home insurance is typically unavailable online. You’ll want to meet in person to discuss the policy that will best protect your assets. The cost of your premium will depend on your specific circumstances and the endorsements you choose to add to your policy. The Brick Insurance Agency can help you protect your valuable assets with coverage tailored to your particular requirements.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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