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High-net-worth individuals face a number of unique insurance challenges, especially when it comes to finding the right High-Value Homeowners Insurance for their priceless items, such as fine art or wine collections. Wealthy families tend to have relatively more complicated risk management needs and less obvious needs for catastrophic insurance coverage. The risk that these individuals have is either over-insuring minor threats or under-insuring against major ones.
A good high value homeowners insurance policy should cover the right amount of risk and possessions, finding a way to appraise them accurately and offer a solution that covers against unique risks. A high value homeowners insurance policy should safeguard against theft, destruction, or total loss. Here’s what to look for in a High Value Homeowners Insurance program.
What is High Value Homeowners Insurance?
More specifically, a High Value Homeowners Insurance program isn’t a single product. Instead, it’s a collection of extra services available to people with high value homes or properties, or a significant amount of other assets that contribute to high net worth. High value homeowners insurance usually comes with higher limits and more attention to detail than a normal homeowners insurance policy and covers those with houses that exceed $750,000.
A major benefit of High Value Homeowners Insurance is expanded coverage limits. This is for both a property as a whole and the individual items inside. Expanded coverage limits are common for contents subject to particular limits, such as jewelry, cash, and art pieces.
Expanded limits for High Value Homeowners Insurance include:
- Structure damage
- Home contents covered for all perils
- Landscaping coverage
- Liability coverage
- Additional living expenses
- Sewer and drain backup coverage
Additional Benefits and Services
Many High Value Homeowners Insurance providers can offer specialized services and benefits that aren’t typically available through everyday homeowners insurance policies. These services can vary to a certain degree based on the insurance provider.
Cash Out Settlement and Deductible Waivers
In the event of a total loss, a cash out settlement option may be available which allows the homeowner to receive the value of the policy without requiring the home to be rebuilt. Also, for homeowners who have deductible waivers, if they experience a large-scale loss, the claim will be covered and the homeowner will not be responsible for payment of the deductible.
About Mavon Insurance
At Mavon Insurance, we pride ourselves on our unique approach to insurance. We focus on integrity, communication, professionalism, respect and gratitude to help our clients succeed and place business in specialized markets. For more information about our products, or to become an agent, contact us today at (855) 248-1480.