|
Аренда
Обмен
Ресурсы по теме
|
What is High-Value Home Insurance?
High-value home insurance is a type of homeowners insurance that is designed for homes with high market value. A high-value home is defined as property worth $750,000 or more. Homes that fall into this group might include heritage homes, or homes with special architectural or interior design elements. Of course, they may simply be a mansion. This type of insurance is a full package of coverages and is one of the most comprehensive you can buy. High-value policies provide much better coverage than a standard homeowners insurance policy. Note How High-Value Home Insurance WorksIf you have an above-average priced home, standard forms of home insurance that provide "average coverage" may not be enough to protect or replace your property if you file a claim. To ensure that your policy limits are high enough to avoid paying large amounts of money out of pocket, you may want to think about buying high-value home insurance. Will Standard Home Insurance Be Enough?Though the details be set according to the terms in your contract, a standard homeowners insurance policy covers a wide range of costs that might occur in the course of owning a home. At the most basic level, it pays for the cost to repair or rebuild the structure of your home if it is damaged. It will also replace the items within it if they're taken or destroyed. (Claims of this nature will factor in depreciation in the value of your items, and any payouts will reflect this.) It funds lawsuits that a person might bring against you, due to bodily harm or damage to others' property, so long as the cause relates to your home. Lastly, it covers any extra costs you might incur for living away from home while your home is being repaired, such as for a hotel or home rental. How Does High-Value Home Insurance Differ?Most high-value home insurance policies provide all of the coverage offered by a standard home insurance policy, but with higher limits and extra coverage for the unique needs of people who own pricier homes (and items within those homes). For example, suppose that John and Jane are next-door neighbors. Both have high-end homes with period features, including ornate wall carvings. Each home has a current market value of $750,000. John has standard homeowners insurance with a structural coverage limit of that same amount. Jane has a high-value home insurance policy featuring a built-in guaranteed replacement cost coverage. A major fire occurs on their street, and both John and Jane's homes have to be rebuilt. Because the homes have features and materials that are hard to replace, the actual cost to rebuild each is $850,000. John's policy doesn't cover more than the stated limit, which leaves him $100,000 below what he needs, after his home is built back to its former glory. In contrast, Jane's policy comes with the extra feature, so it would cover the full cost of work, even if it exceeds the coverage limit. What Does High-Value Home Insurance Cover?The most common reason for choosing to purchase high-end home insurance is expanded coverage limits, compared to standard homeowners insurance policies, but it can also include a wide range of extra perks or add-on services. Compared to standard home insurance, a high-end policy includes larger policy limits or enhanced coverage for the following:
Note
Note Do I Need High-Value Home Insurance?Not every dwelling needs high-end home insurance. This type of coverage is specifically designed for houses that would cost a great deal to reconstruct or repair, or if the items in the home are hard or impossible to replace. High-value home insurance might be a good choice for you if any of the following are true.
How Much Does High-Value Home Insurance Cost?High-end homeowners insurance policies will cost more than standard versions, because of their increased coverage limits and top-of-the-line personalized experience. Owners of high-value homes need to budget for higher premiums each year. In 2018 (the latest data from the Insurance Information Institute), homeowners in the U.S. paid, on average, $1,249 in annual premiums for standard home insurance. You can bet that a high-value policy will be much higher. There are many ways to reduce the price you pay for insurance, no matter the type you choose.
Key Takeaways
Вернуться в раздел статей 'Недвижимость' |
|