Tips to Get the Best Coverage with High-Value Home Insurance


Standard home insurance is often considered the most sought-after coverage for homes. But when it comes to protecting a high-value home i.e. the property whose value is substantially more than the typical home, homeowners start looking for a more reliable and cost-effective option. Here’s when the high-value home insurance come into the play. As it is pretty clear from the name itself, high-value home insurance by offers comprehensive coverage for the high-value property.

Unlike the standard home insurance policy that provides coverage only for the structure of your building, the exceptional high-value home insurance product covers the structure, private property, bank cards, antique articles, fine art, wine collection, ornaments, and other such valuables. In fact, any precious item that the typical home insurance does not provide the coverage for is covered by high-value home insurance.

Why high-value home insurance?

When an aspiring homeowner manages to finance and purchase a home worth $3 million, he is advised to secure the home with a high-value home insurance product. It goes without saying that the first thing the homeowner would do is install a high-quality security system. But is that enough? Or is that all that you need to ensure that your valuables are 100% safe? Unfortunately, no! You can keep the intruders from breaking into your premises and taking away your valuables by installing security gears in your home but what about the unpredictable tragedy? Fret not! High-value home insurance product has you and your property covered.

On comparing the home insurance policies for a home worth $3 million, you would notice a great difference between the standard and high-value home insurance. Basically, high-value home insurance has considerably higher coverage limits than the former. In addition, these policies cover the cost of expensive repairs and replacement parts, personal property damages, and other such liabilities associated with homeowner’s assets.

Purchasing High-value Home Insurance

Now that you have learned the significance of high-value home insurance for your valuable property, it is time to select the right insurance provider or choose a reliable company to make the most of it. Similar to when an individual purchase the typical insurance coverage, high-value home insurance product call for realistic thinking and thorough research. Let’s have a look at some important tips to get the best coverage with high-value home insurance.

  • Get Quotes

As soon as you have confirmed you want to buy high-value home insurance, get ready to receive the quotes from different insurance providers. Of course, neither the quotes of different insurance companies nor their services will be the same.  The best way to request quotes from the insurance providers is by contacting the reputable online comparison sites.

Once you have received the list of quotes, it is time to go through their insurance policy and check the valuables they cover. Additionally, have a look at the “limits per claim” of each insurance company to make a better decision. One of the major reasons why homeowners are shifting their interest in high-value home insurance is its higher coverage limits. Hence, it is important to pick an insurance policy that exposes the realistic cost of replacement and repair of your assets and property. If you are not sure about the best estimate, take advice from the individual consultants such as a contractor or realtor.

  • Consider Built-in Inflation protection

Make sure to purchase the high-value home insurance product with built-in inflation. When you buy the insurance coverage with built-in inflation, the insurance provider will take into consideration the annual inflation rate with the coverage limits. That being said, you don’t have to worry about the devaluation of the dollar if your insurance coverage includes built-in inflation protection.

  • Get additional home coverage

Though it is not necessary, some homeowners may need to purchase additional home insurance coverage such as flood or earthquake insurance. Just like in any other insurance coverage, check whether the policy covers the sufficient amount of items. No doubt, this type of insurance coverage is best for the homeowners living near the area that’s more prone to flood and natural calamities. However, this type of additional home insurance policy comes with its share of risks. The homeowners will have to pay a deductible (which is around 15% of the insured value of your property) in the event of a claim. For instance, if you have your home insured for $300,000, you may need to pay a deductible of $45,000 to get your claims settled.

Another major factor that the homeowners should consider before choosing a home insurance provider is the quality of their services. Choose a company that is well equipped to tackle a large volume of claims in a limited amount of time. And that’s it! Following these steps, you can definitely get the best insurance provider for your home. Good Luck!