Understanding High-Value Homeowners Insurance: A Straightforward Guide
We’re surrounded by numbers. Think about your daily life – how many times do numbers come up? You see, numbers play an important part of our lives...but a lot of us shy away from numbers. Sadly, this is a big mistake – especially for homeowners and insurance.
Your home is extraordinary, it probably has custom features that are unique to just your home. This means you need a homeowner’s insurance policy that is just as extraordinary or specialized as your home. Look for an insurance company that offers high-value home insurance policies that provide you coverage to meet your specific needs.
What Qualifies as a High-Value Home?
First off, what exactly makes a home “high-value”? It’s not just about the price tag; it’s about the details. We’re talking about custom-built homes, historical residences, and properties with unique architectural features. These homes often contain structures, valuable art, jewelry, and collections that standard policies might not cover.
High-value homes are typically homes with a replacement cost value of $750,000 or more.
Remember that replacement cost is not the same as the market price of the home or what you pay for it. Replacement cost is based on the cost of rebuilding the home. This includes the total cost of rebuilding: foundations, exterior buildings, floors, cabinets, roofs, built-in appliances, etc.
Customizing Your Policy: The What and How
Customization is key. A one-size-fits-all policy won’t cut it when you have a home theater, a wine cellar, or a collection of vintage cars in your garage. Here’s how to ensure your policy fits like a glove:
Beyond the bricks and mortar, ensure your policy covers the contents of your home. Yes, that includes your art, jewelry, and even the high-tech gadgets sprinkled throughout your house.
Got a guest house, a fancy shed, or a pool house? These ‘other structures’ need protection as well. Make sure they’re included in your policy.
Identity theft protection: It’s a sign of the times. High-value homes can be targets for identity theft, and having coverage in this area offers an extra layer of security.
Attractive Nuisances
Have you heard of the term “attractive nuisances”? Those consist of things such as swimming pools, trampolines or play equipment. You as the owner will be on the hook for any harm to others while using those items (even if you didn’t provide permission). With that said, it’s better to be safe than sorry and get the appropriate policy for your home.
A standard home insurance policy is usually sufficient to protect most homeowners. But for homeowners with a high net worth, this may not be enough.
Your custom high-value home was built with a certain quality and integrity. Not all homeowner insurance policies will cover you to repair or replace your home with the same quality of standards. Coverages differ vastly among insurers; from the way a company values your home and possessions to the speed and thoroughness in which they settle claims.
Better insights, better decisions.
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My name is Jason Claybrook and my team and I represent Midlothian/Moseley, Chesterfield, Bon Air, Richmond, Powhatan and surrounding counties for your State Farm insurance and financial needs.
Our team is here to ensure our customers know how to make insurance work to protect your most valued assets. You belong here. We want to solve the biggest problem with choosing insurance - everyone is guessing what they need when they Google "insurance agent near me", "state farm close to me" or search online for car or home insurance quotes. It's our job to empower you with knowledge so you can make the most informed insurance and risk management decisions for you and your family. It means our office puts your needs first.
The most important part of being your State Farm agent and office of choice is making a difference in your life and helping to strengthen our local community. We love to sponsor and participate in local events and give back to the community. I am a second generation State Farm agent and former claim rep. I am a long-time resident of Midlothian and proud VCU alumni (Go Rams!). Our office is honored to serve Midlothian/Moseley and the surrounding Chesterfield County.
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