High Value Home Insurance in New York Metro Area, Connecticut, and New Jersey
When you own a high-value home, it’s essential to have enough insurance coverage to protect it and all the property that exists with it.
What Is High-value Home Insurance?
A high-value home insurance policy addresses the specific needs of homeowners with homes that typically value above $750,000 or $1 million, depending on the insurance provider. These types of homes may need more coverage than a standard home insurance policy provides. While gaps in home insurance coverage could be filled by other coverages, investing in a high-value insurance policy may be a better option to help financially protect your physical assets.
What Does High-value Home Insurance Cover?
High-value home insurance policies typically include expanded limits or enhanced coverage for the following:
- Structural repair or replacement—Many high-value home insurance policies include extended or guaranteed replacement cost coverage, which means that the insurer may cover more costs to repair a home after a covered incident than a standard homeowners policy.
- Possessions—High-value home insurance may insure items in your home at their replacement value rather than their actual cash value, which often means a higher payout. Coverage for possessions may also be available on an open perils basis.
- Liability—High-value home insurance policies may include higher limits for personal liability and medical payments. They may also cover costs needed to defend against claims of slander, libel or defamation.
- Additional living expenses—If you cannot live at your home while it is being repaired or restored, high-value home insurance may provide enhanced coverage for temporary living expenses, such as hotel stays.
Get the Right Coverage
In addition to protecting you from additional incidents compared with a standard homeowners insurance policy, high-value home insurance can also provide coverage for certain features or risks which may not be common for an average home, such as swimming pools. In addition, homeowners with high-value coverage may need to consider acquiring additional protection for certain valuables, such as jewelry and electronics.
Like many other insurance policies, high-value home coverage can be augmented and customized to suit your lifestyle and fit your property’s needs. Contact John Murphy Insurance today to learn more.