What is High-Value Home Insurance?

By John Scott Team Archive, Personal Comments Off on What is High-Value Home Insurance?

coverage included in high-value home insurance

Find out if you need the protections offered in high-value home insurance.

As a homeowner, you know how important it is to have comprehensive homeowners insurance protections in place. However, if the value of your home exceeds a certain amount, relying on a standard home insurance policy could leave you with gaps in your coverage. This is where high-value home insurance comes into play. This type of insurance is specifically designed to cover homes that are worth $750,000 or more. But how do the coverages offered in a high-value home policy differ from those offered in standard homeowners insurance? Read on to find out.

Increased Property Coverage

Standard home policies will offer coverage for your personal belongings, but this coverage is subject to certain coverage limits. This means that, if you would like to insure items with values that exceed your personal property coverage limits, you will have to secure additional policies to cover them. However, when you have high-value home insurance, valuable possessions such as jewelry, fine art, antiques, expensive electronics, and so on are all covered under your main policy. This eliminates the need to secure additional personal property coverage.

Additional Structures Coverage

Obviously, standard homeowners insurance policies offer coverage that protects the structure of your home. High-value home insurance simply takes this coverage a step further by offering protection for the additional structures on your property. This means that things like guest houses, pool houses, tool sheds, and so on would all be covered under your home’s main policy.

Unlimited Loss of Use Coverage

Loss of use coverage refers to the coverage that pays for the living expenses that you might incur if you are forced to live elsewhere due to your home being severely damaged. While standard homeowners policies offer this coverage, it is subject to certain coverage limits. However, when you have high-value home insurance, you have virtually unlimited access to loss of use funds.

These are some of the ways in which high-value home insurance differs from a standard home policy. Do you have additional questions regarding your homeowners insurance? Contact the experts at John Scott Insurance for assistance today.

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