Call Us 847-367-1234 ☰ ˟
Logo
Call Us 847-367-1234
  • Our Agency
    • AboutImage of right arrow
      • Employee Directory
      • Our Location
    • Get A Quote
    • Our Providers
    • Contact UsImage of right arrow
      • Main Office
      • Brookfield, WI Office
  • Products
    • Auto InsuranceImage of right arrow
      • Classic Car
      • Medical Payments Coverage
      • Minor Violation Forgiveness
      • Personal Injury Protection
      • Rental Reimbursement
      • Uninsured & Underinsured Motorist
    • Home InsuranceImage of right arrow
      • Homeowners Liability
      • Landlords Insurance
      • Scheduled Property Insurance
    • Life InsuranceImage of right arrow
      • Group Life Insurance
      • Individual Life Insurance
      • Long Term Care
      • Mortgage Protection
      • Second-To-Die Policy
    • Powersports VehicleImage of right arrow
      • ATV Insurance
      • Boat Insurance
      • Motorcycle Insurance
      • Snowmobile Insurance
    • Personal Umbrella Insurance
    • Other Personal Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Accounting Firm Insurance
      • Alarm Contractors Insurance
      • Insurance for Arborists
      • Bar Insurance
      • Box Truck Insurance
      • Builders Risk Insurance
      • Car Dealership Insurance
      • Cargo Insurance and Freight Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Construction Insurance
      • Consulting Firm Insurance
      • Contractors Insurance
      • Specialty Trade Contractors Insurance
      • Dental Practice Insurance
      • Dump Truck Insurance
      • Educational Facility Insurance
      • Financial Institution Insurance
      • Food Truck Insurance
      • Fleet Insurance
      • Handyman Insurance
      • Garage Insurance
      • Healthcare Facility Insurance
      • Law Firm Insurance
      • Limousine Services Insurance
      • Liquor Liability Insurance
      • Maintenance Contractors Insurance
      • Manufacturing Insurance
      • Media & Advertising Insurance
      • Medical Malpractice Insurance
      • Minibus Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Nursing Insurance
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Pool & Spa Insurance
      • Printers & Publishers Insurance
      • Real Estate Businesses Insurance
      • Restaurant Insurance
      • Retail Insurance
      • School Bus Contractors Insurance
      • Scrap Metal Insurance
      • Self-Storage Insurance
      • Septic Contractors Insurance
      • Snow Plow Insurance
      • Technology Services Insurance
      • Tractor Insurance
      • Tow Trucks Insurance
      • Uber Insurance
      • Water Well Drillers Insurance
      • Veterinary Insurance
    • Coverage for Your BusinessImage of right arrow
      • Bonds
      • Business Catastrophe Insurance
      • Business Owners Policy (BOP)
      • Commercial Auto Insurance
      • Commercial General Liability
      • Commercial Property Insurance
      • Commercial Real Estate Insurance
      • Commercial Umbrella Insurance
      • Crime Insurance
      • Equipment Insurance
      • Errors and Omissions Insurance
      • Fidelity Bonds
      • Loss Control Insurance
      • Inland Marine Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Office Insurance
      • Product Liability Insurance
      • Professional Liability
      • Small Business Insurance
      • Small Business Liability Insurance
      • Storage Insurance
      • Surety Bonds
      • Technology Insurance
      • Trailer Insurance
      • Transportation Insurance
      • Trucking Insurance and Semi Truck Insurance
      • Workers Compensation
      • Van Insurance
    • Coverage for Your EmployeesImage of right arrow
      • Small Business Retirement Plans
      • Individual Life Insurance
  • Get A Quote
    • Auto Insurance Quote
    • Business Owners (BOP) Quote Form
    • Contractors Insurance Quote
    • Homeowners Insurance Quote
    • Personal Umbrella Insurance Quote
    • Life Insurance Quote
    • Recreational Vehicle Insurance Quote
    • Classic Car / Antique Insurance Request
    • Umbrella Insurance Quote
    • Workers Compensation Insurance Quote
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Blog
    • Benefits of Independent Agents
  • About Us
    • About Us
    • Testimonials
    • Privacy Policy
  • Contact Us
    • Main Office
    • Brookfield, WI Office
    • Our Location
Home > Blog > What Does High Value Home Insurance Cover?
TUESDAY, FEBRUARY 22, 2022

What Does High Value Home Insurance Cover?

High value home insurance is often necessary when your home's value exceeds a certain dollar amount. Currently, this value is $750,000. This type of property is considered high-risk, simply because the insurance company needs to take on a significant amount of risk when insuring the home due to its value. Should the home be considered a total loss, the company faces significant loss. However, like all other forms of home insurance, buyers need to be sure a policy is comprehensive enough to meet all of their unique needs. 

What Types of Coverage Do You Need? 
With high value home insurance, it's important to have protection against as many risks as possible. This should include: Beach House

  • Property insurance: This protects the actual structure of the home. It can include dwelling replacement cost coverage, which ensures that if a covered claim occurs and the home is lost, the insurance carrier can pay for its replacement. 
     

  • Contents insurance: Verify that the contents insurance you select is high enough in value to cover the value of all of your assets. This should include everything from your clothing to your furnishings. 
     

  • Loss of use: In some situations, the property becomes unusable. This could be due to new construction in the area or another factor. This is a rare risk, but because of the value of these homes, your policy should still cover it. 
     

  • Valuable article coverage: Many who need high value home insurance also need valuable article coverage. This extends beyond your basic contents insurance to cover high-end valuables you may have. This includes jewelry, furs, computers or other valuable electronics, art, guns, valuable silverware or other items. You'll need to specifically list the items that require coverage and their value. 
     

  • Personal liability: Becoming liable for the losses someone else faces can be taxing and very expensive. However, if you are responsible, this component of your home insurance can cover the costs up to the policy limit for the losses and your legal fees. This can include libel and slander coverage, medical payment coverage (up to a certain value) and credit card coverage. 


It's important to note that high value home insurance does not mean the actual policy has a high value. Rather, it means your home's market price or replacement value is very high. You may still need to extend your coverage on your policy behind what the basic policy offers to ensure you have comprehensive protection against potential risks. 

If you have worked hard and put a lot of time and money into your home, you're proud that its value has climbed. Nevertheless, you may need to have a home insurance policy that's a bit more comprehensive and has higher premiums to cover the value of your home. Your lender may even require that you have this type of protection in place. 

Ultimately, high value insurance protects your assets and keeps you financially safe should a covered incident occur. Choose a high value home insurance plan that's right for you. 
Posted 2:48 PM

Tags: high value home insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021

  • auto insurance(5)
  • insurance(3)
  • home insurance(3)
  • liability(2)
  • general liability insurance(2)
  • coverage(2)
  • policy(2)
  • classic car insurance(2)
  • commercial auto insurance(2)
  • workers compensation(1)
  • classic auto insurance(1)
  • life(1)
  • life insurance(1)
  • whole(1)
  • bop insurance(1)
  • terms(1)
  • workers compensation insurance(1)
  • storm damage(1)
  • jewelry insurance(1)
  • professional(1)
  • business owners policy(1)
  • risk(1)
  • high value home insurance(1)
  • builders(1)
  • retirement(1)
  • builders risk(1)
  • professional liability insurance(1)

View Mobile Version
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Customer Service| Blog| About Us| Contact
200 Peterson Rd. | Libertyville, IL 60048
P: 847-367-1234 | F: 847-367-9777 | jim@jimkellyins.com
Social Social
Logo    dave ramsey brands

Powered by Insurance Website Builder