What Makes High-Value Homeowners Insurance Different from Homeowners Insurance?

Those looking to get the best coverage for their house have more options than just an everyday homeowners insurance policy. For some, a high value homeowners insurance may be their best option, providing specialized coverage that differs from standard homeowners insurance coverage.

Most standard homeowners policies don’t guarantee full repair in the event of a major loss, such as a fire, flood, hurricane, or other similar events. High-value homeowners insurance usually covers these costs and protects against these risks while also providing better quality coverage for buildings that have higher-than-average value.

Breaking Down High-Value Homeowners Insurance

High-value homeowners insurance is not limited to just houses, or even just houses with more unique features. Coverage can be bought for high-value condos and rental homes as well. Choosing the right high-value homeowners insurance is important for those looking to have a more well-rounded program in their corner if they want to maintain a certain lifestyle in the event they need to file a claim.

Homeowners should consider purchasing high-value homeowners insurance if they fall under one or more of these categories:

  • Their home is worth more than $750,000
  • The home has design elements that are unique, such as having worked with an interior designer
  • Their home is a heritage home or has older construction features that are not found in common construction practices
  • The homeowner owns expensive fine arts, rugs, collections, wine, or other special items
  • The roof is not a standard roof, such as a roof with solar panels or is made of copper, clay or metal
  • The features on the property are unique, such as guest houses, swimming pool areas, or special landscaping

Cost of High-Value Home Insurance Coverage

The cost for coverage like this is usually more expensive than a standard policy because of their increased coverage limits and personalized packages. If the homeowner lives a more luxurious or unique lifestyle wherein certain pricier items or one-of-a-kind items make up the interior of their home, they can expect to pay more to protect everything. But this should be expected since their coverage will be able to hold more weight compared to a standard policy.

What Does High-Value Homeowners Insurance Include?

The most common reason that a homeowner should opt for high-value homeowners insurance is expanding their coverage limits.

A new policy usually starts with a home inspection to verify the overall value of the home and to provide a guaranteed value of replacement. This will give the insurance carrier an opportunity to help the homeowner properly document their home and personal belongings and make any suggestions about protecting the items of high value within the home.

Compared to standard homeowners coverage, a high value homeowners insurance program provides structure repair or replacement coverage, protection for living expenses the homeowner incurs while waiting for restoration, ornamental or functional landscaping design, and more.

About American Team Managers Insurance Services

Founded in 1998 by Chris C. Michaels, American Team Managers Insurance Services (ATM) has provided wholesale and MGA services to more than 5,000 independent insurance agents throughout the United States. Our goal is to establish close, long-term relationships with our agency partners and insurance carriers and provide competitive products for the Exclusive and Non-Exclusive markets that we serve. For more information on our products and services, give us a call at (877) 671-7503 to speak to a representative.