home insurance calculator, what to know about high value home insurance

Essential Things to Know About High Value Home Insurance

Here are some of the important things to know about high value home insurance coverage.

While most people understand the need to secure homeowners insurance in Plano, Texas, they typically only know about standard coverage options.  However, for owners of luxury or high value homes, there is a specialized form of coverage to address their unique needs.  High value home insurance offers higher coverage limits and additional coverage options to protect against the increased risk that luxury homeowners face.  Curious to learn more about this coverage?  Then here are some of the important things to know about high value home insurance.

1) Many high value homeowners are underinsured.  An estimated 40% of high value homeowners only hold enough coverage to cover their mortgage or the sale price of their home.  However, you need to secure enough insurance to cover the cost of completely rebuilding your home.  When you take this higher cost into account, you may find that standard home policies do not offer enough protection.  That’s where high value home insurance step in.

2) High value home insurance policies offer significantly higher coverage limits than standard home policies.  For instance, high value policies offer generous dwelling, personal liability, personal property, and living expenses coverage.  In addition to these increased coverages, high-value policies also offer additional coverages such as sewer-backup insurance.

3) High value home insurance is a necessity for homes that are worth over $750,000.  However, you should also consider securing this coverage if your home has special modifications such as custom interior design or unique architectural features.  You should also consider this coverage if you have a lot of valuable belongings such as fine art, jewelry, antiques, collectibles, electronics, and so on.

These are some of the important things to know about high value home coverage.  Do you have further questions regarding your homeowners insurance in Plano, Texas?  If so, then contact the experts at Tri-Star Insurance/HUB International.  Our dedicated team is eager to assist you with all your coverage needs today.