Home Insurance 101: An Overview on High-Value Home Insurance

Many homeowners often fail to realize the importance of investing in insurance packages to keep their properties safe from unwanted harm. No matter how careful you may be in maintaining your property, you won’t be able to prepare for the unexpected. This is why not securing an insurance policy can lead to costly repercussions when natural events inflict considerable damages on your home.

High-value property insurance is an excellent solution for homeowners who want to invest in the safety and value of their real estate to avoid any financial concerns with accidents or natural disasters.

“What makes high-value home insurance different from standard home insurance?”

When you own a home, you need to be familiar with the different geographical conditions that your property might suffer from. This is why real estates in residential areas that are prone to floods, earthquakes, or storms are strongly recommended to purchase insurance policies that will help them recover from these calamities.

High-value home insurance offers increased benefits, such as replacement coverage for structural repairs, reconstruction causes in observance of local bylaws, and cyber protection for digital properties, among others. This is a valuable safety measure to secure not just with property with high values but also with commercial establishments that make use of expensive hardware.

“Is my home considered as a high-value property?”

Unfortunately, not every property is eligible to secure high-value home insurance. This is mainly because these insurance policies are explicitly reserved for custom-made condos, houses, and other rental properties that have a reconstruction value that’s worth around $750,000 or higher. Listed below are some attributes of what can be considered as a high-value property:

  • Your property has design elements that are made by an interior designer or an architect.
  • Your property contains priceless pieces of art, from paintings, rugs, jewelry, sculptures, or other unique items that increase your property’s value.
  • Your property contains luxurious outdoor extensions, such as guest houses, swimming pools, or extensive landscaping greenery.
  • Your home has high-end appliances and bespoke fixtures that cannot be found in standard retail stores.
  • Your home’s roof is a non-standard that is made up of uncommon elements, such as clay, tile, metal, or copper, paired with a non-traditional design.
  • Your home is considered a heritage home with traditional structures and features.

“Should I purchase high-value home insurance?”

If your home fits under any of the categories listed above, then you are eligible for high-value home insurance. Unlike standard home insurance, purchasing a high-value home insurance policy allows you to handle full-scale replacements and also get reparations from partial losses in damaged home facilities and amenities. This means that your insurance will cover the replacing items that aren’t necessarily damaged by an accident as long as there are grounds to revert your home’s original look.

Conclusion

Ensuring your property should be one of the first tasks that you should do after purchasing your real estate. Investing in the right type of homeowner’s insurance can help you recover from whatever disaster your real estate will face, whether it’s from storms, floods, or anything in between. If you fail to do this, you might be left with high expenses in the long run for repairs and renovations.

At Apex Insurance Agency, we help our customers prepare for the unexpected by providing vehicle insurance, business insurance, life insurance, and even home insurance. Get in touch with us today, and we’ll help you make the best preparations for natural and human-made disasters!

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