THURSDAY, MAY 20, 2021
Since high value homes often face a higher rate of financial risk in case of an accident. This means that while you may insure your high value home with the same type of insurance as a basic home insurance policy, your limits will generally be higher.
Common home insurance coverages you should consider for your high value home include:
Personal Liability
Personal liability insurance as part of your home insurance policy covers bodily injury and property damage that may occur on your home’s property. For example, say a neighbor’s child runs near the pool and falls in, hitting their head on the way. Liability insurance can help cover the child’s medical bills and protect you from a related lawsuit by covering legal expenses such as defense costs and court fees. Costs in this case can be especially expensive if the child is rendered disabled due to the injury and needs constant attention or medical assistance.
High value homes offer higher limits on liability, as many high value homes have amenities that are considered risky, such as pools and hot tubs.
Dwelling Coverage
Of course, a higher value home will need higher limits of dwelling coverage. This is because damages to your home will cost more to repair. Dwelling coverage provides compensation for damages to your home caused by fire, wind, hail, lightning, smoke, theft, vandalism and more. Ask your insurance agent about certain exclusions or limitations on your policy, as you may be able to purchase additional coverage to protect against uncovered risks.
Personal Belongings Coverage
Personal belongings coverage covers against the same type of dangers as covered by dwelling insurance, such as fire, wind and hail. You can also have higher coverage limits for expensive items such as jewelry, furs and art. A basic home insurance policy only has limited coverage for these items, so it is important to ask about additional coverage.
Additional Living Expenses
Additional living expenses (ALE) cover expenses related to temporarily moving is the home is rendered uninhabitable by a disaster. For example, if your home is destroyed by a tornado, additional living expenses can help cover temporary living expenses.
If you have any questions about your insurance policy, be sure to speak with your insurance agent. With a high value home, you will need higher limits of home insurance including additional coverage for your expensive items and amenities. Speak with your insurance agent about ways to insure your high value home.
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
|