If you have a high value or luxury home, then it’s important to choose a homeowners insurance policy that fully protects your home. Depending on the insurance company you use, you may need to buy specific homeowners insurance for high end homes to get the coverage you need.
Home insurance for luxury homes is a type of specialized insurance designed for homes with a higher-than-average value. In most cases, luxury homeowners insurance has a replacement cost value of $750,000 or more, meaning the policy would pay $750,000 or more to repair or replace your home after it’s damaged by an event like a fire.
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Home insurance for high end homes works differently than standard homeowners insurance. High value home insurance features higher coverage limits than a traditional policy. Most of these high value policies include the replacement cost value of both your home and personal property, while traditional insurance policies often have very limited personal property coverage. High end home policies also often feature perks like additional living expenses coverage, which can help cover expenses like hotel stays while your home is being repaired.
When you buy luxury home insurance, you may also be able to choose from additional coverage options that you can’t get with traditional insurance. Many high value home insurance policies include coverage for water backup, identity theft, and business property, while these coverages are usually add-on options when you buy traditional homeowners insurance.
High value home insurance policyholders often can access dedicated customer service for a more streamlined claims experience.
Since luxury homeowners insurance features higher policy limits and offers more comprehensive coverage than traditional homeowners insurance policies, it comes at a higher cost. Your premiums will depend on several factors, including your home’s replacement cost, your location, your policy limits, and your deductible. Your claims history can also impact your premiums, since insurance providers may charge you more if you have recently filed home insurance claims.
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There are numerous ways to save on your luxury homeowners insurance. Explore any discounts that the insurance company offers, such as discounts for installing a new roof, installing and subscribing to a monitored home security system, and bundling your home insurance with an auto insurance policy.
Choosing a higher deductible can lower your monthly premiums, but you’ll need to be prepared to pay that larger deductible upfront if you ever need to file a claim.
Shopping around and comparing home insurance policies can help you find the best deal on your luxury home insurance. You can get free home insurance quotes online today to explore different policies. When comparing the policies, consider not only the policy cost, but also coverage limits, exclusions, and the reputation of each insurance provider.
Paige Cerulli Paige Cerulli is a freelance content writer and journalist who specializes in personal finance topics. She graduated from Westfield State University and brings more than a decade of professional writing experience to the ConsumerCoverage team. Paige’s work has appeared in outlets including USA Today, Business Insider, and more.
