As an owner of a high-value home, you may find that a standard homeowners insurance policy likely doesn’t provide all of the coverage you need. If your home is worth more, it’s probably more expensive to repair or replace. High-value home insurance provides coverage for homes with a value above $750,000, often including higher property coverage limits and better protection for assets and owners. Here’s what to know about high-value home insurance coverage.
What is high-value home insurance?
High-value home insurance provides coverage for homes that cost more than the average home (typically more than $750,000) such as large homes, historical properties, homes of architectural significance, or homes constructed from rare or expensive materials. A high-value home insurance policy offers more coverage, expanded coverage limits and additional support in comparison to a traditional home insurance policy.
How is a high-value home insurance policy different from a typical homeowners insurance policy?
High-value home insurance offers the same type of home insurance coverage as a typical policy. The main difference is that a high-value policy will often have higher coverage limits. Dwelling coverage in a typical home insurance policy will cover you for the amount listed on your policy, while a high-value policy includes extended replacement coverage. This type of home insurance policy can also include “all risks” coverage and a more generous liability support, giving you coverage for legal defense costs outside of your liability limit.
How much home insurance coverage do I need to cover my high-value home?
When determining how much home insurance coverage you need, one of the most important considerations is how much your home and personal property would cost to be replaced. For high-value homes, you’ll want to consider replacement cost coverage, which replaces your home and belongings at full value instead of actual cash value and factors in depreciation. Our coverage quiz can help give you an idea of how much home insurance coverage would be good for you.
How much does high-value home insurance cost?
Rates for high-value home insurance are typically higher than traditional home insurance rates. However, similar to traditional home insurance, your rates will vary depending on where your home is located, the age and build of your home, your credit score and any additional coverages you need.
Protect Your Other Assets with Umbrella Insurance
Umbrella insurance—also referred to as excess liability insurance—protects your assets when you’ve exhausted the limits of your home insurance or auto insurance. It can protect you from being responsible for unexpected costs and is a good way for high-net worth individuals to further protect their assets.
Find High-Value Home Insurance with SelectQuote
Home insurance is an incredibly important protection in case your house is damaged or destroyed. Especially with a high-value home, knowing how much you need or what you should be looking for isn’t always easy. At SelectQuote, we’ll take the time to listen to your situation and can provide unbiased price and coverage comparisons from some of the most trusted home insurance companies to find you a policy that can provide peace of mind when you need it most.
