High value home insurance is coverage that goes above and beyond the limits of standard policies. Many people these days are driven by finances to opt for home insurance that’s woefully insufficient to cover the actual cost of damages. If this sounds like you, you’re not alone. The real trouble lies in the fact that not many people know if they’d benefit from this high level of home insurance coverage. To find out where you stand, read the criteria below, which are generally seen as indicators that you could and should raise your level of home coverage.
- If the value of your home exceeds $300,000.
- If your home’s value exceeds the value of other homes in your immediate vicinity, regardless of its value.
- If you own a lot of expensive jewelry.
- If you own expensive art.
- If you own irreplaceable antiques.
- If you own high-end electronic equipment.
In addition to ensuring adequate coverage for the true value of your home and the contents therein, high value home insurance coverage offers a few additional perks you won’t typically find on most standard home insurance policies. These include more comprehensive coverage for unexpected overages for repair or replacement estimates, as well as mobile insurance, which extends coverage to your belongings while they’re in transit or if they’re temporarily moved from your home.
Do You Need High Value Home Insurance?
You might think of high value insurance as something that’s only for the wealthy, but with today’s rising cost of real estate you could easily find yourself a candidate. If you’re not sure what level of coverage is for you, talk to a home insurance agent to discuss your options.