How is high-value insurance different from a regular homeowner’s policy?

Homeowners with luxury homes in or near Rochester Hills, MI, may be eligible for high-value homeowner’s insurance. While some similarities exist with regular homeowner’s insurance, high-value policies also boast unique features. Allow us at Guy Hurley McNeil to illustrate how high-value policies can offer superior protection for your upscale residence and the items you keep inside.

Extensive Coverage and Enhanced Limits

Many high-value insurance policies provide coverage for your dwelling based on replacement costs rather than on an open perils basis. Luxury homeowners often seek coverage for unique items such as artwork and jewelry, which usually require a rider on a regular homeowner’s policy. Additionally, high-value policies afford higher coverage limits for contents, clothing, and the like. Some even cover water backup, identity theft, and landscaping damage. Certain providers specialize in luxury home insurance and offer superior customer service levels.

Determining the Adequate High-Value Coverage for Your Premium Residence

Your high-value home insurance needs primarily depend on your home’s value. High-value policies usually cover homes valued at $750,000 and above, with some companies only insuring homes valued at $1 million and up. However, other factors include your personal property amount and unique circumstances, such as having a private sports court or swimming pool. If you’re a public figure, you might need increased liability coverage. Many luxury homeowners choose an umbrella liability policy to safeguard against such risks. Further, additional living expenses tend to be higher for luxury homeowners if their homes become uninhabitable.

Contact Guy Hurley McNeil to Explore Your Options

Guy Hurley McNeil, helping homeowners in and around Rochester Hills, MI, can help you determine the coverage you need. Contact our office today to set in motion a policy that provides optimal protection for your luxury home.