Luxury homes have unique features such as hand-craft finishes and custom woodwork. If you have the average home insurance policy, will such customization and detail be covered? In the event of storm damage, a fire, theft or even a personal lawsuit, traditional homeowners insurance may not provide the level of coverage you expect for your high-value home.
Most personal insurance is designed to meet the average consumer. When you fall outside that average, a different type of insurance is needed. If you own a luxury home in New Hampshire, purchasing a Bedford high value home insurance policy may be a better fit.
What is the difference between standard home insurance and a Bedford high value home insurance policy?
High value home insurance provides all the coverage typically offered in a traditional home insurance policy, plus coverage tailored for the high-end client.
For a luxury home, the cost to rebuild is greater than the average home. You will need an insurance company with claims adjusters who understand this difference and can help you restore your home to its previous glory following a claim.
Because luxury homes also typically contain jewelry, artwork and antiques, you want to work with an insurance agent and company that can provide options on how to obtain the best coverage for such unique pieces. This may be individually listing each piece on the policy, known as scheduling, but there often other options available as well. This level of customization can be done with a Bedford high value home policy and working with the right agent and company who have experience in such collections.
Many standard insurance companies have a maximum limit on the amount of coverage available for each home. If your home is insured for $750,000 or greater, you should ensure that your home insurance company has the capacity to keep meeting your needs with an appropriate high value home insurance policy. You want to deal with a company who is used to appraising larger, customized homes, as well as adjusting losses for such homes. If you go with the vanilla company, there may be a disconnect between how a claim is settled and what you expected.
Valuable Coverage Options to Consider for the Luxury Home
Because your home is customized, so should your insurance. There are a variety of options to choose to customize your insurance based on what you and your family need. This starts with a dialogue with your Bedford insurance agent so he or she can understand what is important to you. Here are some of the more popular options:
- Guaranteed dwelling replacement coverage
- Guaranteed personal property replacement coverage
- Cash out options if a total loss
- Identity Theft Coverage
- Equipment Breakdown Protection
- Kidnap and ransom insurance
- Excess liability and umbrella liability coverage
For the luxury home in Bedford, NH, traditional homeowners is not enough. High value home insurance can provide you the coverage you need to restore your home to its original state and replace your precious valuables. By working with an experienced company and agency, you can tailor your policies to meet the needs of your unique luxury home.
This material is for informational purposes only. All statements herein are subject to the provision, exclusions and conditions of the applicable policy. For an actual description of all coverages, terms and conditions, refer to the insurance policy.