High Value Home Insurance

Some of the foundational coverages that high value and standard homeowners policies usually provide are:

• Other Structures Coverage, which typically covers secondary structures (e.g. detached garages, sheds, gazebos, and fences)
• Dwelling Coverage, which normally provides coverage for a house itself
• Personal Property Coverage, which normally covers belongings that a policyholder has
• Personal Liability Coverage, which generally covers a range of incidents where a policyholder may be held responsible for property damage or personal injury

Some examples of additional coverages that a high value homeowners policy might offer include:

• Sewer Backup Coverage, which may offer protection from plumbing issues that flood a residence
• Living Expenses Coverage, which might pay for alternative lodging if a home is destroyed in a covered incident
• Coverage for Refrigerated Food, which may reimburse a policyholder for food that spoils during a covered incident
• Coverage for Rebuilding to Code, which might provide compensation for rebuilding a home that’s destroyed according to current codes
• Coverage for Vacation Homes, which may let policyholders fold a second home’s coverage into their high value policy
• Kidnap and Ransom Coverage, which might help if a family member is kidnapped and/or held for ransom
• Flood Coverage, which might offer more protection from flooding than homeowners can obtain through the National Flood Insurance Program

Some standard homeowners policies may technically offer these additional coverages, but the coverages are usually made available as optional protections when standard policies provide them. Selecting these optional protections frequently increases a policy’s premiums. In high value homeowners policies, these coverages are often included as standard coverages.

Does High Value Homeowners Insurance Cost a Lot?

Because high value homeowners insurance generally provides more protection than standard homeowners insurance does, high value policies usually cost a little more than standard ones. For homeowners who have valuable residences, though, the additional coverages that high value policies offer are often worth the extra cost.

Who Can Get High Value Homeowners Insurance?

There isn’t an industry-wide standard for how much a home must be worth in order to qualify for high value homeowners insurance. Many insurers only write high value policies for homes that are worth at least $750,000 or $1 million. Some insurance companies, however, offer these policies to homeowners whose residence are worth substantially less -- $300,000, in some cases.

How Are Homes Valued for High Value Homeowners Policies?

How homes are valued for high value homeowners policies differs slightly from insurer to insurer. It’s not uncommon, however, for insurers to send an appraiser to a home to value the home and its contents. An in-person appraisal is often the best way to get accurately determine how much a home and the items inside it are worth.

How Can Homeowners Get Quotes for High Value Home Insurance?

Most independent insurance agents who assist homeowners with standard home insurance policies can also help homeowners find high value policies. With an independent agent’s assistance, homeowners can quickly have several quotes for high value home insurance policies to compare and choose from.