What is High Value Home Insurance?

Standard homeowners insurance policies meet the insurance needs of many homeowners in New Jersey. Homeowners whose residences are particularly valuable, however, might need more coverage than standard homeowners policies provide. These homeowners may need high value home insurance to fully cover their house, their personal possessions and themselves.

High value homeowners insurance is designed to meet the unique insurance needs of people who own expensive houses. Most policies’ coverages have higher limits and more robust protections than the coverages found in standard homeowners policies.

What Coverages Does High Value Homeowners Insurance Provide?

New Jersey residents may be able to find many different coverages through high value home insurance policies. Exact coverages, of course, vary from policy to policy. Nevertheless, there are many common coverages that most policies either include automatically or offer as optional protections.

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Like standard homeowners policies, most high value policies provide the following foundational coverages:

  • Dwelling Coverage, which typically protects a policyholder’s primary residence
  • Secondary Structure Coverage, which may safeguard fences, sheds, gazebos, and similar structures on a policyholder’s property
  • Personal Property Coverage, which typically covers possessions like furniture, clothing, artwork, books, and similar items
  • Liability Coverage, which might help pay legal fees and any settlements associated with a covered lawsuit

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In addition to these basic coverages, a high value policy might offer any number of other coverages, such as:

  • Sewer and Drain Backup Coverage, which might cover damage caused by an obstruction in a home’s pipes
  • Loss of Use Coverage, which could help cover living expenses if a covered incident makes a home uninhabitable
  • Guaranteed Rebuilding Cost Coverage, which may cover the rebuilding costs for a destroyed or damaged home even if rebuilding it costs more than the policy’s limits

Some policies also offer coverages for everything from identity theft and kidnappings to pets’ veterinary bills and vacation homes.

These additional coverages are sometimes available through standard homeowners policies, but selecting them usually increases a standard policy’s premiums. With a high value policy, these extra coverages are often included automatically. 

How Much Does High Value Homeownwers Insurance Cost?

Because high value homeowners insurance policies usually provide more comprehensive coverage and higher limits than standard homeowners policies, high value policies tend to cost more than standard policies. For homeowners who need the protections, though, high value policies often offer the best best value.

What New Jersey Residents Might Want High Value Homeowners Insurance?

Anyone who has a particularly valuable home in New Jersey may want a high value homeowners policy. Many people who own homes that are worth $1 million or more select a high value policy, but a home doesn’t have to be worth at least $1 million to look for a high value policy. Lots of homeowners who have houses in the six-figure range also get high value policies, because they want the extra protections that these policies afford.

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How Can Homeowners Get a High Value Home Insurance Policy?

New Jersey homeowners who want to either learn more about high value home insurance or compare high value policies can contact an independent insurance agent in the state. There are agents throughout the state who regularly help wealthy homeowners find insurance for their houses. These agents are ready to answer questions, pull up quotes, and compare coverages with homeowners.

Meet Your Industry Specialist

Mark Lauria, ARM

Mark began his career in 1967 as a Sales Representative with Liberty Mutual. As his career progressed, he felt very strongly that there was a better way to service clients. In 1979, he and his wife Lauria co-founded Mark Lauria Associates, Inc., which partnered with World Insurance Associates in 2017. Mark continues to offer the best protection to his clients and holds an Associate in Risk Management from The Insurance Institute of America.

You can reach mark at 718-370-8400 ext. 719 or marklauria@worldins.net.

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