Insurance for Today’s High-Value Homes, high-value home the protection it needs

Insurance for Today’s High-Value Homes

Get your high-value home the protection it needs.

If you own a home, then it is likely the largest investment that you have ever made.  Naturally, you want to do everything in your power to protect your investment.  Unfortunately, if the value of your home exceeds $1 million, then securing an adequate amount of insurance coverage can be difficult.  Here’s what you need to know in order to secure your high-value home the protection it needs.

  • Do You Have Enough Coverage?

When choosing a high-value home insurer, you need to first determine if they are able to offer you all the coverage that you need.  To accomplish this, you need to know how much your home and personal property are worth.  You can determine your coverage need by having your property inspected and your personal property appraised.  Once you know how much your property and belongings are worth, you should investigate how specific insurers have historically handled high-value homeowners insurance claims.  Obviously, if the insurer does not have a great track record, then it’s time to look for another provider who can offer you and your property the support you need.

  • Understand Your Coverage Options

If you are looking for insurance to completely repair and replace your home after a major damage event, then high-value home insurers typically offer two main coverage options.  The first form of coverage if known as an extended replacement cost policy.  Under this type of policy, homeowners would receive coverage for a previously agreed upon amount stated in their policy.  If their home repair or replacement costs exceed this amount, then their policy would cover an additional 25-50% above the stated amount.

The other common type of insurance is a full-replacement cost policy.  As the name suggests, these policies offer enough coverage to address all your home repair and replacement costs if the damage was caused by a covered peril.

These are some of the things that you need to consider to secure your high-value home the protection it needs.  Are you looking to find the right high-value home insurance in Plano, Texas?  If so, then contact the experts at Tri-Star Insurance/HUB International.  Our dedicated team is eager to assist you with all your home coverage needs today.