High-Value Home Insurance protects high-end homes, which means homes with higher market value than other homes. High-Value Homes are built with unique materials on it — and are built with the specialty of engineers, architects, and interior designers. These homes include heritage homes or homes with unique features such as a home with stone and bricks exterior.
Unlike standard Homeowners Insurance, this insurance provides a higher dwelling coverage limit. This coverage pays for the repair or replacement of the damaged dwelling that is due to covered losses. Furthermore, it also provides replacement cost to the damaged home and reconstruction cost due to changes in accordance with the mandatory building code.
Personal Insurance Coverage would cover high net worth individual's expensive to least expensive personal belongings. Unlike standard Home Insurance, this insurance provides expanded coverage, which includes replacement cost to pieces of jewelry, money, fine arts, antiques, and other collectibles. Other than that, if a set of high-value items gets damaged, the whole set would be covered. Also, even if the collection only procures minimal damages, they could get reimbursement for the full cost.
High-Value Home Insurance provides a higher limit of liability coverage. Unlike other people, individuals that are more wealthy than others are considered more prone to be sued than the average individuals. This coverage provides protection to the homeowner's liability to others. These include coverage of bodily injury and personal property damage to others. Such as if a neighbor procures an injury while playing on the landscaped garden of your home. High-Value Home Insurance would cover this liability. It could pay for the medical expenses of the injured individual.
This coverage provides assistance to the homeowner if the house that procures damages is unable to live in. It can pay for the homeowner's cost of living in the hotel while the home is under repair. Moreover, it can also provide for the cost of food, clothes, and toiletries or the homeowners' basic needs.
This coverage could help pay for any associated cost concerning identity theft of the insured individual. Significantly, Identity theft usually occurs to high-net-worth individuals because they are at a state of financial advantage that could be used deliberately to benefit from it.
The most common example of identity theft is the fraudster filing for an income tax return using the victim's name. Then, the fraudster could claim the refund under the victim’s name. The victim of this fraud could suffer huge damages, specifically if they are held accountable for the perpetrator's wrongful action. Therefore, for better protection, you must purchase this type of coverage. Some High-Value Home Insurance companies do not offer this coverage, but you can call our licensed insurance agent to ensure that you are protected. Contact Us for more information about Identity Fraud coverage.
Cyber-Extortion Coverage could help cover the type of losses that are associated with ransomware. This could provide monetary assistance to pay for the ransom demands. Also, this coverage includes the payment to hire an expert to communicate with the hacker. Lastly, it could pay for forensics to determine who is behind those attacks and how the hackers access the insured's computer system.
In any event of a total loss insurance claim, the insurance company would pay you the agreed monetary compensation. Cash Settlement is a type of financial transaction where a party or the insurance company will pay the insured money. Some homeowners choose a Cash Settlement, so they can use the money to rebuild their home on whatever they want to.
Extended Replacement Cost Coverage is a policy that provides benefits that are above the limits of your dwelling coverage. This coverage usually pays for about 120 to 125 percent higher than your usual dwelling coverage. The majority of homeowners do not know the inflation rate of their building if a loss happens. Furthermore, a major catastrophe could lead to high demand for materials, which could eventually be expensive at cost. With Extended Replacement Cost Coverage, you would not need to worry about any inflation to rebuild your home if a loss occurs.