You’ve worked hard for your home, for your possessions, for your lifestyle. Now it’s time to protect your investments and your future by purchasing high-value home insurance.
What Is High-Value Home Insurance?
This specialized type of AZ home insurance is designed for those who have valuable possessions, land and property. This insurance is exclusively for homes that would cost more than $1 million to rebuild, thus allowing you to protect your luxury lifestyle.
High-value home insurance will cover the shortfall in your current standard homeowner’s insurance. Many high-value homes have unique features that would be very costly to replace or repair. This specialized insurance may also assist you in covering temporary living costs while your home is being rebuilt or repaired.
Selecting a High-Value Insurance Policy
Things to look for when reviewing high-value insurance policies include:
- Provisions that the insurance will pay for rebuilding your home (consistent with local code) if it is damaged or destroyed by a covered event.
- Coverage above and beyond your limit if labor and material costs are over your coverage limit.
- Additional coverage options, including that for losses due to backups of sewers and floods and that for covering your temporary living arrangements while your home is being rebuilt or repaired
Determining Your Coverage Amount
You don’t need to insure the land on which your house is located. So when determining coverage, subtract your land’s value from the purchase price. But your home’s replacement value is usually more expensive than the market value. Why? Because you will require specialized workers and custom materials to rebuild your property. Then add in the cost of your home’s contents. This should be the dollar amount for which you insure your home. If you are unsure of the worth of your home and its contents, we can help you determine the proper coverage amount.
You will want to make sure you review your home insurance policy at least once a year, or whenever you have a major change, to ensure that your coverage amount remains appropriate for your home and contents.
Your home and its contents are some of your most valuable possessions. Protect them adequately by ensuring that you have sufficient insurance to rebuild, repair and refurnish your home in the event of a catastrophe. Contact us to discuss your needs for high-value home insurance in Scottsdale AZ. We will make sure that your home and possessions are adequately covered.