Floods, hailstorms, and even unlawful entry. All of these potentially catastrophic events strike fear in the hearts of business and homeowners. While a typical homeowner policies adequately insure the average household, one size does not fit all, especially when it comes to insurance for high net worth individual’s and their possessions. In addition, most policies are not designed for luxury belongings and the valuable collectibles that are often found in higher end homes.
Unlike the simple home appraisal which often relies upon home values of other houses in the neighborhood, higher end insurance coverage often requires more research and work in the appraisal and underwriting process. This is because there are often highly unique designs such as million-dollar custom kitchens, rare paintings, and antiques. These types of appraisals usually require a comprehensive set of photos both inside and outside of the home. An extensive report is then compiled and insurance representatives meet with the homeowner to ensure that the property has been adequately detailed.
Not only do homeowners with high net worth need to be concerned about adequate coverage, but business owners must also pay close attention to their insurance needs. Commercial properties are subject to the same, if not greater risks such as crime, equipment breakdown, fire, and floods.
It is also essential that high value homeowners carry suitable liability insurance. Affluent homeowners are more prone to lawsuits and expensive legal charges and must be prepared to weather decisions against them in such situations.
If you are seeking high end insurance coverage for your home and/or business, contact us at Scottsdale Insurance Home.
Agent James Hansen and his staff will assist you in evaluating and obtaining the most suitable coverage for all your high end assets.
Scottsdale Insurance Home
(480) 712-0400
20875 N. Pima Rd
Scottsdale, AZ 85255