High-Value Home Insurance
If you have a vast amount of wealth invested in your home, a typical homeowners insurance policy may not be suitable for your situation. If you have a high-value estate with valuable furnishings and precious possessions, you may require specialized insurance to cover your investments for loss or damage.
At the Thumann Agency, we understand the particular requirements of high-net-worth individuals and can provide you with a choice of high-value home insurance policies at competitive rates
How Is Dallas High-Value Home Insurance Different?
High-value home insurance includes all the coverage offered by traditional homeowners policies and then some. In the chance that a large portion of your home is damaged and has to be rebuilt, high-value home insurance will enable you to reconstruct your home to its previous value or state.
Additionally, With high-value home insurance, you can receive full contents coverage without the need to obtain several endorsements, which will save you money in the process.
Coverage Options Include
High-value home insurance companies understand that your coverage needs go far beyond the typical structure and contents coverage you get from a traditional policy.
- Guaranteed Dwelling Replacement Cost: The most important feature of a High-Value Home Insurance policy is that unlike traditional homeowners policies, it guarantees to fully rebuild your home with like materials and quality, regardless of the cost. Typical homeowners insurance policies have a set limit that they will pay.
- Excess Liability and Umbrella Liability Coverage: When people of wealth are responsible for injuries to other individuals, victims may see it as a chance to collect large amounts of money. Having excess liability insurance will equip you with the full coverage you may need to handle claims and lawsuits.
- Liability Insurance to Cover Household Help: If you have domestic help, you may want to have extra liability coverage to cover medical expenses if an individual should be injured while in your home or on the job. This coverage will extend to include any damages if you are sued and deemed responsible for their injuries. As well as covering your employees’ lost wages while they are away from work.
- Flood Insurance: Typical homeowners insurance policies do not provide coverage for flood damage. High-value home insurers recognize that the National Flood Insurance Program does not provide coverage anywhere near the amount needed by high-value homeowners, so most will provide flood insurance as part of their package.
- Identity Theft Insurance: An individual with outstanding credit and high net worth may be more of a target than the average person. Identity theft insurance will cover some portion of the costs you might incur if you are a victim of this crime.
- Medical Coverage for your Pets: This coverage will provide medical insurance policies to cover vet bills.
How Do Insurance Companies Determine Property Values?
High-value home insurers usually send an expert appraiser to your home to view, assess and document your contents such as collectibles, antiques, jewelry, artwork, and construction and custom materials.