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High value home insurance is home insurance that covers homes with a value of $750,000 or higher. If your home is valued at this amount, a basic home insurance policy may not cover all of your needs. This is because home insurance policies have set limits when it comes to coverage which may not cover the increased value and risk of your home. outside of a high value home

What Does High Value Home Insurance Cover? 
With high value home insurance, it's important to have protection against as many risks as possible. These policies often include the same coverage as a regular policy with higher limits. This should include:  

  • Property insurance: This protects the physical structure of the home. It can include dwelling replacement cost coverage, which ensures that if a covered claim occurs and the home is lost, the insurance carrier can pay for its replacement.  

  • Contents insurance: Verify that the contents insurance you select is high enough in value to cover the value of all of your assets. This should include everything from your clothing to your furnishings.  

  • Loss of use: In some situations, the property becomes unusable. This could be due to new construction in the area or another factor. This is a rare risk, but because of the value of these homes, your policy should still cover it.  

  • Valuable article coverage: Many who need high value home insurance also need valuable article coverage. This extends beyond your basic contents insurance to cover high-end valuables you may have. This includes jewelry, furs, computers or other valuable electronics, art, guns, valuable silverware or other items. You'll need to specifically list the items that require coverage and their value.  

  • Personal liability: Becoming liable for the losses someone else faces can be taxing and very expensive. However, if you are responsible, this component of your home insurance can cover the costs up to the policy limit for the losses and your legal fees. This can include libel and slander coverage, medical payment coverage (up to a certain value) and credit card coverage.  

It is important to note that high value home insurance does not mean the actual policy has a high value. Rather, it means your home's market price or replacement value is very high. You may still need to extend your coverage on your policy behind what the basic policy offers to ensure you have comprehensive protection against potential risks.  

Posted 9:42 AM

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