What is High Value Homeowners Insurance?
High value homeowners insurance is a robust form of homeowners coverage that’s designed to meet the insurance needs of residents whose homes are worth a lot. Not only do these residents need extra coverage for their house, but they often also need additional protection for their personal possessions and themselves.
WHAT COVERAGES DOES HIGH VALUE HOME INSURANCE PROVIDE?
High value home insurance policies usually offer the same main coverages as standard homeowners policies. Policies typically include:
- Dwelling Coverage, for the primary residence on a property
- Secondary Structures Coverage, for other buildings and structures on a property
- Personal Property Coverage, for a policyholder’s personal belongings
- Liability Coverage, for certain lawsuits in which the policyholder is accused of causing injury or damage
When these coverages are included in high value home insurance policies, their terms tend to be more generous and their limits usually higher than when the coverages are included in standard policies. For example, a standard homeowners insurance policy might limit coverage for specific possessions, such as firearms, jewelry, and electronics, to just $1,000. A high value policy may have a higher limit, perhaps $10,000, on such items, and it may have fewer exclusions for specific possessions.