Luxury Insurance Options for Your Luxury Home
If your home is worth more than $750,000, chances are you need high-value home insurance Lewisville TX. It isn't just luxurious, modern homes that fall under these high-value properties, either. Your home may also qualify if it is historic, is made of rare materials, has unique features, or has some sort of architectural significance. Then, of course, there are the expensive items you have inside, such as high-end furniture, designer jewelry, fine art, or antiques.
High-Value Home Insurance
In a lot of ways, high-value policies are like typical home insurance Lewisville TX. The difference is the amount of coverage. As a baseline, high-value coverage has higher liability limits that protect you against damage or injuries that occur on your property and in some cases, off it.
Consider the additional amenities your property may have as well. Common examples include in-ground swimming pools, basketball courts, or high-value playground equipment. There is other coverage as well.
- Additional Living Expenses —While traditional policies cover this to an extent, high-end coverage has no upper limit to this policy, which means you won't need to change your lifestyle if you need to move into temporary housing.
- Contents Coverage —Another type of insurance that is available for traditional homes but has higher limits for luxury homes, contents coverage insures your jewelry for up to $10,000 per item and antiques or fine art for up to $25,000 per item.
How Luxury Home Insurance Differs From a Basic Policy
If you own a luxury home and pay for luxury home insurance Lewisville TX, it's fair for you to expect to get more from your coverage. Luckily, that's exactly what you can expect. Some companies include coverage that you wouldn't find in a traditional home policy, such as flood insurance and identity theft coverage.
Another unique example is the coverage of pairs and sets of items. Perhaps you have a set of high-end paintings, of which only one was damaged. Luxury insurance pays to replace the entire set since it is impossible to exactly replace only one of them. High-end policies offer protections not available for traditional homes as well.
- Complimentary Home Appraisal —An appraisal ensures you know the value of your home and all the property within it. High-value coverage often provides the appraisal as a complimentary service.
- Deductible Waivers —If your home has damage that exceeds $50,000, you may qualify for a deductible waiver.
- Employment Practices Liability —If you employ nannies, landscapers, housekeepers, or other people on the property, your home technically operates as a business as well. Luxury coverage can protect you if an employee claims wrongful termination, discrimination, or another accusation.
- Extortion or Kidnap Ransom Coverage —Affluent people are often at risk of extortion or ransom schemes. Your insurance may cover these situations by paying ransoms, providing reward money that leads to arrests, or paying crisis management firms.
- Risk Management Services —Does your home face woods or is it in an area that gets a large amount of rainwater? Risk management services allow you to learn what your risk is for certain disasters and what you can do to prevent them from happening.
- Sewer and Pipe Coverage —Most standard homeowners' policies require you to purchase separate coverage for sewer or pipe backups. Luxury policies typically provide coverage as part of the basic policy.
- Vacation Home Coverage — If you own other properties, such as a beach house, you can often customize your home insurance Lewisville TX to cover both properties.