Financially successful individuals and families may not receive enough coverage with a standard homeowners insurance policy, which has limits well below the value of luxury homes and the contents within them. For instance, contents coverage may be capped at $1,000 per item—$10,000 with a separate rider—which may not be enough for fine artwork, jewelry, furs etc. However, high value home insurance is an alternative solution for wealthy households.
What qualifies a house as a high value home? The regulations may differ between insurance providers. Many require that a home be worth at least $750,000, some will cover homes worth several hundred thousand less and others won’t cover homes worth less than $1 million.
There are several reasons why high value homes require more than the average coverage. Apart from the need for higher policy limits, many wealthy households have non-residents who waft in and out, such as a housekeeping staff, increasing both the risk of theft and liability. Additionally, many thieves will target such homes in the hopes that the payout will be large. 
While policies vary from insurer to insurer, some common coverages you may find are as follows:
- Property and liability coverage with higher limits
- Coverage for additional properties, such as a pool house or vacation home
- Identity theft coverage
- Medical coverage for pets
- Flood coverage (which is excluded from standard homeowners policies)
If you believe that your home may qualify for this specialized coverage, contact your independent insurance agent for an evaluation of your property and insurance needs.
Owners of high value homes deserve the very best service. Call us today for more information on home insurance.