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High Value Home Insurance
A home is one of the, if not the, biggest investment an individual will ever make. When such an investment is made it is only natural to want to protect your interest in that property any way that you can. With a home, it is the homeowner policy that will do that for you. We can't know what perils may befall our home from one day to the next and although we can take some precautions on our own to help minimize potential damage, the things we can not control should be covered by a policy designed specifically for our unique circumstances. Such is the case in insuring a high value home.
Normally a high value home comes with features and furnishings that a more modest home would not have and to be properly insured for these differences it is imperative to find an insurance company who is well versed in writing coverage of this nature. Where the insuring of a more modest home could be handled over the phone in most cases, a high value home requires the insurance provider to go out and survey the home and contents in question in order to get a complete and accurate picture of everything that is there. Every detail of the home from flooring, to countertops, to Jacuzzi's, and number of baths and fireplaces are taken into consideration in order for a proper replacement cost value to be put on the home. You may have paid $500,000 but the cost to rebuild a total loss might be 1 Million and it is the insurance providers job to make sure you are properly covered. The same goes for the contents coverage. Basic furnishing's are normally covered under a certain percentage of the homes insured value but other items such as antiques, fine works of art, expensive jewelry, guns, and collections of any type must be taken into consideration and insured accordingly in order to provide the right type of protection in the event of loss by theft or a covered peril.
High value homes require quite a bit more attention to detail and it is the responsibility of the insurance provider to make sure that the home and contents are covered properly and as close to replacement cost value as can be achieved. You certainly wouldn't want such an expensive investment to be insured only for the actual cash value when disaster strikes and you have to try to replace it.