High Value Homes in New York, NY
A home with unique or state-of-the-art features may need more than a standard insurance policy. That’s where high-value home insurance steps in. If you’re interested in learning more about this policy, KJE Consultants, LLC is here to guide you.
What Is a High-value Home?
A high-value home is generally defined as a residential property with a replacement value of $750,000 or higher. It may contain distinctive fixtures or smart home systems that are difficult or expensive to replace.
Some high-value insurers may only insure properties that are worth $1 million. Such a policy may provide high coverage limits to account for the property’s unique features or costly items like artwork, antiques, electronics or jewelry.
If your home’s replacement value exceeds $750,000, your insurer may refer you to another insurer that caters to high-value homes.
What Does High-value Home Insurance Cover?
The inclusions of a high-value home insurance policy may vary depending on the insurer. To give you a general idea, it may provide the following:
- Additional living expenses coverage—This may cover food, shelter, and other expenses if you have to move out of your home temporarily due to a covered event.
- Deductible waiver coverage—Your deductible may be waived if a covered risk inflicts a considerable loss to your property.
- Guaranteed replacement cost—This may cover your home’s full repair or replacement cost.
- Identity fraud and ransom coverage—This may pay for any expenses should your identity gets stolen or your belongings held in a ransom.
- Risk assessment coverage—This may pay for expenses related to home inspections performed by insurers.
How Much Does High-value Home Insurance Cost?
A high-value home insurance policy costs more than your standard home insurance policy. Your premium may depend on factors such as your home’s replacement value, location and claims history.