If you’re a luxury property owner, it’s essential to properly insure your home and belongings with a high-value homeowners’ insurance policy. If you don’t, you can be left with gaps in your insurance coverage.At Muller Insurance, an independent insurance agency, we provide various insurance policies for clients including high-value homeowners’ insurance policies. We are located in Hoboken, NJ, and licensed in over 20 states including NY, CT, and PA. Here, we discuss five common insurance mistakes that people make when insuring their luxury houses.1. Underestimating Replacement CostsOne mistake luxury homeowners may make when choosing insurance policies is underestimating the replacement cost of their home. Replacement cost value includes all the costs of rebuilding a home if it is destroyed, including the costs of structures, flooring, roofing, appliances, etc. If you happen to miscalculate or underestimate the replacement cost value of your home and insure it for less than it’s worth, you can be short-changed when you file a claim.2. Not Understanding What Is CoveredNot understanding what is covered in your high-value insurance policy is another common mistake people make. High-value insurance policies have more extended coverage than traditional policies, but they don’t cover everything. Clients may assume that high-value policies cover disasters like floods and earthquakes, but they often do not. If they don’t get proper coverage for them like supplemental flood insurance, it can leave the recovery and repair costs up to them.3. Trying to Keep Insurance Costs LowWhen purchasing a high-value home, a common mistake people make is trying to keep their insurance costs down. If you choose not to insure your home to the full replacement value or exclude valuable item coverage for things like jewelry, it can lower your insurance costs but also leave you with gaps in your coverage. At Muller Insurance, we help our clients outline an insurance plan that is right for them and their needs.4. Choosing a Traditional Homeowners’ PolicyAnother mistake people with luxury houses make is choosing a traditional homeowners’ insurance policy over a high-value one. Traditional policies cover things like your property, your personal belongings, and personal liability, but they don’t cover everything and have limits to the amount they cover.5. Not Accounting for Art, Jewelry, and Other ValuablesAnother common mistake when insuring a luxury property is not properly accounting for art, jewelry, collectibles, and other valuables. Most traditional homeowners’ policies cap out at $1,500 limits for theft or loss of valuables, while some high-value homeowners’ insurance policies offer up to $50,000. However, if your collection is large or expensive, you may still reach the limits of your coverage. To fully protect your valuables, you can opt for a scheduled personal property policy endorsement. This endorsement provides more coverage for high-value items at their full value, separate from the personal property limits of your homeowners’ policy.Insuring Your Luxury Property With Help from Muller InsuranceMuller Insurance is an independent insurance agency that has been in business for more than 118 years. By providing exceptional customer service and a wide selection of insurance policies from more than 25 leading insurance companies, we have developed a strong reputation for dependable insurance services. Companies we work with that offer high-value homeowners’ insurance include Traveler’s Insurance and Chubb Insurance. At Muller Insurance, we develop relationships with our clients to understand their insurance needs and determine the best policy for them. Our team can tailor policies to meet clients’ specific circumstances and budgets, as well as identify bundling opportunities that can help them save on insurance costs.Access Insurance Policies for Luxury Houses and More at Muller InsuranceDon’t make mistakes when searching for high-value homeowners’ insurance for your luxury property. Turn to Muller Insurance, where we have more than 118 years of business experience and a vast selection of insurance policies. Located in Hoboken, NJ, and licensed in over 20 states including NY, CT, and PA, we help clients find the ideal coverage for their luxury homes. To learn more about our luxury homeowners’ insurance options or prices, get a quote or contact us today.