If you own a luxury home, you’ll likely need a high-value or luxury home insurance policy, which differs from a standard homeowners’ policy. Muller Insurance is an independent agent that works with more than 20 leading insurance companies and serves clients in over 20 states, including New York and Connecticut. We can help you explore homeowners’ insurance policies, including high-value home insurance, and help you choose the right one for your needs. Here, we discuss homeowners’ insurance for luxury homes and how it differs from traditional homeowners’ policies.
What Is Covered By a Standard Homeowners’ Policy?
A standard homeowners’ policy will cover damage to your home and the property inside, including your clothing, furniture, jewelry, and more. If a disaster like a fire or harsh weather like wind and hail causes damage to your home, the policy will cover the cost to rebuild your home and replace your possessions. It also protects your belongings against theft or damage. Homeowners’ insurance policies also provide personal liability coverage for accidents or injuries that occur in your home, on your property, or that you cause to others off your property.
Standard homeowners’ insurance policies generally do not cover damage caused by flooding, earthquakes, sewer backups, mold, or termites. You will need to pursue additional policy add-ons to be protected against these threats.
What Does Homeowner’s Insurance for Luxury Homes Cover?
To buy high-value homeowners’ insurance, your home must meet specific criteria. Usually, high-value homes have a replacement cost value of $750,000 or more. Homeowners’ insurance for luxury homes typically covers the same things as standard homeowner’s policies but with a few key differences that help cover the higher-value belongings and property. They include:
Additional Coverage Options
Along with the basic coverage for dwelling, personal liability, and personal belongings, a high-value home insurance policy may include additional coverage options that aren’t usually included in standard homeowners’ insurance. Many high-value policies are sold on an open perils basis, which means any losses not specifically excluded are covered. Some high-value homeowners’ policies may cover water backup, landscaping, identity theft, and business property coverage. Other types of coverage that are often available for luxury homeowners include:
- Cash payouts: This provides the option of taking the full payout of the policy or choosing to rebuild your home if it’s deemed a total loss.
- Guaranteed home replacement: This coverage available from Chubb Insurance will cover rebuilding your home even if the amount exceeds your coverage limits.
On standard homeowners’ insurance, you generally must add these coverage options manually for an additional cost.
Higher Coverage Limits
Owning a luxury property generally means you have high-value belongings that you want to protect. Most luxury homeowners’ insurance policies provide higher coverage limits for valuable items, including:
- Jewelry: Some high-value policies provide up to $50,000 for lost or stolen jewelry.
- Liability: Certain policies may offer liability limits that are much higher than those with standard homeowners; insurance.
- Additional living expenses: If your home is being repaired and you need a place to stay, the limit on coverage for living expenses is often higher with luxury policies.
By pursuing a high-value insurance policy, you can ensure all your belongings are covered, and you can have peace of mind.
Luxury Homeowners’ Insurance Policies Available Through Muller Insurance
Muller Insurance has been in business for more than 100 years and we now represent more than 25 leading insurance companies. By working with so many companies, we can help you find the ideal policies for your needs and budget, including high-value homeowners’ policies. Companies that offer these policies include:
Chubb Insurance
Chubb Insurance offers Chubb’s Masterpiece Homeowners insurance policy for people with valuable assets. This policy helps provide comprehensive protection for homeowners, including perks and coverage that aren’t included in traditional policies. They include:
- Cash out options
- Broad personal liability limits
- Water backup protection
- Extended replacement cost
Explore Luxury Homeowners’ Insurance With Muller Insurance
If you need assistance pursuing high-value homeowners’ insurance for your luxury home, turn to Muller Insurance, where we’ve spent decades building a strong reputation. Our team is ready to assist you in choosing the ideal high-value policy. Clients in over 20 states, including New York and Connecticut, can get their homeowners’ insurance for luxury homes with our help. To learn more, get a quote or contact us today.
