Luxury or high-end homes, which typically have a replacement cost value of $750,000 to $1 million or more, require the right insurance coverage. Muller Insurance, an independent agency that works with more than 20 leading insurance companies, provides homeowners’ insurance policies, including policies for high-value luxury homes. We serve clients in New York, New Jersey, Connecticut, Massachusetts, and other states, and are here to assist with finding the ideal insurance coverage for their needs.
Here, we discuss luxury home insurance and why high-end homes need specialized policies.
What Is Luxury Home Insurance?
Luxury home insurance, also referred to as high-value homeowners’ insurance, is a specialized policy for high-end homes. These policies typically cover the same basics as standard homeowners’ insurance, like property damage, personal belongings, and personal liability. However, luxury home insurance policies have higher coverage limits and additional coverage options to account for the higher costs of these homes and the valuables inside. Many high-value policies are written on an open perils basis, which means any losses not specifically excluded in the policy are covered. Some high-value home insurance policies also offer perks for policyholders, such as risk consulting, deductible waivers, free home inspections or appraisals, and more.
Reasons High-End Homes Need Luxury Home Insurance
There are several reasons owners of high-end homes should pursue luxury home insurance. They include:
Targets of Thieves
Since high-end homes are typically owned by high-net-worth individuals, they tend to also have expensive jewelry, fine art, high-end electronics, collectible items, and more. Criminals and thieves tend to target these homes in search of valuables they can steal and sell, so it’s important to get a high-value homeowners’ insurance policy that helps protect you from financial loss if that happens.
Standard homeowners’ policies offer some protection from theft of jewelry and other valuables, but there are often limits that cap out at $1,500, which isn’t sufficient for high-end homeowners. High-value homeowners’ insurance policies offer higher limits, sometimes up to $50,000 for stolen jewelry. You can also pursue scheduled personal property coverage, which provides more coverage for valuable items that aren’t fully covered by your policy.
Areas Prone to Natural Disasters
High-end homes are often found in big cities and might be built in or near highly sought-after areas such as a beachfront or ski resort. These locations may also increase their proximity to natural disasters like hurricanes, high winds, wildfires, avalanches, earthquakes, etc.
Although luxury home insurance typically does not cover natural disasters, you can seek supplemental policies such as flood insurance to protect your home against natural disasters. Working with an independent agent can make it easier to find policies from multiple carriers that meet your needs.
Repairs and Replacements Can Be Costly
Homes are usually considered to be luxury or high-end if the replacement cost value is $750,000 to $1 million and up. This means the cost to replace these homes in the event of destruction or damage can be expensive. A standard homeowners’ insurance policy most likely wouldn’t cover the costs of rebuilding your home to the same standards. Having a luxury home insurance policy provides higher coverage limits and additional coverage to ensure your home is fully covered if you must file a claim.
Luxury Homeowners’ Insurance Policies Through Muller Insurance
If you want to keep your luxury home and valuables fully protected, pursuing luxury homeowners’ insurance is recommended. At Muller Insurance, we have been in business for more than 118 years and have earned a reputation for finding clients the right insurance policies at affordable prices. We represent more than 25 leading insurance companies and are licensed in more than 30 states, so we can help clients around the country find the ideal policies for their needs.
We partner with Chubb Insurance and Traveler’s Insurance, among others, to provide luxury clients with high-value homeowners’ policies. Chubb’s Masterpiece Homeowners insurance policy has higher coverage limits to help protect valuable possessions, while the Traveler’s high-value homeowners’ policy is an open perils policy with broader coverage and higher limits to keep your assets covered properly.
When you work with an independent insurance agent like Muller Insurance, you get access to a wide-ranging selection of homeowners’ insurance options that meet specific needs, including policies for high-end homes. Our team works to develop relationships with each client to understand their unique needs and can often find bundling opportunities to help save them money.
Explore Luxury Homeowners’ Insurance Policies Through Muller Insurance
Make sure your high-end home and valuables are protected against threats like theft, natural disasters, and more by getting a luxury home insurance policy through Muller Insurance. We can help clients in New York, Connecticut, Pennsylvania, Nevada, and other states find the right policy for their needs. To learn more about our high-value homeowners’ insurance, get a quote or contact us today.
