How to Insure the Contents in Your High-Value Home
For homeowners who own several expensive personal items, standard homeowner’s insurance policies may not offer enough contents coverage to ensure your personal belongings are protected.
High-value items like jewelry, art, antiques, and heirlooms may require much higher coverage limits than a typical homeowner’s insurance policy can provide. Instead, you may need high-value home insurance to fully insure the contents of your home.
Here’s everything you need to know about how to insure the contents in your high-value home.
What is High-Value Home Insurance?
High-value home insurance is a special type of homeowner’s insurance designed specifically for homeowner’s whose homes are worth over $1mil. For homes worth this much, a standard homeowner’s insurance policy likely will not provide enough coverage for the home or the contents within.
While insurance providers often offer endorsements that can help you increase your coverage limits for certain items, this still may not be enough for homeowner’s with particularly valuable homes and personal belongings.
High-value home insurance offers higher coverage limits and a variety of additional benefits designed to protect your property and valuables.
What Does High-Value Home Insurance Cover?
Like standard homeowner’s insurance, high-value home insurance includes several coverages to protect you, your home, and your personal belongings.
These coverages include:
- Dwelling coverage
- Other structures coverage
- Personal belongings coverage
- Personal liability coverage
- Additional living expenses coverage
While both types of homeowner’s insurance include the same basic coverages, high-value home insurance offers higher coverage limits to ensure your high-value home and valuable belongings are completely covered in case they are damaged or lost due to a covered disaster.
How Much Does it Cost?
The cost of high-value home insurance can vary significantly depending on several key factors, including:
- Home value
- Location
- Credit history
- Claims history
- Coverage limits
- Endorsements
High-value home insurance policies are generally more expensive than standard home insurance policies due to the expanded coverage and additional benefits they offer. Of course, in exchange for these higher costs, homeowner’s can ensure their properties and personal belongings are able to be replaced if they suffer a covered loss.
High-Value Home Contents Insurance
High-value homeowner’s often also own high-value items, and to protect these items, they may need more coverage than a standard home insurance policy can offer.
While traditional homeowner’s insurance typically only covers items like fine art, jewelry, and other valuables up to $2,500, high-value contents insurance may cover these items up to $25,000.
High-value contents insurance is included as part of your high-value home insurance policy and can ensure you are able to replace your most valuable items in the event that they are lost, damaged, or stolen.
High-Value Home Insurance Benefits
High-value home insurance offers several benefits that aren’t typically included with standard home insurance policies.
These benefits include:
- Identity theft coverage to protect homeowner’s against fraud.
- Sewer and pipe backup coverage to protect your home against water damage from certain sources.
- No-cost home inspections to ensure your property has adequate coverage.
- Partial loss coverage.
- Additional living expenses coverage with no upper limit.
- Employment practices liability coverage for homeowner’s with in-home employees.
- All-risks coverage for contents and personal belongings.
- Pairs and sets coverage, which pays to replace a pair or set of items if only one item is damaged.
Benefits like these provide more comprehensive coverage for individuals that own high-value homes and items.
What is Scheduled Personal Property Insurance?
If you don’t own a high-value home but still need to insure high-value items, scheduled personal property insurance may be the best option.
Scheduled personal property insurance is an optional endorsement that allows you to add additional coverage to specific items in your home. Coverage limits for these items can be customized to ensure you are able to repair or replace them if they are damaged, lost, or stolen.
This type of coverage may be limited to specific types of items. Items that are typically eligible include:
- Fine art
- Instruments
- Jewelry
- Firearms
- Coin collections
- Cameras
- Antiques
- Silverware
Your insurance provider can tell you which items may be eligible for coverage under scheduled personal property insurance.
Request a Quote
If you need to protect the contents in your high-value home, standard home insurance may not provide the coverage you need. Instead, high-value home insurance can provide the higher coverage limits you need to repair or replace your valuable items.
At KSA Insurance, we work with residents in South Carolina and across the southeastern United States to help them find comprehensive high-value home insurance policies that protect their homes and valuables against damages.
Contact us today to request a quote and learn more about high-value home insurance.
