High-Value Home Insurance
10 reasons to talk with Fairchild, Addison & McKone about insuring your luxury home in Florida.
As a financially successful person, it’s likely that your home reflects your level of achievement. High end, luxury homes have special insurance needs above and beyond traditional home insurance policies.
Making sure that your home and accompanying assets are protected falls under the umbrella of high-value home insurance.
Here are ten reasons why you should talk to us about acquiring high-value home insurance for your peace of mind:
1. Your Home May be Underinsured
An estimated 40 % of high-end residential properties have been shown to be underinsured.
One of the primary reasons for this is that homeowners may only insure their home for the tax assessed value of the property instead of the true replacement cost.
In reality, a qualified agent can help you figure out the actual insurable value is, based on features like custom features and trim work, as well as customized construction such as media rooms, built-ins and more.
2. You Might Not Get Full Repair or Replacement Value
If a catastrophic event does occur and you have only a standard homeowner’s policy in place, it’s unlikely that you’ll get the full repair or replacement value of the home.
Standard homeowner’s insurance policies and the agents who only sell them aren’t equipped to recognize the value of, say, an imported bar from Europe, or antique Victorian chandeliers.
3. You’ll Be Able to Live (Almost) in The Style to Which You’ve Been Accustomed
In the event of a claim, many high-value home insurance policies will provide coverage for living expenses while things are being put back in order in your home.
4. Your High-End Possessions Could be Covered
It’s one thing to be underinsured, but quite another to actually lose the ability to replace all of your high-end possessions.
These would include things like luxury furnishings, state of the art technology systems, expensive floor coverings, fine jewelry and apparel, and more.
A standard homeowner’s insurance policy wouldn’t come close to covering what others might call extravagances. That being said, some items may be better suited for a personal article floater, especially because homeowners policies have separate limits for theft. Your insurance agent at Fairchild, Addison & McKone can help you determine which personal possessions should be covered this way.
5. You Have Staff
As a successful individual and homeowner, it’s likely that you have staff who either live in-house or are there on a regular basis.
You might have a secretary, maid, butler, cook and an assortment of other stuff, like gardeners, pool boys, and more.
As your house staff, these individuals could all be covered against accidents on your property when you have a high-value home insurance policy in place.
6. You Have a Wine Collection
If your wine cellar is stocked with rare bottles, you’ll want to have a high-value policy in place to help protect those unique assets.
High-value home insurance will allow you to list each bottle with its appraised value for re-compensation should the unthinkable occur.
7. Your Windows are Stained Glass Imports
A traditional homeowner’s insurance policy isn’t going to give you extra benefits if your imported stained glass windows are blown out in a hurricane.
Even if your windows aren’t stained glass imports, as a luxury homeowner, it’s likely they have significantly more value than any regular homeowner’s insurance would cover.
8. You Have a Fine Art Collection
A high-value home insurance policy will provide extra coverage for the original works of art that you collect, too.
While no one can replace a masterpiece, at least you can be financially compensated for the loss.
9. You’ll Have Protection Against Nefarious Claims
As an affluent person with visible means, you are somewhat a target for those who might want to profit from you.
With umbrella liability coverage, your assets will be protected from nefarious claims from such individuals.
10. You Can Get Flood Insurance
Flood insurance is seldom, if ever, included in regular homeowner’s insurance policies. Speak to your qualified and reputable Tampa insurance agent to discuss having flood insurance be included with your high-value home insurance policy.
You’ve worked hard to get where you are. Consider high-value home insurance to help protect the things you’ve earned and accumulated for you, your family and your heirs. Contact Fairchild, Addison & McKone to learn more.
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