Most standard insurance policies are designed for median priced homes. Insurance companies provide standard policies that fit the needs for most average homeowners. However, there comes a time when you realize you have outgrown a standard homeowners insurance policy in Bolton and need to look into high value home insurance as an upgrade.
Protecting Your Investment With High Value Home Insurance in Bolton
Most luxury and custom designed homes are worth a fortune these days. There is no doubt that you’ve put great effort into buying your dream home and the last thing you want to think about is taking a loss if something should happen. Therefore, it may be time to re-evaluate how much rebuilding would cost, replacing valuables, and any other assets pertaining to your house.
When to Consider High Value Policies?
Generally, homes valued near or above $300,000 or more should be considered for higher insurance policies (although this number could be lower depending on the house). Homes in this price range typically have a great number of personal possessions, are expensive to rebuild, and they often have many custom features, which means they carry more risk than other homes that cost far less.
You might consider high value policies if you’ve lived in the house for years and have added a substantial amount of upgrades as your wealth has increased. For example, if you’ve added guest rooms, a home theater, tennis courts, a gymnasium, or a custom outdoor kitchen, you’ll want to be sure you’re carrying adequate coverage limits if you ever have to rebuild.
Aside from the actual structure and custom designs of your house, you should give careful consideration to your personal belongings. As your personal wealth grows, the number of belongings you have and their value usually increases dramatically. You more than likely have expensive jewelry, artisan originals, antique furnishings or other unique items, which might be extremely expensive to replace.
The Differences Between Standard Insurance and High Value Home Insurance in Bolton
- Insurance quotes on less costly homes are often estimated using computer programs to determine replacement values, which isn’t appropriate for custom homes.
- Liability limits on standard policies are often too low where occupants entertain a lot and have expensive personal belongings.
- Fine custom homes are typically more costly to rebuild and need higher coverage amounts.
Property Appraisals Are Important for Luxury Home Policies
If you choose an insurance carrier that specializes in high end properties, which is a smart idea, they should assign an appraiser to come out and tour your entire home in Bolton when purchasing a high value home insurance policy. In most instances, these appraisers are experienced professionals who are well-versed in appraising expensive homes.
When the appraiser comes to your home, it’s highly advisable for you to work alongside him or her to provide information about the costs and ages of various features found throughout your home. You could supply valuable knowledge about collectibles, sports collections, antiques, and original paintings. The appraiser would also be interested in seeing purchase receipts, letters of authentication and jewelry appraisals.
During the inspection, your appraiser will note each area of the home that contains customized features like a handcrafted bar, exquisite chandeliers, imported porcelain tiles or floor heating systems that makes your home unique and are expensive to repair.
Protect Your Lovely Place
If you’ve made considerable upgrades to your existing home or designed a custom dream home you’ve always wanted in Bolton, it may be time to re-evaluate your considerable investments that you’ve put into your house. It could be time to purchase a high value home insurance policy, so make sure you ask your local friendly agent for guidance!