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High Value Home Insurance Policies For Wealthy Northborough Homeowners

by Lisa Hirbour / September 3, 2016

Northborough, MA residents can have some unique insurance needs. Not only do many qualify for a high value home insurance policy that helps to cover the full value of their home, but their policy should include generous living expenses coverage. If you own a home in town and are used to a certain lifestyle, here’s why you should look into this coverage -- and how to get the coverage you want.

High Value Home Insurance NorthboroughLiving Expenses Coverage is an Important Part of High Value Home Insurance for Northborough Residents

Covering Living Expenses When Your Home is Uninhabitable

Living expenses coverage may not be a widely discussed home insurance coverage, but it’s an important one. This coverage helps to compensate policyholders for the living expenses they incur if their home becomes uninhabitable due to a covered claim. As with any coverage, what qualifies as a reimbursable living expense and how much reimbursement a policyholder receives is dictated by the insurance policy’s terms and conditions.

For example, if a policyholder lost their Northborough home in a fire that was a covered claim, living expenses coverage might help them pay for a hotel nearby and meals at area restaurants while their house is being rebuilt. How much the coverage paid for room and board would depend on its limits. (This is just an example. Actual coverage varies from policy to policy.)

Selecting Coverage Limits to Match Your Lifestyle

While many homeowners policies include some living expenses coverages, standard coverages don’t always allow wealthy homeowners to maintain their lifestyle while recovering from a covered claim. Even though they may be adequate, they might not be as extravagant as well-off individuals and families are accustomed to.

If you’re unsure of how much coverage to get for you and your family, try planning a stay-cation. What hotel would you want to stay at, and where would you want to eat? Thinking about where you’d stay and eat on a stay-cation can help you determine the standard of living you’d want to maintain if you ever couldn’t stay in your home. Your high value home insurance policy likely won’t pay for amusement park tickets or museum admission, because you’d have to pay for these things regardless of the state of your house. You should look for a policy that will cover a room at the hotel you’d want to stay at and meals at the restaurants where you’d want to eat, though.

Finding Coverage with a Northborough, MA High Value Home Insurance Agent

Once you have an idea of the standard of living you’d want to maintain and how much that would cost on a daily basis, review your high value home insurance policy with a friendly insurance agent serving Northborough, Massachusetts. An agent can help you compare your current living expenses coverage with your desired coverage. If your current coverage is insufficient, they can also help you either increase your policy's living expenses coverage limits or shop around for a new policy.

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