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High Value Home Insurance

High Value Home Insurance From Massachusetts Specialists

Proudly Providing High Value Home Insurance to Residents in Massachusetts & 25 Other States Across the Nation

What is High Value Home Insurance?

Standard home insurance policies are designed to meet the needs of most homeowners, but homeowners who have particularly valuable houses may find that these policies don’t sufficiently meet their needs. For Massachusetts homeowners with expensive homes, high value home insurance offers additional protection.

High value home insurance is a specialized type of homeowners coverage that’s specifically crafted for people who have expensive houses. In most cases, these policies build on and enhance the protections that a standard home policy may offer.

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What Protections Does High Value Homeowners Insurance Make Available?

In order to offer robust protection, most high value homeowners insurance policies come as package policies that include multiple protections. While some of these may be available through many standard homeowners policies, others are frequently reserved for high value policies only.

Some coverages that both standard and high value homeowners policies might offer include:

  • Dwelling Coverage, which normally covers a residence itself
  • Other Structures Coverage, which normally covers secondary buildings and structures
  • Personal Property Coverage, which normally covers personal possessions
  • Personal Liability Coverage, which normally covers some liability-related risks

With some of these coverages, a high value homeowners policy might make higher limits available than a standard policy does.

A few coverages that may be more readily or only available through a high value policy are:

  • Living Expenses Coverage, which often covers alternative lodging if a residence is rendered uninhabitable
  • Sewer Backup Coverage, which often covers water damage related to plumbing malfunctions
  • Coverage for Rebuilding to Code, which often covers additional rebuilding costs that are needed to bring a destroyed residence up to code
  • Coverage for Refrigerated Food, which often covers perishable food that spoils in a disaster
  • Coverage for Vacation Homes, which often covers second and third seasonal homes
  • Kidnap and Ransom Coverage, which often covers costs associated with kidnappings and ransoms

An insurance agent who specializes in this type of homeowners insurance can help residents decide whether these additional coverages are right for them.

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Is Flooding Covered by High Value Homeowners Policies?

Whereas most standard homeowners policies exclude flooding from their protections, some high value homeowners policies might include protection for floods. Because not all high value policies offer this protection and the protection can vary if it is offered, though, homeowners should carefully review their high value policy to understand whether it covers flooding.

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What Types of Massachusetts Homes is High Value Homeowners Insurance For?

While high value homeowners insurance policies are generally for expensive homes, there’s no industry standard as to what exactly qualifies as an expensive home. Some insurance companies in Massachusetts may underwrite these policies for homes that are worth $750,000 or $1 million, while others may have high value policies for homes worth as little as $300,000.

Homeowners who are unsure whether they should get a standard or high value homeowners insurance policy can speak with a knowledgeable agent about their situation. An agent who’s familiar with the various policy options will be able to provide informed guidance after reviewing a homeowner’s house and situation.

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What Methods Do Insurance Companies Use to Value Homes for High Value Policies?

Insurance companies might use several different methods to value homes for high value policies. Some companies might even want to send an adjuster to assess a home prior to underwriting a high value policy.

How Can Massachusetts Homeowners Get High Value Home Insurance?

If you own a valuable home in Massachusetts, contact the independent agents at The Feingold Companies for help finding a high value home insurance policy Our agents have worked with many homeowners in the state, and they have the expertise necessary to assist you in finding the right policy for your house.

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