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