Homes in Santa Barbara and Montecito are unique in the insurance world, as they are considered “high value homes” and require extra coverage to compensate for the higher value furnishings, construction materials, and high end craftsmanship. Since special care must be taken during the construction, maintenance, and sale of ultra-custom and luxury quality dwellings, insuring them is no different. A “standard market” homeowner policy is simply not enough.
Homes that are valued at over $1 million dollars are eligible for “High Value Home Insurance,” that offer more options and features than a standard homeowners policy. These high value policies aren’t necessarily more expensive, they’re just tailored to deliver benefits unique to the needs of luxury home owners.
For example: some high value home carriers provide complimentary home appraisals to calculate the replacement cost of the home before a loss occurs. While not necessary for homes with standard construction, this approach greatly improves the accuracy in which coverage is provided for luxury homes, and can decrease the time it takes the carrier to pay out a claim after a total loss.
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