For financially successful individuals with a great deal of wealth invested in their home, the coverage needs may differ from that of a typical home owner. In addition to the higher value of the home, the liability risks are often greater for the following reasons.
- Luxury Homes tend to be a higher target for theft. Not only do you have more invested in the home itself, but expensive personal belongings mean a higher risk of theft and burglary. High value homeowners policies offer higher limits and coverage for personal property.
- The benefits of employed staff also carry additional risks. Liability is greater in the event of injury to non-residents who may frequent the home. Features of high-value homeowners coverage include greater liability coverage.
- Unfortunately, in the event that an injury occurs, victims may see it as an opportunity to collect large sums of money from owners of luxury homes. Therefore, greater liability coverage is needed.
- Wealthy individuals also tend to be targets of identity theft more often than other individuals. Coverage in the event that this occurs may be included in a high value homeowners policy.
Our agents understand the unique challenges of insuring a high-value home and considering the additional risks and liabilities associated. Contact us for information about insuring your high-value home!