High Value Home Owners: 4 Reasons You Might Need Greater Coverage

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.

1. 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.
2. 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.
3. 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.
4. 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!