If you own a home worth more than one million dollars, you want to make sure it is thoroughly covered by your homeowner's insurance. Unfortunately, not every insurance policy will meet your unique nee...
High-Value Home? Consider This in Your Hunt for Insurance
If you own a home worth more than one million dollars, you want to make sure it is thoroughly covered by your homeowner's insurance. Unfortunately, not every insurance policy will meet your unique needs and goals. That’s why we at SWBC Insurance Services have created this guide full of important things to consider when looking for a high-value home insurance policy.
Is the Coverage Sufficient for Your Needs?
It is important to invest in a good home insurance policy designed to cover homes worth as much as yours. When researching the coverage offered by your insurer, consider the following questions:
- What are the limits of the cost coverage? Will it be sufficient to rebuild your home to its original standard in the event of a disaster?
- What are the dwelling and property limits? Do these limits meet the monetary coverage that will be necessary if you need to repair or rebuild your home?
- What are the liability limits? Liability coverage protects you if someone gets injured on your property, and it could be a crucial addition to your policy.
- Are your valuables covered? If you own valuable objects, like jewelry or fine art, you will likely want them covered, as well. Some policies include this coverage, while others let you add extra coverage to protect the value of these items.
- Do they offer additional coverage that is specific to your needs? Depending on where you live, you may need coverage for natural disasters like hurricanes or earthquakes.
Is Agreed Value Coverage an Option?
For luxury homes and the possessions within them, agreed value coverage is often preferable to other types of coverage. This means you and the insurer have agreed on a set value for your home and its contents from the beginning of your partnership. This agreement can help prevent stressful disputes when you are already feeling overwhelmed.
What Kind of Method Do They Use to Calculate the Cost of Your High-Value Home?
Every insurance policy will have its own methods for calculating the cost of your home and possessions that are covered. Do they use actual cash value, which accounts for depreciation? Do they use replacement cost coverage, which does not? Or do they use a different method altogether?
Can You Bundle Secondary or Vacation Homes in Your Policy?
If you have invested in more than one property, you probably want insurance that covers them all. That could mean that you need to find an insurer that can bundle and manage coverage across all your properties.
Are you a real estate investor? Learn about our coverage options here!
Do They Cover Necessary Replacements?
You deserve to live in a house that feels like home, especially after an event that leads to the destruction of your property. When life events lead to damage, you will want to ensure your insurance covers the cost of replacement.
Some insurance carriers, like us, can also offer extended replacement cost coverage that covers the cost of a home repair or rebuild when a covered loss occurs. This helps you ensure that the place you call home is protected.
Do They Offer a Place to Stay When Your Home Is Unlivable?
If your home becomes temporarily unlivable, you will still need somewhere to stay while it is repaired or rebuilt. Ensuring your insurer covers temporary living arrangements can help you find a comfortable place to stay.
Did you know SWBC Insurance Services offers these benefits and more? Contact us today to learn about our many offerings!
Is There Flexibility in Their Rebuild Policy?
Flexible rebuild policies are great because they offer you the opportunity to choose whether you wish to rebuild or simply cash out with your settlement. This grants you the opportunity to choose between starting over or restore the home you’ve invested in.
Are There Services to Help You Prevent Risk?
The best insurers tend to go beyond coverage. They may offer risk consulting, security advice, or other services intended to help you shield yourself. These can be great for preventing some losses and disasters before they happen. They can also guide you through the recovery process if they do occur.
A high-quality insurer will work to ensure you have the coverage you need when you need it. For instance, SWBC Insurance Services provides guidance to our clients, providing them with critical advice about the insurance policies that will most protect their unique needs.
Search for Strong Customer Support and Quality Claims Handling
From the beginning of your search for the right insurance policy, you will want to lean on an expert for guidance in choosing your insurance policy and managing your risk thoroughly. When your home is worth a significant amount, you need an insurer that provides white-glove quality service. Ensure the insurer you choose is known for amazing account managers, convenient claims, and personalized attention to suit your needs.
Ensure You Are Insured with SWBC Insurance Services
Insuring a high-value home isn't about covering just the bare minimum — it is about ensuring protection, peace of mind, and your financial security. SWBC Insurance Services has built a reputation for top-tier service for more than forty years. We work hard to provide our clients with highly knowledgeable guidance and advice, dedication to their financial security, and a commitment to providing the best service around. Contact us today to learn how we can ensure you are covered in the worst-case scenarios.
Kevin Witcher
Kevin Witcher joined SWBC in 2022 as Chief Operating Officer of SWBC Insurance Services. In this role, he is responsible for all SWBC producers in both San Antonio and Austin. Kevin is a seasoned insurance professional with over 34 years of experience. He began his career with Chubb in 1989 after graduating from The University of Texas at Austin. He focused on professional liability for the first 15 years of his career and has deep expertise in Directors and Officers liability, crime insurance, fiduciary liability, cyber liability, and employment practices coverages. Kevin served as a Regional Financial Lines Manager overseeing Texas and Oklahoma before moving into a marketing role that included all property and casualty products, as well as personal lines. He then served as Vice President and Branch Manager for Chubb’s Austin Branch, which included Austin, San Antonio, and the western side of Texas. Kevin has served on numerous non-profit boards, including holding the role of treasurer and board chair for AIDS Services of Austin, as well as the Executive Committee for Zach Scott Theatre.
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