So you just bought a brand new luxury home after years of working hard and saving up to get there, congrats! Your next step is probably to find an insurance policy to protect that home, but before you run out to purchase a new insurance policy, listen up! Because your home is more than likely of higher value than the average home if you’re reading this article, this may look a little bit different than, for example, your friend choosing an insurance policy for their smaller, more affordable 2 bedroom home that doesn’t need as specific types of coverage.
We’re going to break down what you need to know about high value home insurance in Avon Lake so that you can make sure that your hard-earned home is protected, so that you can enjoy it for a very long time.
What is High Value Home Insurance?
When considering what you need to know about high value home insurance in Avon Lake, the first thing to think about is how much your home is worth. High value home insurance comes into play when you aren’t just buying that “we’re newlyweds and we can only afford a fixer-upper” house.
This home insurance coverage is for those who find that regular homeowner’s policies do not meet their home’s needs. While there is no general set price for how much your home must be worth to get this coverage, most insurance companies provide this coverage to people whose homes value $750,000 and above. If your house is worth $750,000 or more, high value home insurance is worth checking into, as normal home insurance policies may not cover your home completely or well enough, because your home is worth so much. It’s very important to know the value of your home and to make sure that your entire home and it’s value are insured, in order to protect you, your family and your assets, were an accident, vandalism, etc. to happen.
One other example of why you may need high value home insurance in Avon Lake is if you had your home specially designed with unique elements. This could mean you had an interior designer or architect do design work for your home, or something similar. If your home has materials used in it that are hard to find, or if you have antiques or anything special, you should check with your insurance agent (or a Cobos Insurance Agent) that specializes in high value home insurance, to make sure you are choosing the policy that offers correct coverage for these items.
How do You Decide if this Coverage is Worth it?
While some people may learn towards a normal home insurance policy versus a high value home insurance policy to save money or because it’s all they’ve ever known, it’s important to consider the fact that your policy may not allow you to fully rebuild your home if a natural disaster happens, or if your home burns down. What you need to know about high value home insurance in Avon Lake is that it is a risk/reward decision, but it is always better to be safe rather than sorry when it comes to a home that you have worked so hard to buy.
What are the Real Advantages of High Value Home Insurance Coverage?
What you need to know about high value home insurance in Avon Lake is that there are some very real advantages to this type of home insurance. One example is higher limits for things like landscaping and expensive, nice jewelry items, like that special diamond necklace you got for your anniversary, or those imported sculptures in your front lawn. You would definitely not want to cheap replacements for those items, and that is a great example of why some people choose to go with high value home insurance. Additional living expenses is another added bonus with many high value home insurance policies.
Another important thing to include when considering what you need to know about high value home insurance in Avon Lake is that if something were to cause your home to be unlivable, your insurance company will likely cover expenses for you to stay somewhere else while your home is being repaired. Not only that, but they will make sure it is up to your usual standard of living, meaning that if your house is worth 1 million dollars, they will not have you staying in a cheap motel while your home is being fixed.
What’s Your Next Step?
Now that you are more informed when it comes to what you need to know about high value home insurance in Avon Lake, it’s time for you to do further exploration and decide if this coverage is the best option for you and your family, as well as your family’s home. If security and peace of mind are very important to you, this will most likely lead you to choose to go with high value home insurance. Give us a call at 440-933-5223 or reach out online and one of our high value home insurance experts will help you walk through the process of finding the right coverage and quoting your high value home!