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High Value Home Insurance – Why You Need a Specialist

DATE
05.15.18

new luxury home with three car garage, large driveway and glowing exterior and interior lights

 

The appropriate insurance to cover high value homes is as unique as the homes itself.  From top to bottom, the finishes, construction, outdoor livings spaces have all been carefully and thoroughly thought out.  Your insurance policy should be very specific to the exact construction of your home.  Here are our top tips for why you need an insurance specialist to help your protect your investment.

  1. Prepare for A lot of Questions!  You should be asked a lot of detailed questions so prepare to have a relatively long conversation with your insurance agent.   This is the only way they can properly put together an insurance package that is the right fit for you.
  2. Independent Agents Have Options.  Independent insurance agents have access to multiple insurance companies and specifically, insurance companies that have plans tailored to high net worth individuals and families and high net worth homes.
  3. The Type of Policy Matters.  An insurance agent who works with high net worth and high value homeowners should have extensive knowledge on policy language, forms, and details.  The type of policy your home is insured on is a big deal.  You should be insured on an HE7, high value home policy.
  4. Do You Have Valuables?  Your valuable items like jewelry, artwork, and instruments only have limited coverage on a standard homeowners policy.  A high value home policy gives a little extra coverage, but typically not enough to cover your valuables.  Your insurance agent should ask your for an itemized list of all valuables along with appraisals, if applicable.

Why You Should Review Your Homeowners Policy

DATE
05.9.18

Purchase agreement for hours with model home

 

It’s easy to get copies of your policies in the mail, skim them, then file or throw them out each year.  We all do it.  But, our advise is to carefully and thoroughly review your policies, especially your homeowners policy, ever year and here are 3 reasons why.

  1. Updates and Improvements.  Anytime you make any changes, renovations, or improvements to your house, you need to let your agent know.  A policy update may need to be made including increasing your home’s replacement cost.   Insurance companies require that you are insured to value, so be sure to let us know if any changes were made.
  2. Valuable Items.  Think of all of the events and holidays that occur throughout the year.  Did you receive jewelry for your birthday?  A new mountain bike?  Artwork?  Instruments?  Sometimes, these valuable items are specifically insured (or scheduled) on your homeowners policy. In order to receive full replacement value on them, you will need to let your agent know to add these to your policy.
  3. Are you Missing Discounts?  Insurance companies give discounts for various things like the type of construction of your home, alarm systems, age of roof and more.  If you have put on a new roof, added an alarm system or any other security measures you have put into place, let your agent know.

6 Ways to Save on Homeowners Insurance

DATE
04.30.18

concept housing a young family. Mother father and child in new house with a roof

 

  1. Add an alarm system.   Many insurance companies reward you for adding extra protection like a central station alarm system to your home.
  2. Bundle and Save.  One of the best ways to save big on your homeowners insurance is to bundle your home, auto, and umbrella policies with the same company.  This could save you hundreds.
  3. Increase Your Deductible.  The higher the deductible, the lower the premium.  Consider the highest deductible you would feel comfortable paying in the event of a loss.
  4. Your Siding Material Matters.  If you have hardy plank/cement fiber or brick siding, you premium will be lower because that material is more fire resistive.  Make sure your policy shows the correct siding material.
  5. Life Insurance? If your insurance company also sells life insurance, consider adding a life insurance policy to take advantage of the multi-policy discount.
  6. Review Your Policy. If you have had the same policy for many years, it’s probably time to review.  The replacement cost of your home goes up each year to account for inflation.  Sometimes it goes up too much which means higher premiums for you.