A standard homeowners’ policy does not offer the same coverage as high value home insurance. A high value home requires exceptionally detailed insurance coverage. Some high value homes have unique architectural or historical features that would be extremely expensive to repair or replace, and a standard homeowners’ policy would not provide adequate coverage.
High value home insurance is recommended for homes with a high replacement value. The term “replacement value” is not the same as market value, but replacement value is necessary for high value homes due to the special materials and artisans needed to restore the home to its original condition. Insurance companies generally design a specific policy for each high value home, because most standard policies will not meet all the needs of the high value home owner.
One benefit of the high value home insurance policy is the option of settling the claim in cash with no requirement to repair or replace any damage. The cash may be used in whatever manner the homeowner chooses.
Historical homes in particular often have special plumbing and electrical needs that require specialized engineers to restore damaged property. The high value home insurance policy allows for the expensive materials, engineers, and artisans needed to restore the high value home to its original beauty. Contact our agency for more information on obtaining high value insurance for your home.