Invest Wisely in High Value Home Insurance

Why You Need To Consider Investing In High Value Home Insurance

high value home insurance

Why You Need To Consider Investing In High Value Home Insurance

The majority of wealthy people usually invest a lot of money in their home and if you’re the same, then it’s important to ensure that you get an adequate insurance policy for it. This is especially the case if the value of your home and that of your belongings is high and you want to have the peace of mind that you’re covered in the event they’re damaged or stolen.

Coastal Insurance agents are fully aware of the requirements of rich individuals and can therefore help you select the right home insurance policy for your needs. Since our agents have a great relationship with many insurers, we can easily provide you with the best possible home insurance quotes. Just get in touch with us today and we’ll be more than happy to help you get the right amount of coverage for your property.


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A standard homeowners insurance policy is never enough. A standard homeowners insurance policy (HIP) usually caps at one thousand or two thousand dollars when it comes to items such as firearms, jewelry, silver and furs. Even if you do want to buy separate riders for such items, they’ll usually cap at ten thousand dollars for each category. On top of that, the standard HIP usually limits the cap on contents coverage at fifty percent or up to seventy percent of your property’s total value. For a rich individual, this coverage is generally inadequate.

High value homes and what constitutes one

The majority of insurers require that your home’s value is at least 750 thousand dollars before they can approve you for a high value home insurance policy. Others may even require your home to be valued at $1M before they offer you insurance.

The prices and values of properties usually range quite a bit depending on where you live and the same rings true when it comes to insurers and their coverage requirements. Because of that, it’s recommended that you get as many quotes as possible before deciding to purchase an insurance policy.

If your home’s value is very high though, then it’s recommended that you speak to one of the independent agents from Coastal Insurance in order to find the right insurance policy for your needs.

 What makes HVHI or high value home insurance so special?

HVHI offers you the same coverage you get from a standard homeowners insurance policy and a lot more. Let’s say that a part of your home is badly damaged after a storm. Under these circumstances, the policy is going to pay you to rebuild it to its previous value or state.

Better yet, a regular homeowners insurance policy usually has category caps and even if you do resort to buying riders, there’s still a chance they may not cover the full amount of the damages you’ve suffered. However, by purchasing HVHI, you can rest assured that no matter how valuable your items may be, they’re going to be covered in full.


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Coverage options for HVHI

A lot of HVHI insurance companies are fully aware of the fact that your coverage needs far exceed those of a regular homeowner. Because of that, they can help customize your policy so that your property and belongings are fully covered.

The way insurers calculate property values

In general, an appraiser will be sent to your home in order to estimate the value of your property. He’ll carefully assess the value of each item you own, including custom construction, collectibles, artwork, jewelry and so on and then communicate this to you and the insurance company. In some cases, people may not be happy with the appraiser’s estimate. If that’s true for you, then you provide your own personal assessment.

Medical coverage for your pets

Based on the policy you have, it may very well extend to your pets and pay for any potential vet bills you incur if the pets get sick or are injured.

Coverage for vacation homes

Many insurance companies provide you coverage for vacation homes and pool houses. Just make sure to shop around or just combine this type of coverage in a single policy to save good money in the process.

 Kidnap and ransom insurance

We hope no one ever requires this type of coverage, but if you’re rich then you have no excuse for not getting it. As such, if you have kids and they’re kidnapped, this type of coverage is going to pay the ransom demanded by the kidnappers in exchange for your loved ones.

Identity theft insurance

Unfortunately, identity theft is on the rise and if you have a great credit score, then you may very well become a victim very soon. When the unthinkable happens, correcting these damages can be very difficult and costly, but with the right type of coverage, this issue can be easily laid to rest.


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Flood insurance

Flood damage is not provided by standard homeowners insurance policies, luckily, the majority of HVHI policies do provide adequate flood coverage, so getting one is certainly recommended.

Liability insurance to cover domestic help

Hiring domestic help means that you have to protect yourself from any lawsuits filed against you in case someone gets injured on the job. What’s great about this type of coverage is that it can also pay for your employees’ lost wages and any other damages that you’ve been sued for that the accuser deems to have contributed to his injury.

Excess liability and umbrella coverage

When rich people directly or indirectly injure other people, the victims always try to get as much money as possible from the other party. The good news though is that if you want to avoid paying exorbitant amounts of money out of pocket, then you should get excess liability insurance. This way, you’ll be able to hire the best attorneys and pay any fines you may be forced to pay as a result of the injury sustained by the party who sued you.

In conclusion, it’s important to note that your coverage may change if you buy, renovate or redecorate your property. Because of that, the insurance company is going to assess your property periodically. We recommend that you review your home insurance coverage every five years or so to ensure that it’s adequate based on your home’s value and that of its belongings.

Shop for competitive rates on any type of insurance!

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View the Coastal Insurance Video Library  to find helpful video’s explaining everything from, how to save money on Homeowners Insurance to an easy explanation of Flood Insurance. Call today (631-782-3175) to speak with one of our underwriting experts.  Fast Quotes, A.M. Best Rates & Free Advice.


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