Where you live can affect insurability or availability of insurance programs, particularly if you live in an area prone to earthquakes, floods, wildfires, or hurricanes. Prior claims can sometimes affect availability for some insurance programs as well. For example, PURE, Chubb, and AIG are industry leaders for high-value risks, but may place restrictions on the types of risk they can accept into their high-value home insurance programs.
Fortunately, several high-value home insurance providers offer programs that can accept unusual risks. You won’t have to sacrifice the coverage you need based on where you live or a less-than-perfect claims history.
Here are some of the key options available to protect higher-risk luxury homes.
Cincinnati Insurance Executive Capstone Program
With an A+ (Superior) rating from A.M. Best and a history of exemplary service dating back over 70 years, Cincinnati Insurance offers outstanding insurance options through its Executive Capstone Program. Expect full coverage options for high-value home insured for $1 million or more combined with riders and add-on policy options that can protect your unique lifestyle.
Extend your coverage with a Capstone Auto Endorsement that offers agreed value coverage for luxury autos as well as options for antique or collector vehicles. Personal articles coverage can protect art, jewelry, and other valuables. Cincinnati Insurance also offers a standalone flood insurance program with available excess flood coverage to expand coverage limits affordably.
With the Cincinnati Insurance Executive Capstone Program or specialized policies, you can also protect against liability risk, including customized options for risks like Employment Practices Liability Insurance (EPLI) for household employees.
Although a newer name in the high-value insurance segment, Vault Insurance has already earned a respected place in the industry. Founded by executives experienced in high-value insurance, Vault brings a full complement of insurance products that protect your luxury home and much more.
Along with higher coverage limits for your home, you’ll also rest easy knowing Vault can protect your autos, collections, and liability risks. Coverage extras include extended replacement cost limits of up to 200% of your home’s insured value, flexible claim settlements including cash settlements, and deductible options that give you more control over premiums.
Nationwide’s Private Client Program
Although best known for its broad-market and business products, Nationwide Insurance also offers a line of insurance products designed for financially successful individuals and households. With A+ financial strength ratings, this Fortune 100 company offers the staying power and financial reserves needed to address the needs of high-value private clients.
Look to Nationwide for coverage options like full replacement cost coverage without deduction for depreciation, personal injury liability coverage to protect against libel and slander risks as well as bodily injury or property damage liability, and coverage for collections or other valuables. Like some other high-value insurers, Nationwide also gives you freedom to define your deductibles and manage the cost of insurance premiums wisely. Expect coverage solutions for luxury homes, automobiles, personal collections, personal liability for household members, and more.
Additional Ways to Insure Your High-Value Home
Several insurers also offer solutions for risks that may be more difficult to place. This means we can insure most high-value homes, including those in high-risk areas or clients with a recent claim history.
PURE has an Excess & Surplus Lines division called “PURE Programs” that will write unusual risks. Excess and Surplus lines refer to a specialty market that insures risks that standard carriers won’t insure. Excess & Surplus lines cover nearly every type of insurance, providing a way to insure a wide range of personal or business risks outside of an insurer’s core business.
As another option, AIG also offers their “Lexington” product that writes on Excess and Surplus policies for risks that don’t qualify for other AIG insurance products. Similarly, Cincinnati Insurance can write coverage on their Excess & Surplus Program in California, while high-value newcomer Vault Insurance writes coverage for special risks on its “Vault Custom” Excess & Surplus lines. Like other options, Vault Custom offers a way to insure your home or homes without sacrificing the coverage and customer service offered to all Vault Insurance clients.
For some risks or in some areas, a special group of insurers can provide coverage. These insurance solutions include a Lloyds Syndicate, in which underwriters accept risks on behalf of an insuring group (called a syndicate). Other options include Prime Insurance and Scottsdale Insurance, both of which specialize in harder-to-place risks.
This combination of options represents a deep well of solutions. It also means risks we can’t place are extremely rare. If your luxury home is in an area at risk from wildfires, floods, earthquakes, or hurricanes, we can help in nearly all cases. If you’ve had claims that make you temporarily ineligible for other premium insurance programs, it’s likely that one of the carriers we work with offers a solution. We can help you design a customized insurance package to safeguard your home, your family, and your lifestyle.
Reach out to the Experienced Agents at Coastal Insurance
Our licensed agents work with you to find the best rates and to protect the success you’ve built. Expect exceptional service and candid guidance, with your confidentiality always assured. Protecting your legacy is our top priority.
Helpful Homeowners Insurance Articles
With over 5 million high-net-worth individuals and families in the US, specialty insurers have taken notice, bringing a suite of specialized products like high-net-worth homeowners insurance and a bevy of associated coverages, like excess liability coverage to extend liability limits into the millions.
Insurance rates for luxury homes can vary widely across the nation. Across the U.S., homeowners insurance rates can range between $0.03 per $100 of insured value all the way up to $0.95 per $100