Why Dream Homes Become Nightmare Claims - High Value Home Insurance is A Must.
Most New Jersey and New York homeowners never imagine that their dream homes may become nightmare insurance claims. But unfortunately, that�s exactly what happens to some homeowners who insure their high value homes with standard homeowner�s insurance policies.
Here�s a quick list of items that may not be adequately covered:
- Vacation homes
- Rental homes
- Collections, antiques, artwork, musical instruments
- Aircraft and watercraft
- Liability from hired help
- Liability from entertaining or public appearances
- Wine collections
- Antique vehicles
- International travel exposure
Some affluent New Jersey and New York homeowners try to insure their assets and additional homes with multiple stand-alone policies. This isn�t a good strategy either as costly gaps are often missed.
The solution: A high value homeowners insurance policy. These policies cover a lot of the same things that standard homeowner�s policies cover, but with higher limits. For instance, they may provide more coverage for valuables and collectibles; more coverage for living at another location while your home is being repaired; more coverage for loss assessments from a homeowner�s association resulting from an accident; and more coverage for any business property you keep in your home.
Another advantage of high-value homeowner�s policies is the added assistance for rebuilding. If your home is destroyed by a fire and your policy limit won�t fully cover the cost of rebuilding, a high-value homeowner�s policy will pay the difference. Some high-value policies also waive the requirement to rebuild or replace structures or contents to collect on the insurance. Other coverages will pay for increased rebuilding costs following a major disaster like a hurricane, or for increased costs to rebuild a home up to current codes.
There are still other coverages available under high value homeowner�s policies including additional coverage for flood damage, sewer and drain backups, loss of electronic data, and spoiled food during a power outage. And if you have exposure to slander or liability lawsuits from your public activities, a high-value policy can protect you.
Your high-value home needs high-value insurance protection. And while there are plenty of insurance companies that can offer you homeowner�s insurance, not all of them can offer you the high-value coverage you need. You've worked hard to obtain your dream home and your valuables. Don�t wait for your policy to renew. Request a New York insurance quote or a New Jersey insurance quote today and make sure you have the right insurance protection before your dream home becomes a nightmare claim.
0 comments: