You may think that luxury home insurance is only for the super-wealthy, but that’s not always the case. There are a few things that high value home insurance covers that regular homeowners’ policies don’t. So, whether you’re looking to buy a new home or are just curious about what this type of coverage entails, read on for some interesting facts about luxury home insurance.
1. Higher Coverage Limits
One of the main differences between luxury home insurance and regular homeowners insurance is the coverage limits. Luxury home insurance typically has much higher limits than a standard policy, meaning that you will better protect your home and possessions in the event of a covered loss.
2. Replacement Cost Coverage
Another important feature of luxury home insurance is replacement cost coverage. This type of coverage will reimburse you for the full cost of replacing your home and possessions, regardless of their current value. This is in contrast to actual cash value coverage, which only pays out based on the depreciated value of your belongings.
3. Personal Injury Protection
Luxury home insurance policies also tend to offer personal injury protection, which will cover the medical expenses of anyone who is injured on your property. This is important because it can help protect you from being sued if someone is injured on your property.
4. Scheduled Personal Property Coverage
Another unique feature of luxury home insurance is scheduled personal property coverage. This type of coverage allows you to insure high-value items separately from your other belongings. This can be beneficial if you have precious items, such as jewelry, art, or collectibles.
5. Worldwide Coverage
Luxury home insurance packages consist of policies that typically offer worldwide coverage, meaning that your belongings will be protected even when traveling abroad. This is an excellent option for those who often travel or have homes in multiple countries.
6. 24/7 Claims Service
Another benefit of luxury home insurance is that you’ll usually have access to 24/7 claims service. This means that you’ll be able to file a claim and get help anytime, day or night. This can be extremely beneficial if you experience a covered loss while away from home.
7. Identity Theft Protection
Identity theft protection is another common feature of luxury home insurance policies. This coverage can help reimburse you for expenses related to identity theft, such as fraudulent charges on your credit card or unauthorized withdrawals from your bank account.
8. Home Business Coverage
If you run a business out of your home, you’ll need to make sure that it’s properly protected with insurance. Luxury home insurance policies often include coverage for home businesses, which can help protect your business from a covered loss.
9. Windstorm Coverage
Windstorm coverage is another important feature that’s often included in luxury home insurance policies. This type of coverage will protect your home and belongings in the event of a windstorm, such as a hurricane or a tornado.
Conclusion
As you can see, there are many important features typically included in luxury home insurance policies. These features can provide you with enhanced protection for your home and belongings. If you’re in the market for a new home insurance policy, ask about these important features.
