Luxury Homeowners Policies

Homeowners Insurance

Your home is an investment, and homeowners insurance helps protect that investment. But there's more to it than that, because your home is unlike anything else in your portfolio. Memories and pride give it a value beyond money. If a loss occurs, you'll want more than a check from your insurer - you'll want your life back. You'll want the damage to just go away, and if that can't happen, you'll want to rebuild without hassles, headaches, or delay.

It's not just a house - It's your home.

What is your home worth?

The answer depends on your reason for asking. When buying a home, you want to know the Market Value, and any realtor can estimate that. When you are insuring your home, however, using your Market Value to determine coverage could be a serious mistake. If a covered loss occurs, you'll probably be rebuilding, not buying. Replacement, or "Rebuilding", cost is the correct basis for determining the right amount of coverage for you.

Comprehensive Replacement Cost appraisals are important

Without a comprehensive Replacement Cost appraisal, many of America's finest homes may be underinsured. The shortfall for fine homes can be anywhere between $200,000 and $1 million, or even more. Market Value-based coverage can make it worse. Falling market values can tempt some homeowners into lowering their coverages, but rebuilding costs may not follow the fluctuating market values. In fact, repair and rebuilding costs are steadily rising country-wide.

Looking at the Big Picture

In challenging economic times, many homeowners see only their monthly bills. They think of insurance as an expense that should be minimized. Smaller plans can be an acceptable trade-off for some, but are they right for you? Cut-rate insurance has hidden dangers, which are no less real because they're difficult to notice. Weigh them carefully against the few dollars you'll save on a single year's premium.

Is Homeowners Insurance Enough?

Homeowners insurance covers a large variety of losses, but sometimes it may not be enough. Most homeowners need additional protection from lawsuits, and extra security for their valuables. It's important to recognize the difference, and consider getting coverage for personal collections and other valuables that your homeowners policy may not cover.