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Understanding Home Insurance For Luxury Houses

Understanding home insurance coverage cannot be stressed enough, especially for luxury property owners!

In many ways, especially during times of inclement weather or unforeseen accidents, a solid home insurance policy can prove to be as valuable as your home itself!

It’s stressful enough losing personal property or having your home destroyed, or both, but going through those types of tragic events without the proper amount of coverage is even worse! And, it’s not always just your luxury home you want to protect. You may have one or two additional structures that are not attached to your home you want to have properly insured as well.

understanding luxury home insurance with Save-On Insurance Services

What is Covered?

For the majority of us, the most valuable asset we own is our home. If you’re thinking about purchasing home insurance, it’s important to know what exactly will be covered. Most standard homeowner’s insurance policies include the following essential types of coverage:

Your Home Itself

Your homeowner’s policy will pay to rebuild your home if it’s destroyed or damaged by fire, hurricane, lightning, or other disasters listed in the terms of your policy. However, additional add-on policies may be required to cover any ‘loopholes’… extra fire insurance or flood insurance for example. Your insurance agent will be able to tell you about all of the coverage terms and conditions as well as about additional policy options available.

When deciding how much coverage to purchase, remember to purchase enough coverage to rebuild your home. Many policies also cover additional structures such as garages, sheds, or gazebos.

Liability Protection

Liability limits generally start at around $100,000, but you can always discuss with your insurance agent whether you should purchase more protection. An “umbrella’ policy provides broader coverage and higher liability limits.

Additional Living Expenses

If you are temporarily unable to live in your home due to an insured disaster, additional living expenses (ALE) pays the costs of living away from home. For example, it can cover hotel bills, rent, restaurant meals, utilities, and other costs that are accumulated while your home is being rebuilt.

Ways you can use Luxury Home Insurance to your Advantage

Off the top of our heads, we can think of eight ways in which you can use Home insurance to your advantage. Don’t believe us? Then read on! The following outline is key to understanding home insurance and all of its options.

Repair House Damages

California’s severe Santa Ana winds and weather can tear the roof off your home, break windows and cause other damage you need to address quickly. Your home insurance will help get those repairs completed sooner than later.

Replace your Home

Your home could be destroyed by fire, flood, windstorms, and many other threats. Insurance can replace your home if you suffer a catastrophic loss.

Protect your Finances

If you own a home, you also own land. That means you are liable for anyone who might be injured or killed while on your property. Home insurance will protect you against legal liability while keeping your family’s home secure.

Give your Family a Place to Stay

If your home needs insured repairs or replacement, your home insurance can pay for your family’s hotel stay and the cost of eating out while your home is repaired or rebuilt.

Mitigate Water Damage

From busted water softeners and ruptured hot water heaters to tropical storms and broken levees, your home could suffer water damage in many ways. Your home insurance can save you by ensuring your home is protected against internal and external flooding.

Protect your Belongings

We all have furnishings, clothing and personal items that add up to a lot of money. If you suffer an insured loss, such as from smoke or water damage, your home insurance can take care of it — even if your item is stolen or lost while away from home.

Insure High-value Items

You might have artwork, gold, and silver, antiques, firearms or other high-value items that you can insure for market value, replacement value or a set amount. That ensures you do not suffer a significant financial loss if your high-value items are stolen, damaged or otherwise lost in a covered event.

Combat Mold and Mildew

Whether stormy rains across the Texas plains, a Gulf hurricane, or even a faulty air conditioning system causes mold or mildew contamination in your home, your family’s health is at risk. Your home insurance can cover the, often, high cost of fixing the problem.

Preparing for a Home Insurance Check-Up

There is no better time for a house insurance check-up. Consult with an insurance professional to review coverage options for home insurance to see what you need to keep, update or remove to make sure your home and values are properly protected in the event of a loss. Understanding home insurance policy terms and options can help you secure the best rates available in the market while ensuring you have thorough coverage.

understanding home insurance for luxury homes

To prepare for your homeowner insurance review, here are some steps to follow:

1. Read your Policy

It is surprising how many people do not even know what their homeowner’s insurance policy covers. Read over your policy.

If you find the language confusing, you may be better able to understand the summary of coverage on the policy declarations page.

2. Note any Needed Changes

If after reading over your policy, you realize that changes are needed, make a note to review with your insurance representative.

Changes may be needed if you’ve added additional structures to your home, have begun a home business, purchased valuable personal items, etc. Any significant life change may require a change to your insurance coverage.

3. Schedule the Consultation

Finally, make sure to schedule a home insurance consultation with an insurance professional to review your coverage options. He has the licensing and training to know how to properly protect your home, valuables and financial interest.

Your home is too important to you and your family to take a chance on not being properly protected. Once you have reviewed coverage options with an insurance professional, make sure to monitor your coverage periodically, especially when important life changes occur.

Understanding Home Insurance With Us

Additionally, there’s Personal Property Coverage, Liability Protection, and Guest Medical Protection to consider when choosing what Home Insurance Policy is right for you. Opting for one, or all of these additional coverages keep you and your family safe and your valuables protected. Some other coverage options available to you could include data recovery, identity theft restoration and protection for valuable items like camera equipment.

By understanding home insurance, you not only gain a knowledgeable an experienced edge, but you also gain a confidence.

Contact us today and make sure your home has the right coverage! We look forward to hearing from you.

310-474-7283