High Value Home Insurance Kentucky

The more expensive your home is, the more homeowners insurance you are likely to need. If your home is worth a certain amount, you coverage might be considered a high value home insurance or luxury home insurance. So what is high value home insurance coverage  and why you may need this type of coverage.

What is a High Value Home?

How high value homes are classified depends on where you live. In some areas of the country a $300,000 home is fairly high value. No matter where you live, you home must meet specific criteria to buy high value homeowners insurance. In general a high value home usually has a replacement cost of $750,000 or more.

Zip Codes in Louisville KY. 40220, 40223, 40243, 40245, 40059, 40065 Other Zip Codes for Oldham County and Shelby County  40031 40065

Owning your own dream home may require that you pay additional premium for extra specialized coverage for Luxury Homes and Luxury Real Estate. If you have special features in your home like vaulted ceilings, a movie or entertainment, media room. The  higher the cost to replace your home the more insurance coverage that you will need to re build the home in the event of a covered loss. So what is high-value home insurance coverage and why do you need it?

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Zip Code Louisville

  • Looking for a cheaper policy
  • Buying or Renting a New House
  • Just Browsing for new Home Insurance.
  • Quick Facts
  • 2 out of 3 homes are underinsured
  • 1 out of every 20 homes makes a claim each year
  • 100% of homes need home insurance before securing a home mortgage or home loan

What does high-value home insurance cover?

How high value homes are classified depends on where you live.  A luxury homeowners insurance policy and a standard home insurance policy have several key differences. Many luxury home insurance policies cover your home and personal property at Replacement Cost value on an open Perils basis. (consult your own policy for specific coverage) This means that losses not specifically excluded are covered by the home insurance policy. You may also obtain higher insurance coverage limits for valuable items or an increase in additional living expense coverage.

 

Additional Home Insurance Coverage Option – Kentucky

A high-value home insurance policy might also include additional coverages that are not typically included in standard home insurance policies. For example, many luxury homeowners insurance  policies may cover and include water backup, landscaping or tree removal, identity theft and business property coverage for an additional premium.  On standard home insurance policies, you are likely to have to add these coverage options manually.

Some high value home insurance companies also offer special perks or benefits for customers and policyholders. The specific benefits vary based on the insurance provider., but some benefits may include a home appraisal, a cash settlement option in the event of a total loss, deductible waivers for certain losses and risk consulting to reduce risks to your home.

Cost of High-Value homeowners insurance

Keep in mind that the cost of homeowners insurance is different for everyone. Premiums are calculated based on many factors, including your state of residence, claims history, policy type, amount of insurance coverage, chosen deductible and applied insurance discounts.

About Mike Watts

Mike Watts is an independent insurance agent in Louisville KY