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.
