Choosing Homeowner's Insurance for Your High Value Home
When you purchase a homeowner's insurance policy, you are purchasing protection for your property and any liability you may have. The property coverage is typically the more complex of the two protections, as it pays for damage to the home, its contents and any detached buildings on your land. With this type of coverage, you must pay a deductible any time you file a claim. High deductibles tend to lower insurance premiums, yet raise out-of pocket costs. Keep this in mind when choosing and know the value of your property. You may find you need what is known as a high value insurance plan.
A high value home is typically one which costs $750,000 or more, although each insurance carrier may raise or lower this amount. Insurance companies understand the unique coverage needs of these homes, both in terms of the buildings themselves and the articles inside. One policy holder may have a priceless art collection and another a collection of guns and weapons. This must be factored into the coverage selected, as standard policies often don't provide the right fit.
The policy may be written as a standard policy with additional coverage offered. For some, loss of use insurance is desired, yet others are more concerned about identity theft protection. Personal liability is another option and covers things such as medical payments coverage, credit card coverage, libel and slander coverage and more. Be sure to talk with an agent to determine what type of coverage is needed for your unique home and property. Some opt for replacement cost coverage, yet others choose actual cash value coverage. Most opt for a guaranteed replacement cost policy to ensure the home can be rebuilt, minus the cost of the land.
Whether you are in need of cheap sr22 or high value home insurance, be sure to compare carriers. With numerous companies offering this type of insurance, you should easily be able to find one that meets your needs in terms of both your requirements and your budget. Don't hesitate to shop around, and be sure to ask about any discounts you may be eligible for. Some companies now offer a discount for living in a gated community while others provide discounts for deadbolts or security systems. Obtain the coverage you need by comparing numerous companies for great results.