Finding Appropriate Coverage for High-value Homes

Owning a high-value home represents a significant investment and also comes with unique responsibilities, such as requiring specialized insurance. Standard homeowners policies may not provide adequate financial protection for luxury or high-value properties, making alternative coverage essential. At Cormack-Routhier Agency, Inc., we can help high-value homeowners in Cranston, RI secure appropriate coverage for their investments.

What is High-value Home Insurance?

High-value home insurance is a specialized type of policy designed for particularly valuable properties (e.g., those valued at $750,000 or more). These policies typically offer more robust, versatile and customizable coverage than standard homeowners insurance. They often include higher limits for dwelling replacement, personal property, liability and additional living expenses, along with extra perks like risk consulting and concierge services.

Why Might I Need One of These Policies?

Standard policies often cap coverage amounts and may not account for the unique features of a luxury home, such as custom architecture, high-end finishes or rare art collections. High-value insurance can help you access the necessary resources to rebuild or repair your home to its original standard without financial strain in the event of a covered incident. Your policy may also provide better financial protection for valuables and identity theft, which may be more relevant concerns for high-value homeowners.

How Can I Find the Right Policy?

When assessing and addressing your unique high-value home insurance needs, consider the following steps:

1. Start with a professional appraisal to determine your home’s true replacement cost, including expenses for materials and labor.
2. Evaluate your personal property, such as jewelry, fine art and collectibles, and confirm that your policy includes sufficient coverage. You may also want to consider separate scheduled property coverage for these items.
3. Review your liability coverage needs and limits, especially if your home includes attractive nuisances (e.g., swimming pools) or you regularly host gatherings or employ household staff.
4. Enlist the help of a qualified insurance advisor who specializes in high-net-worth clients to tailor a policy that fits your property, lifestyle and risk profile.

We’re Here to Help

At Cormack-Routhier Agency, Inc., we can help you find the right coverage. Contact us today to learn more or get a high-value home insurance quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.