As the name suggests, High Value Home Insurance provides a comprehensive coverage for a property whose cost is substantially higher than the normal properties. A High Value Home Insurance covers the contents and structure of the home including personal property, fixtures and fittings, bank cards, contents of the house and other liabilities.
Charles Dickens was right when he said Home is a strong word, even stronger than magic. For most of us, home is place that not only shelters our loved ones but also your thoughts and aspirations. It is probably the costliest purchase that most of us have ever made and is also the dearest asset among others. The fact that a property is most of the times, an appreciating asset only makes it even more valuable. To safeguard your home against unforeseen incidents, availing a home insurance policy is highly recommended. While there is very little you can do against unfortunate incidents that may strike your home, you can greatly reduce the consequences and hardships by having a comprehensive home insurance coverage.
Introduction to High Value Home Insurance
If you have an exquisite home which is of high value than the regular properties, a normal home insurance cover might not suffice. High value homes are categorized as those with a predetermined high value which is based on rebuild costs, cost of contents and cost of antiques, art and jewelry.
Consider a house that has 6 or more bedrooms, a villa that sprawls over acres or a property that is furnished with very valuable antique art pieces. If a natural disaster strikes such a property or if a burglary/theft happens, normal home insurance will not be sufficient cover the costs. Hence, insurance providers have come up with the concept of High Value Home Insurance that offers tailored solutions and a wide cover for contents and structure of your house.
Cover Offered by High Value Home Insurance
High value home insurance offers a very comprehensive cover that is usually not provided by standard home insurance policies. Here are some of the features of coverage offered covered by high value home insurance.
- All covered property is offered a comprehensive coverage.
- Full cost replacement cover
- Backup of drains and sewers
- Replacement cost cover for buildings
- Replacement cost coverage for other structures including fences
- Costs incurred for breakage of property
- Glass breakage and vandalism
- Replacement cost cover for personal property
- Theft or burglary of property and valuables at the insured premises if the homeowner is away
- Valuable articles cover for silverware, jewelry, art, antiques and costly electronic gadgets, computers are covered
- Credit card coverage under personal liability
The list of perils covered vary depending on the insurance provider. Do read the policy wording carefully to understand the high value home insurance policy inclusions and exclusions.
Features and Benefits of High Value Home Insurance
Here are some of the benefits and features offered by High Value Home Insurance policies.
- Unlike the normal home insurance, a high value Home Insurance offers extended coverage for your precious possessions in additions to the structure of home.
- Most of the insurers now also offer cover against identity theft in addition to a High Value Home Insurance.
- Policyholders are also offered a home emergency cover that provides immediate assistance in case of an unexpected household emergency.
- Policyholders will be offered exclusive access to specialized services including surveyors, legal advisors, safe installers and furniture restorers.
- Insurers offer benefits like 24-hour claims hotline, immediate access to insurance experts and quick customer service.
Exclusions of High Value Home Insurance
Below are some of the common exclusions of a high value home insurance policy.
- Any personal property that is inherited
- Costs for alternate accommodation will not be covered for more than a year.
- Loss of metered gas.
- Home upgrades will not be covered.
- Damage due to terrorism, war or nuclear related activities
- Loss or damage caused by mishaps that happen gradually like rising damp, wear and tear, rust, oxidation, gradual deterioration, warping etc.
- Loss or damage due to faulty workmanship or misuse
- Electrical faults, mechanical breakdown
For a detailed list of policy exclusions, do make an enquiry with your insurance provider.
A home insurance for a costly property must never be ignored. In case of an unforeseen event, a high value home insurance will help you bounce back to normalcy quickly and will also help you manage the consequences without facing heavy loss.