What is High Value Home Insurance?

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.

1. All covered property is offered a comprehensive coverage.
2. Full cost replacement cover
3. Backup of drains and sewers
4. Replacement cost cover for buildings
5. Replacement cost coverage for other structures including fences
6. Costs incurred for breakage of property
7. Glass breakage and vandalism
8. Replacement cost cover for personal property
9. Theft or burglary of property and valuables at the insured premises if the homeowner is away
10. Valuable articles cover for silverware, jewelry, art, antiques and costly electronic gadgets, computers are covered
11. 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.

1. Unlike the normal home insurance, a high value Home Insurance offers extended coverage for your precious possessions in additions to the structure of home.
2. Most of the insurers now also offer cover against identity theft in addition to a High Value Home Insurance.
3. Policyholders are also offered a home emergency cover that provides immediate assistance in case of an unexpected household emergency.
4. Policyholders will be offered exclusive access to specialized services including surveyors, legal advisors, safe installers and furniture restorers.
5. 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.

1. Any personal property that is inherited
2. Costs for alternate accommodation will not be covered for more than a year.
3. Loss of metered gas.
4. Home upgrades will not be covered.
5. Damage due to terrorism, war or nuclear related activities
6. Loss or damage caused by mishaps that happen gradually like rising damp, wear and tear, rust, oxidation, gradual deterioration, warping etc.
7. Loss or damage due to faulty workmanship or misuse
8. 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.