Designing and building a house may be a dream come true for you. Your new home might include custom-built furniture and unique artwork. Some Framingham homeowners use expensive building materials to get the look they want. So it’s critically important that you find the right insurance coverage for your new home and the contents. Consider these tips for finding high value home insurance.
Considering High Value Home Insurance Options in Framingham
Valuing Your High Value Home Insurance Claim
The typical policy for a high value home provides some choices. You can choose from several options for valuing a potential insurance claim. One choice would be to value your home and the contents at the current market value. A second option is a guaranteed rebuild policy. This coverage takes into account the cost to rebuild with the same level of expertise and the same expensive materials. Keep in mind that the cost to rebuild may be more expensive than what you originally paid. If building code requirements have changed, that may also impact your new construction costs. Higher rebuilding costs impact the premiums you pay for coverage.
High-Value Appliances and Equipment
Your home may include appliances that are expensive to repair and replace. A Framingham resident, for example, might have an expensive wine cellar or high-end kitchen appliances. Your high value home insurance policy can cover the repair costs for these items. As an example, every home is at risk of a sewer or sump pump backup, but this event has a bigger financial impact in a high value home. The furniture, appliances, and artwork damaged by a backup may be very expensive to repair or replace. A high value policy can address this risk.
Documenting Items For Your Framingham Residence
To obtain the proper amount of coverage, you should fully document the expensive items in your home. Ideally, you should take photos of each item or record a video. Provide a copy of your documentation to your insurance company. File your copy in a secure place, such as a safe or safe deposit box. In some cases, your items may need an appraisal. Jewelry, artwork, coins, antique guns, and other collectibles are items that typically must be appraised for your policy. For artwork, you may want to get an updated appraisal every four to five years. The update should address any changes in the value of your artwork.
Special Insurance for a Special Home
Your dream home and its contents are important to your family. You want to enjoy your home and pass on this valuable asset to future generations. Consider using high value home insurance to protect your Framingham home from damage or loss.