Standard homeowners insurance policies meet most Massachusetts homeowners’ insurance needs for their houses. Residents who own especially expensive homes, however, may need more coverage than standard homeowners policies can provide. For these residents, there’s high value home insurance.
High value home insurance policies are a specialized form of homeowners insurance that’s uniquely designed for homeowners who have expensive homes. These policies generally build on the coverages included in standard homeowners policies, going above and beyond the protections afforded by standard policies.
Most high value homeowners insurance policies include a number of coverages that work together to provide robust protection. Some of these coverages are found in standard homeowners policies. Other coverages either aren’t included in standard policies or are only included in them as optional protections.
Some of the coverages that are frequently found in both high value and standard homeowners policies include:
Some coverages that are often included in high value homeowners policies but aren’t as frequently found in standard homeowners policies include:
Unlike many standard homeowners policies, many high value homeowners policies provide cover for flooding. Because coverages vary and flooding is a serious potential risk, homeowners should review their policies carefully to see if their high value policy provides flood coverage.
In general, only homes of a certain value qualify for high value homeowners insurance. The value that they must meet varies from insurer to insurer, and some Massachusetts insurers have much higher value requirements than others. In some cases, a home must be worth at least $1 million or $750,000 to qualify for a high value policy. In other cases, a home only has to be worth $300,000.
Insurers use a variety of methods for valuing homes. Some insurers will go so far as to send an adjustor who will appraise the house in-person. This is one of the best ways to determine a home’s value, even though it’s not the only possible method.
For help finding high value home insurance, homeowners in Massachusetts should contact an independent insurance agent. An agent will be able to request quotes for high value policies and help compare the coverages they offer.