You’ve worked hard and invested a lot into your home. Luxury homes with custom finishes, antique furnishings, valuable art, and electronic equipment typically cannot be properly insured by a typical homeowners insurance policy. These special Massachusetts properties require high value home insurance for the comprehensive coverage you need to protect your investment in your home.
Much like traditional massachusetts homeowners insurance, high value home insurance provides financial protection for damage to your home and belongings, as well as providing you with liability insurance against third party injuries and damage. However, high value insurance extends your coverage, providing you broader protections with higher coverage limits to fully protect your investment.
When you purchase a high value insurance policy for your Massachusetts home, you can take advantage of benefits such as:
Guaranteed Rebuilding Cost – If your home is damaged by a fire, storm, or other event, your high value policy will help you gather the funds necessary to rebuild with like materials and finishes, to fully restore your home to its previous state, even if the cost exceeds your policy limits.
Cash Settlement Options – If your home is destroyed or contents stolen, this coverage can help you to choose to take a cash settlement rather than rebuilding or replacement costs. This helps to allow you the freedom to pursue other options rather than being tied to a lengthy rebuilding period.
Replacement Cost vs. Actual Cash Value – Valuable antiques, jewelry, and other items cannot always be replaced. With a traditional policy, they may have no actual cash value. However, your high value policy will help to pay you what it would cost to procure a similar item at an auction or estate sale.
Extended Property Coverage – Traditional policies limit your contents coverage, often (but not always) of $1000-$2000 per item. For homes with antiques, artwork, jewelry, and electronic equipment, these values are often not enough to cover a loss. Your high value policy extends the coverage to account for these items without a separate rider.
Higher Liability Limits – Living in a high value property makes you a target for liability lawsuits. You will have higher liability coverage amounts to help protect you.
Unlimited Loss of Use Coverage – If you are forced out of your home due to a covered loss, your policy helps to cover living expenses until your home is restored.
Other Coverage Options
In addition to these benefits, your Massachusetts high value home insurance option can be customized for your needs. Some available options include:
Your agent can help you determine what options are right for you. With a custom high value policy, you can be insured against many of the risks you face.
If your home has a higher than average value for your area, you may not be properly covered by a traditional homeowners policy. With a high value home insurance policy for your home in Massachusetts and beyond, you can trust that if your home or property is damaged, destroyed, or stolen you will have comprehensive coverage to fully restore your home and belongings.