High-value home insurance is one of the most important protections we offer in your package. The difference in products among carriers can be vast, and being underinsured may expose you to severe financial risk.
High-value home insurance isn’t the same thing as a standard homeowners policy you’ll see advertised on television. Instead, it’s a product offered by insurance companies specializing in working with high-net-worth clients who own homes valued at $1 million or more.
Many insurers will look to limit the amount they pay out in a claim and want to keep the premium low, so they offer inadequate coverage for most high-value homes. Even when the home has proper coverage, there are many other aspects that most mass-market companies don’t consider, such as high-end appliances, collections of valuables, other structures, to name a few.
Personalized service and extra care are trademarks of high-value insurance companies and brokers. Often a high-value insurance provider will not only cover the loss financially, but will go above and beyond to ensure your home repairs meet your satisfaction. For example, they may help you locate a hard-to-find building material or hire an artisan to recreate a detail of your home that was damaged.
Kelly Klee offers coverage not available through mass-market insurance
Rebuilds your home and other structures at the existing property after a total loss, even if the cost exceeds the policy limit
Covers any additional living expenses while your home is being repaired
Waives your deductible (if it is $50,000 or less) on losses over $50,000
Allows you to tailor coverage limits for personal property and other structures by increasing or decreasing them as your circumstances change
Suffering a loss as a homeowner can upend your life, and high-value home insurance is designed to reduce your stress and get your life back to “normal” quickly and efficiently as possible. Here are a couple of differentiators that exemplify how high-value homes provide more coverage than a standard policy.
Replacement cost for your personal property: Replacement cost coverage, which high-value home policies generally include automatically, reimburses you for new items to replace the damaged ones – such as new living room furniture. Standard policies will generally offer “actual cash value replacement,” which would give you only the depreciated value of your furnishings, likely leaving you far short when you want to buy new items.
Loss of use: Also known as “additional living expenses (ALE),” loss of use coverage reimburses you for extra expenses that you incur if you can’t live in your home due to a covered loss. For example, it pays for a hotel or temporary relocation and other living expenses if you cannot live in your home because of a covered loss.
The maximum benefit for loss of use with a standard policy is limited. For example, if you insure your home for $1 million, your benefit maximum may be 20% of the home’s value, which may not be enough if it takes a couple of years to be rebuilt or repaired. In contrast with most high-value home policies, there are no limits for your additional living expenses incurred.
The gist of most homeowners-insurance advice is: make sure you have enough. Knowing how much ‘enough’ is can be tricky, especially if you’re looking for insurance for a high-value home.
Luxury homes often have features not found in typical homes, anything from structures like a pool oasis to finishes like marble flooring. Fortunately, most high-value home insurance policies offer guaranteed dwelling replacement, the highest level of coverage, and the best way to insure your home against the most catastrophic and expensive disasters. If your home is a total loss and you have guaranteed replacement coverage, the insurer will pay for the total reconstruction value of the home. Depreciation or coverage amount limits do not factor into your claim settlement.
Get started by filling out our easy-to-use and follow online application — it's secure and only takes a few minutes to complete.
Our specialized coverage advisors will handle the rest! They will start by shopping the market for you based on your unique needs and will make recommendations.
We deliver you a custom plan with clear recommendations. You get to choose what options work best for you!
Private client insurance is specifically designed for individuals who have more to protect—either in quantity, value, or both—it is only offered by select carriers that specialize in serving the high-end market. Coverage is comprehensive, limits are higher and there are more features when compared to typical mass-market insurance products.
In the event of a covered total loss, if you decide not to rebuild or to rebuild at another location, Chubb offers a cash settlement up to your policy limit. The choice is yours.
PURE offers flexibility to tailor your coverage to meet your needs, including customized options for contents, other structures, and additional living expenses.
AIG can insure all your homes in one place—including seasonal residences, condos, and properties abroad.
If you live in a wildfire-prone area, Cincinnati offers Wildfire Protection Service which provides potentially home-saving wildfire mitigation services.
Kelly Klee works with all of the most prestigious private client insurance companies.
