Dream Home Insurance and Who Needs It

Nothing can beat the level of happiness when you finally own and live in your dream home. Your dream home might be pictured as something that provides comfort- a home that have high-class amenities, social infrastructure and means of connectivity that is suited for any kind of lifestyle.

Owning your dream home might mean you pay extra for certain features. The more expensive your home is; the more homeowner’s insurance you are likely to need. Moreover, if your home is worth a certain amount, your coverage might be considered high-value home insurance, also known as luxury home insurance.

What Is High-Value Home Insurance?
High-value home insurance is a type of homeowner’s insurance that is designed for homes with high market value. A high-value home is defined as property worth $750,000 or more. Homes that fall into this group might include heritage homes, or homes with special architectural or interior design elements. Of course they may simply be your standard mansion. This type of insurance is a full package of coverages and is one of the most comprehensive you can buy. High-value policies provide much better coverage than a standard homeowners insurance policy.

The most common reason for choosing to purchase high-value home insurance is expanded coverage limits compared to standard homeowner’s insurance policies. But it can also include a wide range of extra perks or add-on services.

Compared to standard home insurance, a high-value home insurance policy includes larger policy limits or enhanced coverage for the following:

Structural repair or replacement: Many high-value home insurance policies include extended or guaranteed replacement cost coverage as part of the package. This will allow you to rebuild your home to its former state, even if the cost of doing so exceeds your stated limit.
Possessions: High-value home insurance affords higher limits for items like money, jewelry, art, antiques, or even business items kept at home. It often insures your items at the replacement cost, rather than at the current value, which will give you a bigger payout.
Liability: High-value policies often include higher limits for personal liability, medical payments, and loss assessments. They also often cover costs if you need to defend against claims of slander, libel, or defamation.
Additional living expenses: You’ll often enjoy much higher coverage limits for living costs you incur while waiting for your home to be restored. This might include hotel stays, meals, or laundry.

Who Needs High-Value Home Insurance?

Not every dwelling needs high-end home insurance. This type of coverage is specifically designed for houses that will cost a great deal to reconstruct or repair, or if the items in the home are one of a kind and hard to replace.

High-value home insurance might be a good choice for you if any of the following are true.

Your home is worth $750,000 or more
Your home is a heritage home
Your home has older construction features not found in common methods or practices
Your home has unique architectural features
Your home uses materials that are hard to replace
You own expensive or priceless fine art, rugs, collections, jewelry, wine, or other items that are kept at home
You chose high-end appliances or fixtures that cannot be found at standard stores
The interior and exterior design features are unique, such as luxurious outdoor living areas, guest houses, swimming pool areas, custom landscaping, or bespoke features that were created by an interior designer
Finding suitable home insurance for your large property can be tricky. Luckily, ONYX Insurance can assist and help you. We can offer you policies that can cover every individual valuable in your home. Contact or email us now!


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