The words’ Luxury Homes’ conjures up an image of an affluent living and a feeling of opulence and wealth. This luxury experience comes with a high price label, superior location, and outstanding structural quality. The best construction materials, perfection in finishing, expensive appliances, and designs that are a cut above the normal are found in luxury homes.
Once you have invested in a luxury home, you will want to protect it with a comprehensive insurance policy. Some insurance companies have custom-built insurance products aimed at covering the exclusive financial needs associated with high-value homes. A few of these are AIG Private Client, Chubb Prestige, Pure High-Value, Cincinnati Insurance, and NatGen Premier.
All these insurance companies promise policy options that cover your luxury home and valuable belongings, as well as some additions that are not a part of standard home insurance policies. Under a certain type of coverage, they pay you in excess of your policy limit if your home needs to be restored to what it was before the loss. You may also choose to receive cash in place of having your items replaced. They have coverage that replaces your damaged belongings, which you may have purchased a long time ago, at today’s cost, within the limits mentioned in your policy.
Other features to look out for:
- Chubb has a product called HomeScan, which helps you prevent a severe loss before it occurs by discovering pipe leaks, faulty electrical connections, and breaches in insulation. Additionally, Chubb’s risk consultants also assist you with security and fire prevention advice.
- Pure High-Value insurance offers you jewelry protection up to USD 50,000. You may think that an overflowing sewer would be covered under your homeowner’s policy, but it may not be so. However, at Pure Value, they take care of these minute details by providing for cleaning up and rebuilding drains or sewers, up to the limits on your policy. Further, a single dedicated adjuster is assigned to you for the duration of your claim.
- Cincinnati Insurance’s premium product – Executive Capstone Policy takes care of the specific needs of clients with homes starting at $1,000,000. They also provide flood insurance, which gives you a larger cover than that offered by a National Flood Insurance Program (NFIP). They combine deductibles under certain conditions and even cover the cost of repairs for your service lines like utility, gas, etc. beyond the boundaries of your home.
- The Premier Client Homeowners program from NatGen Premier has integrated coverage to take care of the extra cost when new building codes increase the cost of construction. Additionally, they offer coverage that extends to the non-functioning of appliances and electronics as well as your home’s service lines.
If you have a luxury home insurance policy and you need to file a claim, reach out to us at Experienced Public Adjusters. Our Public Adjuster handles all claim types on residential and commercial insurance claims. We will ensure that you get the full benefits that are due to you. We will study your policy and facilitate your documentation, filing, and negotiation process.