As per the 2016 American Community Survey, the percentage of million-dollar homes in different states of the country ranges from 0.5% in Indiana to 17.3% in D.C., with others like California (13.6%), and New York (7.0%) falling in between. Since the median for all states is only 1.1%, the data suggests that owning a million-dollar home places you in a coveted bracket, which many aspire to reach.
Buying a million-dollar home sounds appealing as well as aspirational to most people. Owning a million-dollar home whether a mansion in the suburbs or a penthouse in the city, it’s a reflection of your achievements, and protecting your investment becomes your responsibility. The chances are that you will choose the best insurance coverage available to protect your assets. The higher the value of your home, the more coverage you’ll need to ensure that it can be rebuilt entirely in case of a loss.
Luxury Home insurance plays a crucial role in protecting your property in the event of a loss. Your home and the prized possessions within are probably some of the most important items to you and your family. Before buying a homeowner’s policy, have a detailed discussion with your insurance agent regarding all the clauses, coverage, and exclusions.
A few points to note:
- Standard homeowner’s policy covers the damage to your home, personal property or content, and other structures like fences, garage, etc. You may wish to include specific requirements suited to your individual need.
- Understand if you are buying an Actual Cash Value policy or a Replacement Cost policy. The actual cash value is the cost of the damaged or stolen property at the time of the loss minus depreciation. The replacement cost is the cost to replace an asset, according to its current worth. Also, usually upgrades required by law are included in the coverage purchased, but some policies exclude these increased costs of repair.
- Additional Living Expenses (ALE) is part of the coverage when you are unable to reside in your home due to the damage. It will also cover expenses related to food that you will incur if you stay in a hotel.
Million-dollar homes have coverage which is like a standard home, however, the insured value of the home may be higher due to location, construction type, style of home, and safety features. You may fit out your home with risk mitigation technologies to minimize the risk of losses. These are systems and devices such as centrally monitored alarms, automatic water shutoff valves, and backup generators. Losses to million-dollar homes can be more costly to repair, which will help influence claims to exceed deductibles.
Beside coverage limits that increase with the requirements, personalized insurance packages for affluent customers include huge coverage limits for collectibles and valuables, protection against personal liability risks, as well as risk management consulting to help avoid losses.. Despite such highly customized home insurance coverage, when filing a claim you may discover that you are underinsured and may not have insured some risks at all. This is where you require a public adjuster’s services, who is trained and experienced in preparing, presenting, and negotiating the insurance claims of your premium property. When our clients have paid for exclusive insurance coverage to safeguard their precious assets, we must ensure that they receive the best settlement consistent with that investment.
There are simple test to perform in order to test for wind. If you have asphalt shingles you can perform a brittle test. If you have a tile roof you can send a tile off to ITEL Labs for a report that may help you prove your need for the entire roof to be covered.
We are with you every step of the way, right from studying which documents to submit, to dealing with an insurance company adjuster to effectively negotiating the maximum settlement for your claim. Experienced Public Adjusters are experts at property damage claims. Their only purpose is to help you to recover the maximum amount so that you can restore your property to pre-loss condition.
For insurance claims of your million dollar home insurance policies, contact Experienced Public Adjusters, today!