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2024-04-30
By: Advocate Brokerage
Standard homeowner’s insurance is typically tailored to average-priced homes, leaving high-end homeowners at risk of being underinsured. Luxury and custom-built homes in the New York metropolitan area often require specialized coverage to adequately protect their substantial investments.
Advocate Brokerage understands the unique needs of high-value homeowners in places such as the Hamptons, New York City, Westchester County, Fairfield County, Miami, Nantucket, and Martha’s Vineyard to mention a few.
When you have invested significantly in your dream home, you want to ensure it’s properly covered. Reevaluating your insurance needs can help you determine if your current policy is sufficient to rebuild your home and replace your valuable possessions.
If your home’s replacement is valued at $1,500,000 or more, it’s time to consider a higher insurance policy. Homes in this price range often have unique details and higher rebuilding costs. Custom-built features such as wine cellars, home theaters, sound systems, smart home automation, in-home gyms and sports courts,require specialized coverage, which high-value insurance companies specialize in providing.
Consider a high-value policy if you’ve made substantial improvements, such as adding a customized kitchen, guest room, deluxe master bathroom, or mudroom to your home over the years. These enhancements increase the replacement value of your home and require adequate coverage.
As your personal wealth grows, so does the value of your possessions. Expensive jewelry, unique furnishings, fine art, and other valuable items may be difficult or expensive to replace. High-value home insurance ensures your personal property is protected in case of loss.
Unlike standard insurance, which put the burdon on the homeowner to properly determine the replacement value of their home, high-value home insurance carriers often conduct their own home inspections to determine the proper replacement value of the dwelling. Custom-built luxury homes are more expensive to rebuild and require higher coverage limits to protect your investment adequately.
Whether you’ve made significant upgrades to your current home or built a custom dream home in a high-value area, it’s important to be educated about your insurance coverage. Advocate Brokerage offers high-value home insurance packages tailored to your specific needs, providing peace of mind knowing your home and possessions are protected so you can be confident, carefree, and covered.
Contact Advocate Brokerage today and let our luxury home insurance specialists review or create a custom insurance package that makes sense for you.
