Florida weather can be dangerous and unpredictable, making it all the more important for homeowners to have enough coverage to repair or replace their property and personal belongings if disaster strikes. Unfortunately, depending on the value of your home, standard homeowners insurance may not offer sufficient coverage. So instead, you might consider purchasing high-value home insurance.

High-value home insurance offers extended coverage limits and several other perks to help high-net-worth homeowners protect their valuable assets. Here’s everything you need to know about high-value home insurance in Florida.

What Is High-Value Home Insurance?

High-value home insurance is a homeowners policy explicitly designed for expensive homes. Generally, your property’s replacement cost value (RCV) needs to be $750,000 or more to qualify for high-value home insurance. Though in some cases, the minimum RCV can be $1 million.

High-value home insurance policies are similar to standard home insurance policies. They include dwelling coverage, personal property coverage, loss of use coverage, and other structure coverage to protect homeowners against everyday hazards. However, while both types of policies share some basic similarities, high-value home insurance sets itself apart by offering higher coverage limits, additional coverages, and policy perks.

What Does High-Value Home Insurance Cover?

High-value home insurance contains the same six basic coverages as traditional home insurance policies:

• Dwelling coverage: Pays to rebuild your home and attached structures if damaged or destroyed after a covered disaster, like a hurricane or fire.
• Other structures coverage: Pays to rebuild detached structures on your property (e.g., sheds, detached garages, etc.)
• Personal property coverage: Pays to replace your personal belongings.
• Medical payments coverage: Pays for a guest’s medical expenses if injured on your property, regardless of who is at fault.
• Personal liability coverage: Pays for legal fees and medical bills if you are held liable for a guest’s injury or damage to their property.
• Loss of Use coverage: Pays for living expenses, like hotel costs and meals, if a covered peril forces you to temporarily leave your home while it is being rebuilt.

High-value home insurance also offers additional coverages that aren’t included with standard home insurance policies, including identity theft coverage, water backup coverage, business property coverage, and more. These extra coverages are designed to meet the specific needs of high-value homeowners and can often be customized to accommodate your unique circumstances.

High-Value Home Insurance Policy Perks

Many high-value home insurance companies offer valuable perks for policyholders. These perks can include the following:

• Free home appraisals
• Deductible waivers
• Cash settlement options
• Risk consulting
• Loss prevention consultations

When you purchase high-value home insurance, you may also have access to dedicated customer service, including a personal representative that files claims on your behalf.

What to Look For in a High-Value Home Insurance Policy

When shopping for a high-value home insurance policy, it’s important to compare your options and find the one that best suits your needs.

Here are a few considerations to keep in mind when purchasing high-value home insurance:

• Coverage limits: Your policy should cover your entire property and most valuable personal belongings. You may need to adjust your personal property coverage limits depending on the value of your items, including jewelry, art, and other expensive assets.
• Premium: Keep in mind that high-value home insurance is typically more expensive than standard home insurance, so compare policies and quotes to find the most affordable option.
• Weather Risks: Florida weather can be volatile and dangerous. Hurricanes and strong winds can severely damage your home, so make sure your high-value home insurance policy covers these hazards.
• Replacement cost coverage: Make sure your insurance policy offers replacement cost coverage rather than actual cash value coverage. Replacement cost coverage ensures your house can be completely rebuilt to its original quality if a covered peril destroys it.

It would be best if you also compared the additional perks offered by different insurance companies to find a policy that suits your needs.

Levay Mack Insurance Group Has South Florida Covered

At Levay Mack Insurance Group, our primary goal is to share our insurance knowledge so that you know what protection you are buying with your hard-earned money. With over 45 years of experience and as one of the largest independent insurance agencies in South Florida, we are proud to offer access to the top-rated carriers in the insurance industry.

From Palm Beach, St Lucie County, to Brevard County, Levay Mack has Florida covered!  To learn more about our homeowners insurance policy options, contact us today for a free quote! Thanks for visiting our blog, and we hope to help you soon!