For homeowners in Massachusetts who have more expensive residences, standard homeowners insurance might fall short of all the protections that are needed. When a standard homeowners policy doesn’t sufficiently cover a residence, there’s high-value home insurance.
High-value home insurance is homeowners insurance that’s tailored to suit more expensive homes. High-value policies normally surpass the protections of standard policies.
Any Massachusetts homeowner who has an expensive home and wants above-average protection should consider high-value homeowners insurance. Most policies are for homes worth at least $750,000 - $1 million. This isn’t a strict cutoff, though, as some high-value policies might be available for homes worth substantially less.
In select cases, wealthy individuals who don’t have expensive homes might still consider a high-value homeowners policy. Even if extensive coverage isn’t needed for a house itself, these policies may be an easy and cost-effective way to insure especially valuable possessions or collections that are kept at a residence.
Residents who aren’t sure whether a high-value policy would be right for them can talk with a knowledgeable insurance agent about what options are available. An agent specializing in high-value homeowners policies will be able to explain the extra protections that these policies afford, and then help determine whether those extra protections make sense in a given situation.
High-value homeowners policies build upon the standard protections that most homeowners policies have.
Some of the more common coverages that both standard and high-value policies typically offer are:
Some examples of coverages that are more frequently only offered in high-value policies include:
Before finalizing a high-value policy, Insurance companies often conduct a valuation process of the property being insured. Their process might look at comparable sales, previous sales, recent market trends, tax assessments and other data points to determine how much a residence is worth. At times, an insurance company might even send an adjuster for an on-site property evaluation.
The purpose of valuing the residence is to determine how much it’s worth, and therefore how much it’d be covered for if there was a claim.
If you want to review insurance options for an expensive home in Massachusetts, contact the independent insurance agents at Garrity Insurance. We’ve helped many residents insure their houses, including many expensive ones, and have the expertise necessary to help you find the right high-value home insurance for your place.