HIGH VALUE HOME INSURANCE IN MASSACHUSETTS

What coverages does high-value homeowners insurance offer? 

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:

• Dwelling Coverage: Normally insures the main residence on a covered property against various types of damage or destruction.
• Other Structures Coverage: Normally insures other structures located on the property, like guest houses, boathouses, gazebos and sheds.
• Personal Property Coverage: Normally insures personal belongings, like electronics, books, furniture, clothing, antiques, collectibles and firearms.
• Sewer Backup Coverage: Normally insures against damages resulting from plumbing-related issues, such as leaking faucets or burst pipes.
• Coverage for Rebuilding to Code: Normally insures against potential extra costs of rebuilding a home to meet current building codes.
• Personal Liability Coverage: Normally insures against commonplace personal liability lawsuits that could be brought against the homeowner or their family.

Some examples of coverages that are more frequently only offered in high-value policies include:

• Vacation Home Coverage: Usually protects additional residences, whether they are second, third, or fourth homes, located in Massachusetts or elsewhere.
• Refrigerated Food Coverage: Usually protects perishable food items that spoil as a result of a covered power outage, electrical surge or similar incident.
• Kidnap and Ransom Coverage: Usually protects against costs associated with domestic or international kidnapping and ransom situations.
• Cyber Coverage: Usually protects against online threats, such as hacking attempts, phishing scams and ransomware demands.

How are residences valued for high-value homeowner policies?

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.

Where can residents find high-value home insurance for their house? 

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.