High Value Home Insurance in North Carolina
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High Value Home Insurance in North Carolina
What is high value home insurance?
Most homes require a fairly standard homeowners policy, albeit possibly some minor adjustments. For expensive homes in North Carolina, however, high value home insurance is often a better option.
High value home insurance offers enhanced protection for expensive houses. Policies may offer higher limits, and also coverages that aren’t normally included in a standard homeowners policy.
What homes in North Carolina call for high value homeowners insurance?
Many homeowners who have more expensive residences in North Carolina could benefit from high value homeowners insurance. Policies are often available for homes starting at $750,000-$1 million.
There may be policies that offer enhanced protections for homes with lower valuations, though. Some high value homeowners policies might be available for homes costing just a few hundred thousand.
Homeowners who aren’t sure whether a standard homeowners policy or a high value one makes more sense should talk with a knowledgeable insurance agent. An agent who specializes in high value home policies will be able to help homeowners decide which option is best for their residence.
What protections do high value homeowners policies come with?
High value homeowners policies typically come with the various protections that are common to most homeowners policies. They also usually have a few others, which standard homeowners policies are unlikely to.
Some of the more typical coverages that both high value and standard policies come with are:
- Dwelling Coverage: Normally for the main residence on a property. High value policies might protect against more perils (not always). They’re likely to have higher limits, which may be necessary to fully insure a larger home.
- Other Structures Coverage: Normally for additional buildings on the property. High value policies might protect against more perils and have higher limits. They may also cover a broader range of structures, possibly including guesthouses, boathouses, and similar buildings.
- Personal Property Coverage: Normally for personal items that the policyholder owns. High value policies might offer more protection for expensive belongings, such as artwork, collectibles, rare books, jewelry, and firearms.
- Personal Liability Coverage: Normally for personal liability lawsuits, covering the homeowner and their family from a range of accident or defamation-related lawsuits. High value policies might have significantly higher limits.
Other coverages can add significant value to a high value policy. Some of these are fairly common optional features of standard homeowners policies, but others might not be available through a standard policy at all. The following are a few examples of what could be available in a high value policy:
- Sewer Backup Coverage: Could cover damage caused by plumbing issues, such as sudden leaks or backed-up drains. Standard policies often have this as either a standard or optional protection.
- Coverage for Rebuilding to Code: Could cover higher construction costs if new code requirements increase how much rebuilding costs. Standard policies can have this as an option.
- Vacation Home Coverage: Could cover other residences, such as a beach house, mountain cabin, or second home. High value policies often can cover both houses under one policy.
- Refrigerated Food Coverage: Could cover perishable foods that spoil during a covered incident, like an extended power outage.
- Cyber Coverage: Could cover online threats, providing protection against risks like hacking attempts, phishing scams, and ransomware demands.
- Kidnap and Ransom Coverage: Could cover expenses related to international or domestic kidnapping and ransom situations.
How do insurers value homes when underwriting high value home policies?
Insurance companies frequently conduct detailed valuations when underwriting high value home policies. They might check local real estate data, comparable sales, and other data when valuing a house. Occasionally, they may even send someone to complete an on-site inspection.
Where can North Carolina homeowners get high value home insurance?
If you own a more expensive home that’s in North Carolina, contact the independent insurance agents at Laurie Insurance Group for help finding homeowners coverage. Our agents can help you check different insurance companies’ high value home insurance options, and find the policy that best meets your home’s coverage needs.
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