A standard insurance policy may not be enough for high net worth families. When you suffer a loss, standard policies may not cover the extent of what you owned previously. For instance, if you may have a one-of-a-kind vehicle with customized features and a price tag that can’t be matched by most insurance coverages. This is where high value insurance policies come into play.
High Value Home Insurance
When you have a million-dollar home, you are still vulnerable to natural disasters and other emergencies that could result in property or home loss. For high value homeowners, there are insurance policies where you can receive replacement cost coverage or a cash settlement if you lose your home. Most million-dollar homes are customized. They may have features that you won’t find in other houses and that may have cost you extra to upgrade. A high value policy takes all of the customizations into account.
If you are a boat enthusiast, odds are you would do anything to protect your vessels. Boats can sustain damage for several different reasons. Not only can accidents occur on the water, but some vessels suffer damage from vandalism or fire emergencies. Some standard insurance policies may not cover the expensive damage of a high value watercraft.