Luxury Home Owners in New York
High valued home insurance companies have such specialized coverage to offer, that if you own a $750,000 home or above, you should never deal with any “off-the-shelf” or “Mass Market” insurance company. They just don’t have the expertise, coverage or the claims service that you require and deserve!
Let’s say you bring home a piece of fine art on a Saturday, and accidentally scratch it when bringing it into the home. Standard insurance company says NO COVERAGE, as it wasn’t added to your homeowner’s policy in time. The luxury home insurance company automatically picks up this coverage when you are in possession of the item, without you having to make a phone call on Monday morning.
“Mass Market” home insurance policies have sub-limits of coverage on jewelry, guns, fine art, furs and collectibles!
Do you (or know someone) that has hired help at your house, either full or part-time? Standard insurance company has no coverage for Employment practices liability coverage (EPLI is the term for this). This would be for things like sexual harassment, wrongful termination or employment discrimination. Luxury home insurance companies have $250,000 for each occurrence covered!
Here are some differences in coverage you should be aware of:
High Valued Home Co. – Standard Co.
Full Replacement cost on home: unlimited 125%
Medical Expenses due to an injury at home $25,000 $1,000
Tree replacement due to lightning or fire $5,000 each $500 each
Identity Theft $50,000 $0
Mold coverage due to water intrusion $10,000 $0
Fine arts breakage Included None
Business property at home $25,000 $2,500
Water/ Sewer Back-up Unlimited $5-$10,000
Newly acquired fine arts or jewelry Included None
Personal injury – libel & slander Included None
Employment Practices Coverage (EPLC) $250,000 $0
Credit card coverage $10,000 $1,000
Damage caused by domestic pets Included None
So you can easily see how different a luxury homeowners insurance policy can be from a standard (or Mass Market) insurance company. From kidnapping expense to home invasion to stalking threats, all things the luxury home insurance companies also include that standards don’t.
There really is no comparison when putting the coverages offered, side-by-side. But you wouldn’t know anything different…..until you had a claim. Then you would get the phone call that says “Oh, that isn’t covered!”
“Luxury Homeowners Insurance Buyer Beware!”
Standard homeowner insurance companies are for Middle America, living in a typical 1,900 square feet, 2 ½ bath, suburban home, built in 1974. They are not designed to cover luxury home owners with 5,000 square feet, 5 bedroom, 4 bath house, with an outdoor kitchen, a theater room, wine cellar and inlaid cherry floors!
Luxury Homes need better than “average” homeowners insurance!
Please do not wait for a claim to occur before you find this out! I’ve seen more of my share of consumers getting mad at their insurance company because of a claim denial.
I want you to be a smart insurance consumer. Getting the best possible coverage for a fair price. For any questions, call us today at (716) 684-3203