High value home insurance policies give wealthy Vermont homeowners an easy way to insure both their houses and the contents in them. In general, these policies offer more coverages than standard policies do. Here are five coverages that people who have an expensive primary or secondary house in the state may be able to get through high value homeowners insurance.
Homeowners May Be Able to Get These 5 Coverages Through a High Value Home Insurance Policy
1. Coverage for Refrigerated Food
High value home insurance policies sometimes provide coverage for food that must remain frozen or refrigerated. Should food or beverages spoil during a covered incident, such as a power outage, a policy may pay to replace the food.
Compared to other coverages, this may seem like a minor protection. In some cases, though, it can save homeowners hundreds or thousands of dollars. Wealthy homeowners frequently have a lot of expensive food around the holidays, and some pay tidy sums for entire cows or pigs. Should an extended power outage occur when a fridge or freezer is full, the losses could reach four figures.
2. Coverage for Rebuilding to Code
Many high value homeowners insurance policies offer coverage for rebuilding a home that’s destroyed so it meets all current code requirements. Rebuilding an older home to current standards sometimes costs more than the home’s fair-market value, but this coverage will typically pay that difference.
Coverage for rebuilding to code is especially important to homeowners who have one of Vermont’s older, historic properties. Older homes are often grandfathered in when new codes are passed, but any remodeling or rebuilding that’s done might have to meet current standards.
3. Drain and Sewer Backup Coverage
Standard homeowners insurance policies sometimes make drain and sewer backup coverages available as an optional protection, but they rarely include it as a standard one. High value homeowners insurance policies frequently offer this as a standard coverage that policyholders don’t need to pay extra for.
While all homeowners may benefit from having this coverage, it’s especially useful for people who have a second house. Water backups can develop quickly, and they can cause a lot of damage if they’re not noticed quickly. Having coverage for this type of problem, therefore, is particularly important when a house is left vacant for several months (as many second homes are).
4. Deductible Waiver
A deductible waiver isn’t a true insurance coverage because it doesn't expand what property or perils are covered. A waiver does, however, bolster a policy’s protections. In most cases, a deductible waiver will waive a policy’s deductible for claims over a certain amount. Depending on a policy’s deductible, this may save homeowners a few hundred or thousand dollars if they have a major claim.
Standard homeowners policies rarely have deductible waivers. These are fairly common in high value homeowners insurance policies, though.
5. Electronic Data Coverage
As electronic data becomes more and more important, some insurers are adding electronic data coverage to their high value homeowners insurance policies. This coverage usually helps protect both computer hardware and the data stored on the hardware. In contrast, standard homeowners policies usually only cover computer hardware -- and not data.
Find High Value Home Insurance for Your Vermont Home
These examples are just a few of the many coverages that are available through high value home insurance policies. To learn about more coverages that these policies offer or request quotes for a policy, contact an independent insurance agent. An independent agent will be able to help you determine whether this type of insurance is right for your Vermont home. If it is, they can also help you find a policy.
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