A unique insurance solution for your Charlottesville luxury or historic home. High value home insurance is a type of homeowners insurance that is specifically designed for high-value homes, typically defined as property worth $750,000 or more. Historic properties, homes of architectural significance, and Charlottesville houses with unique features or those constructed from rare or expensive materials are examples of such properties. Condos and luxury downtown apartments can also be designated as high-value. Your home is extraordinary, with custom and unique features, so you need a Homeowners policy that is just as specialized. A high value home insurance policy offers the flexibility to tailor your coverage to meet your needs, including customized options for contents, other structures and additional living expenses. If your home is valued at $1 million or more, this might be right for you.

1) Personal Liability Protection: Coverage for the entire family against many of the common risks faced by wealthy clients. Many expensive properties feature extras like swimming pools and play equipment. These are known as attractive nuisances. The property owner is considered responsible for any harm caused by them, even if they are used without the homeowner’s consent. For instance, if a child in the neighborhood sneaks into your yard and sustains an injury on your trampoline, you could be held liable. Higher liability limits can come in handy if your property is home to attractive nuisances.

2) Guaranteed Replacement Cost: Protection that extends beyond the limits of the policy when needed. The guaranteed replacement cost option covers the full cost of rebuilding the property, no matter how much it exceeds the coverage limit, whereas extended replacement cost is a more limited option that covers expenses exceeding the coverage limit by up to a certain percentage.

3) Replace, Rebuild or Receive a Cash Settlement: If a fire or other event destroys your home, you may wish to rebuild it, or you may not. With high value homeowners insurance, you have the option to either rebuild your home or receive a cash settlement. It’s that simple; you decide. Rebuilding to Charlottesville/Albemarle’s updated codes = increased levels of coverage to repair/rebuild to new, more expensive codes.

4) Home Appraisal Services: Accurately value the cost to rebuild using no-cost home inspections. Many higher-end insurers offer home inspections at no additional cost. This allows insurance companies to cover the property at the correct level. This is highly recommended, especially if your home has custom finishes that could increase replacement costs.

5) Additional Living Expenses: While the home is being repaired/rebuilt. These can even cover the cost to board pets.

6) Replacement Cost for Contents: As opposed to market/cash value – a valuable option including ample jewelry protection. While a dedicated insurance policy for your jewelry helps to ensure that your pieces are protected, we understand that some items may not be included on your schedule. A high value homeowners policy affords coverage up to $50,000 for jewelry that is lost, misplaced or stolen, helping you better protect your valuables and avoid costly out-of-pocket expenses up to $25,000 for any single item.

7) Broad coverage for sewer and drain backups: If a sewer backs up and causes drains or toilets to overflow, it will pay to clean up the damage and replace or rebuild damaged property—regardless of whether it’s an interior or exterior drain.

8) Identity theft coverage An increasingly important form of insurance is identity theft coverage. Identity theft coverage protects you from fraudsters assuming your identity to steal your assets. Some insurance companies keep a constant lookout for nefarious activity, looking for unnatural usage of financial and online accounts.

9) Employment Practices Liability: This can be a handy coverage option for those who have in-home employees. Employment Practices Liability covers you against accusations of discrimination and wrongful termination.

10) Homeowners insurance for Charlottesville historic homes: Beneath the charming façade, appealing architectural features, and historic significance of many older homes lies a certain amount of risk that causes insurance companies to hesitate before offering coverage to homeowners. Due to the varying degrees of care or neglect seen in the long-term maintenance of old houses, these homes may be cheaper to buy but more expensive to insure than a new build. Another contributing factor is the added expense of repairing an older home, as essential components like plumbing, wiring, and building materials may not be modern. Some insurance companies may even refuse to insure homes with pre-existing damage to the roof or the dwelling’s structure. Always use a savvy Charlottesville realtor (since 2003) and get the correct comps when you decide to make an offer on any Charlottesville homes. Toby Beavers Charlottesville Realtor TobyBeaversRealtor.com 434-327-2999