High-Value Homeowners Insurance & Affluent Market Coverage for Pennsylvania Residents
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Coverage Across Southeastern Pennsylvania
Perhaps you have put a lot of money into building you dream home. Though it’s somewhere that you want to remain for the rest of your life, it’s also a property that might have a high value, and special features that require special maintenance and upkeep. As a result, you’ll want your homeowners insurance to effectively protect it in case of losses.
For homes of significant value or with many specialty features, you might need a high-value or affluent market homeowners policy. Southeast Pennsylvania has a very competitive and expensive real estate market, and many residents need to make this investment.
Come to Universal Insurance Group, and our team can ensure you have appropriate coverage from the day you move into your home. Call us at (800) 605-9858 or request your free policy quote now.
Common Affluent Market Insurance Questions
Most of the time, properties worth more than $750,000 need the coverage offered by high-value homeowners insurance. An expensive home’s value equals added risk to both the property owner and the home insurance provider. For instance, a house fire in a high-value home might be a much more costly loss than the average property, after all. High-value home insurance policies are specialty coverage that can adequately cover the additional cost and liability risks associated with the property.
Most standard homeowners policies only offer coverage up to certain limits. Therefore, high-value properties might not receive appropriate coverage simply by buying a standard policy. Under high-value homeowners coverage, the owner will receive expanded coverage for:
- The home’s high property value
- Excessive liabilities faced by high net-worth homeowners
- Unique property damage risks that those in these properties
Each of the terms and limits within this policy will address the property value better than a standard homeowners policy. Therefore, the property owner won’t find themselves facing excessive property damage costs because a standard policy won’t cover it.
High-value homeowners policies include many types of coverage offered by standard coverage, such as:
- Dwelling Insurance
- Other Structures Insurance
- Possessions Insurance
- Homeowners Liability Insurance
- Accidental Medical Payments Coverage
- Additional Living Expenses Insurance
Each type of coverage will include its own limits, deductibles and other terms to make sure it adequately addresses the cost risk associated with the property. The policy should include replacement cost value coverage for the value of the dwelling and other structures. This will help the policyholder rebuild a damaged property at current construction costs. Most policies will also include higher standardized liability limits and personal property insurance.
High-value policies can also offer coverage in their standard package that other homeowners policies will not, such as:
- Coverage for attractive nuisances like swimming pools
- Flood insurance
- Replacement cost possessions coverage
- Sewer backup coverage
- Partial loss coverage
These expanded policy limits can account for the fact that even seemingly small damage might cause a significant cost burden for the homeowner. As a result, the high-value home policy will be more likely to cover the costs of the damage.