High-value home insurance is one of the most important protections Remedy Insurance & Wealth Builders (Remedy IWB) offers in our luxury division.Â
High-value home insurance isn’t the same thing as a standard homeowners policy you may see advertised on television. Instead, it’s a product offered by insurance companies specializing in working with high-net-worth clients who own homes valued at $1 million or more.
Suffering a loss as a homeowner can drastically change your life, and high-value home insurance is designed to reduce your stress and get your life back to “normal” quickly and efficiently as possible. Here are a couple of differentiators that exemplify how high-value homes provide more coverage than a standard policy.
Replacement cost for your personal property: Replacement cost coverage, which high-value home policies generally include automatically, reimburses you for new items to replace the damaged ones – such as new living room furniture. Standard policies will generally offer “actual cash value replacement,” which would give you only the depreciated value of your furnishings, likely leaving you to pay out of pocket for new items.
Loss of use: Also known as “additional living expenses (ALE),” loss of use coverage reimburses you for extra expenses that you incur if you can’t live in your home due to a covered loss. For example, it pays for a hotel or temporary relocation and other living expenses if you cannot live in your home because of a covered loss.
The maximum benefit for loss of use with a standard policy is limited. For example, if you insure your home for $1 million, your benefit maximum may be 20% of the home’s value, which may not be enough if it takes a couple of years to be rebuilt or repaired. In contrast with most high-value home policies, there are no limits for your additional living expenses incurred.
Luxury Auto Insurance
Just as you need superior high-value home insurance coverage, so does your high-value vehicle. Standard market insurance is acceptable for standard-market products, but your luxury car, classic car, or antique car requires insurance coverage that was designed for high-value vehicles and which Remedy IWB customizes for you.
What makes high-value auto insurance be of greater value than the coverage the standard market insurers offer? There are many reasons to have high-value auto insurance.
When you’re shopping for a high-value auto insurance policy, it seems like standard-market insurers spend more time telling you about what’s not covered than what is. It’s especially important to be mindful of these exclusions if you’re in the market for luxury car insurance or classic car insurance.
When you purchase auto insurance through Remedy IWB, it’s different. We give you options that allow you to be fully covered, no matter what type of vehicle you own. This can translate into real savings if you get into an accident with a high-value vehicle such as a luxury model, an antique car or a collector car.
Boats, Yachts & Watercraft
Boats and personal watercraft can be a lot of fun, as well as provide wonderful bonding time with family and friends. They can also cause a significant monetary drain if you don’t have the right personal watercraft insurance. Boats can be damaged by wind, rain, hail, lightning and waves; by fire; by theft or vandalism; by collisions; or during transport. The right boating insurance can protect you from all of these calamities and more.
Remedy IWB partners with our insurers to offer protection for personal watercraft of all sizes and types, including sailboats, in the following categories: jet skis, yachts, small boat, mega-yachts.
Whether it be a high-value automobile or a high-value yacht or boat, having proper insurance protection in place is essential. Just as being on the water provides feelings of peace and calmness, so does knowing that if the unexpected happens, your yacht or boat insurance is going to provide you the financial protection you need.
For owners of yachts and mega-yachts, a wide variety of additional features are also available, ranging from a hull deductible waiver to liability coverage for captain and crew to the ability to add a marina as an Additional Insured, among others. The specific choices you make will determine your total yacht insurance cost.
Valuables & Collectibles
Remedy IWB understands that your best jewelry, artwork and other collectibles may be among your most precious possessions, often for reasons that have nothing to do with their monetary value. Covering them through valuable personal property insurance provides not only compensation, but also peace of mind about your cherished personal property.
Collecting vintage or antique items has never been more popular. As a collection increases in value, verifying what type of coverage you have for valuables through your homeowner’s insurance policy is imperative. Most mass marketers of homeowner’s insurance place low limits on valuables or exclude coverage for many types of valuables.
If you have a valuable collection of jewelry, artwork, sculptures, wines, sports collectibles, fine china, or other items valued at over $2,000, you need to acquire separate valuable collection insurance.
Personal Umbrella & Excess Liability Coverage
Protect your net worth with a personal umbrella policy
A personal umbrella and excess liability policies are designed to protect you from large and devastating liability claims or judgments. The coverage kicks in when your underlying liability limits (such as from a home or auto insurance policy) have been reached.
The coverage also extends beyond you as a policyholder to also include your family or, in some cases, other members of your household like domestic employees. For example, if you have a teen driver who was found liable for a major car accident the umbrella policy would help his liability including paying for the medical bills of other injured drivers. That being said, make sure you have an expert advisor explain how your policy defines a household member so you’ll actually have the coverage you need.
Lawsuits are one of the biggest threats to your wealth; the effects can be financially devastating. For several hundred dollars per year, an umbrella policy can give the financial protection (and peace of mind) that you need to preserve the assets you’ve worked so hard to accumulate and enjoy.
