Essential Services Offered by High-Net-Worth Home Insurance Companies

One of the most important decisions a homeowner can make is protecting their home with the right high-net-worth home insurance company. With so many options, it’s tough to tell which company offers the best services. After all, you want your property to be protected in the event of a disaster. For this case, the following article incorporates a list of 8 essential services offered by high-net-worth home insurance companies:

1. Protection Against Losses in the Event of Fire, Flood, and Other Natural Disasters

Fire, flood, and natural disasters can leave you and your family with significant financial losses. That’s why every high-net-worth home insurance policy protects you against these costly events. Depending on the type of coverage you choose, either full or limited coverage, your policy will protect against fire, flood, earthquake, windstorm, and other natural disasters.

2. High Property Replacement Value

High net worth home insurance policies offer a replacement value for your home that’s up to 10 times the Original Cost. For example, if you purchase a home valued at $200,000, your high-net-worth policy offers you coverage to replace it with a home valued at $2 million. This allows you to rebuild your home at a pre-loss value for the new home. If the new home ever does sustain damage, you may be able to refurbish it and use that value on your new policy.

3. Coverage for Your Personal Belongings

High net worth home insurance policies also protect personal belongings in your home and other buildings within the same premises (such as a garage or shed). This coverage can be found under the Personal Property and under the Tenants Liability for a multi-unit dwelling.

4. Protection Against Associated Liabilities Including Medical, Legal, and Property Damage Costs

Suppose someone is injured on your property; you may be held liable through your homeowner’s insurance policy. This is where high net worth home insurance companies such as Coastal Insurance Solution come in handy; they offer protection against third-party liability claims (i.e., someone else suing you) resulting from bodily injuries or property damage.

5. Coverage for Losses Resulting from Criminal Activity

All high-net-worth home insurance companies offer coverage for losses resulting from personal and residential property damage, vandalism, theft, and malicious mischief committed by criminals. Because most policies cover perils that occur inside your home (e.g., fire, vandalism, theft), high net worth home insurance policies are considered the best option for businesses and homes with significant operating costs.

6. Increase in Value If You Need to Move Within a Year or Two

If you use your home for multiple purposes or have a significant loss to its value, it may be time to sell the property. That’s why every high-net-worth policy offers an increase in value through the optional Replacement Cost or Cash Out clause. Both of these clauses provide a monetary amount you may receive if you need to sell your home within one year or two years.

7. Extra Coverage for Losses that Occur During Your Vacation Period

If you own a home with a second home or seasonal dwelling, your policy will most likely allow you to deduct the value of the vacation dwelling from your primary home’s value. It will enable you to purchase a high-net-worth home policy at a lower cost than having two separate policies.

8. Protection Against Damage Caused by Excessive Wear and Tear

The wear and tear on your home’s exterior will eventually cause an increase in your home’s value. That’s why every high-net-worth home insurance policy provides a Replacement Cost valuation for damages caused by excessive wear and tear to your home. This replacement value will allow you to rebuild your home at the pre-loss value if damage occurs again in the future.


High net worth home insurance policies offer protection against high costs, all of which will allow you to rebuild your home at a pre-loss value that’s affordable. One of the most important decisions you can make is securing the right coverage for your home.

Related Stories