Homes and other buildings worth $750,000 or more are typically considered upscale properties. Since renovations tend to be expensive for these buildings, it’s wise for owners to protect their investment with an insurance package designed with their specific needs in mind.
What Insurance Package Protects Upscale Properties?
It’s important to find the high value homeowners coverage that will best protect your property after a catastrophic weather event. Your policy should also include protection from liability issues if someone is injured on your property. Since each situation is unique, talk with your insurance agent about the best plan to properly cover your investment.
What Protections Should Be Considered?
Upscale coverage should include protection for several scenarios, including:
- Rebuilding the Property – Coverage should be designed to consider the expensive renovation costs needed for the building. Regular homeowner’s insurance doesn’t cover flooding, but some high-end packages will include this.
- Expenses – Most policies for upscale properties include a clause that covers living expenses if the owner must temporarily relocate.
- Liability – If a visitor is injured on your property, liability coverage protects you from litigation. It also helps to pay for expensive hospital bills.
- Possession – This clause helps you replace or recoup losses from expensive possessions, such as artwork and jewelry.
Make sure your upscale property has comprehensive insurance coverage to protect you from calamities.