Homeowners insurance is a highly competitive market. Insurance companies spend millions of dollars each year to make sure their company name is the first to come to mind when it’s time for homeowners to purchase insurance. It’s a smart move because studies show that buyers do tend to use “top-of-mind” thinking when it comes to high-value homes insurance in Salem OH. They go with whatever company comes to mind first.
Homeowner’s Insurance: The Value Of An Independent Agency
High-value homes insurance in Salem OH should never be selected based on “top-of-mind” thinking. Examining a number of different carriers and the policy augmentations each one offers is key to securing the right coverage at the right price. This is where working with an independent insurance agency pays dividends because they have connections to numerous carriers and can provide personalized advice on which best suits the homeowner.
Not only does a good independent insurance agent provide access to multiple carrier options, but they also take time to explain all the specifics of the policy.
This is especially important when it comes to insurance for homes over $500,000 because the variations and possible enhancements at that level can differ greatly from one carrier to another.
High-Value Homes Insurance in Salem OH: Knowing The Risks And Opportunities
There are numerous things to take under consideration when purchasing insurance for a high-value home. The following list is not all-inclusive, but it is an excellent starting point.
Guaranteed Replacement Cost Loss Settlement home policies: Some select carriers offer a guaranteed loss settlement at the time of loss-if at the time of loss the cost to rebuild your home exceeds the amount listed on the declarations page, the company will pay the extra dollar amount to rebuild it-guaranteed!
Water And Sewer Backup Coverage: Water and sewer backup covers property damage done by water that flows back into the house. This is where an enhanced homeowners insurance policy pays dividends. For pennies on the dollar, much higher limits can be purchased.
Siding and Roof Restoration Coverage: For an additional cost, this endorsed coverage will match aluminum or vinyl siding or composite roofing materials that are no longer available by the manufacturer. The company pays for the cost to replace all of the undamaged portions with like kind and quality materials (excluded is the mismatch from weathering, fading, oxidizing)
Underground Service Line Coverage: Again, available by endorsement, this provides physical loss or damage up to a dollar limit for certain underground service lines. See agent for details.
Increased Collectibles Coverage: Increased amounts are available for collectibles of virtually all types
Personal Umbrella Policies for High Net Worth Individuals
Because homeowners seeking high-value homes insurance in Salem OH often have elevated personal exposure and depend on their physical well-being and reputation for career advancement, making sure that sufficient personal liability and personal injury limits are in place is of utmost importance to protect assets.
We hope that this list of considerations has offered a good starting point for information regarding high-value homes insurance in Salem OH.
Contact us today at 330-336-9557 for a complete review of your current policy and great advice on how you can get proper coverage for your home.