High Value Home Insurance for Edmonton and all of Alberta
When you spend a million dollars or more for a beautiful high value or luxury home in Alberta, you expect everything to be perfect. After all, this is something you worked very hard for and you deserve to have your house and property just as you want. However, even the most perfect of homes can experience problems and without an adequate level of coverage you could be at risk of not replacing the value in the event of a loss. That is why it is of the utmost importance to have High Value Home Insurance in place from the start.
Real Life Example: Understanding High Value Home Insurance
Barbara and Bill spared no expense when they decided to build their dream home. They wanted something that expressed their individuality and would provide the most conveniences. They hired one of the best architects in the area and a top interior designer to design them the perfect custom home, they hired one of the top landscape designer for their grounds. The total price of the home was approximately $1.75 million dollars. It was considerable amount of money to spend on a house, but this what they dreamed about for so many years.
Bill and Barbara worked with their home builders and made sure they included several custom features in the design. Finally they were able to begin construction and before long their dreams turned into reality. The house was perfect for their needs and the couple was extremely happy for over a year, until the unexpected occurred.
One evening the weather became severe including heavy rains and winds. In the wee hours of the morning, a huge tornado tore a path through their neighborhood, destroying everything in its path. Barbara and Bills beautiful home was not spared and it was completely destroyed. Fortunately no one was home at the time as they had taken a weekend trip to BC.
When the couple returned to the devastation, Bill was thankful for their High Value Homeowners Insurance policy. He had wanted to save money on home insurance but Barbara insisted they get the very best coverage possible, ultimetly Bill gave in, and his insurance broker provided them with an exceptional policy.
The couple was devastated and they wanted to rebuild their home in another location, but was this possible? Thanks to their policy option, it was possible and they had complete replacement cost coverage including professional fees. Bill was glad he had listened Barbara and his insurance broker, or they could have suffered a major financial setback had they chosen a bare bones homeowners policy to an effort to save money.
What is High Value Home Insurance?
A High Value Home Insurance policy has many features of standard Home Insurance. However, it also includes many things that are relative to more expensive homes and higher income lifestyles.
Who Needs This Coverage?
- Is your house and property worth one million dollars or more?
- Is your annual income in excess of $100,000.
- Do you own valuable antiques or collectibles?
- Is your home interior lavishly furnished?
If you answered yes to any of these questions, you could benefit from High Value Homeowners coverage.
What Does a Standard High Value Homeowners Insurance Policy Include?
High value homes often face varied and increased perils compared to a typical home. Most High Value home policies include special features such as:
- Property insurance - including fire, theft, and storm damage
- General liability
- Umbrella liability
- Replacement cost coverage - pays to rebuild your home, and not just the fair market value.
- Additional contents coverage - can include fine art, jewelry, and collectibles.
High Value Home Insurance Options
Bridge Financial Insurance Ltd. can assess all your needs and build a custom policy that suits your circumstances. Some of the policy options are:
- Complete replacement cost coverage - can include fees from architects, interior designers, custom cabinetmakers, and other skilled craftsmen.
- Cash settlement option for house contents
- Choice of rebuilding in another location
- Insurance for children not living with you currently, perhaps away at school
- Extension for contents stored elsewhere
- Wine collection insurance
- Flood and sewer backup coverage
Everyone's situation is different and this is especially true when it comes to luxury homes. That is why you should consider professional services from a qualified insurance broker, like someone you'll find at Bridge Financial Insurance Ltd.
High Value Insurance Without Breaking the Bank
When you deal with an insurance broker, you have access to some of the finest insurers for Edmonton and Alberta. We market your program to different companies to ensure you get a quality product at an affordable price. We can connect you with professional appraiser that work with builders to ensure your coverage is better than replacement cost or fair market value.
Bridge Financial Insurance Ltd understands your home is special and we are there to make sure it is properly protected with the right High Value Home Insurance. To find out how we can help you please contact us or fill out the online quote form on this page and we will contact you shortly.