What makes Luxury Homeowners Insurance policies unique

Luxury Homeowners Insurance policies are as unique as the estates, mansions, homes, art work and homeowners that they are protecting. More than just an affordable home owners policy that meets an insurance company’s guidelines, luxury homeowners have many additional factors that need to be considered as part of a complete protection and risk management plan. In this article, you’ll find out what qualifies as a Luxury home, what the appraisal process should include, and the major risk factors for luxury home owners in Central Florida.

Luxury home in Florida

Get the coverage that you need for your Florida home. Contact Erb and Young now to acquire a customized Insurance policy that is the right fit for you.

What qualifies as a luxury home in today’s economic climate goes beyond an appraised dollar amount. With that stated most luxury homes do appraise at well over $1,000,000. These values are due to having unique and customized refinements that radiate comfort, sophisticated design, and a higher caliber of quality workmanship that offers an ambience of timeless elegance and ultra-modern enhancements.

With Non-Luxury homes, replacement cost calculations are done through a computer modeling program that takes into account dimensions of home, style of roof, countertop and cabinet upgrades, pool and pool screen dimensions when applicable, any detached and attached structures to the main home on the property. The luxury home appraisal process needs to go beyond this procedure and fact gathering practice.

The appraisal must be exceptionally comprehensive for properties with higher replacement costs, taking into account everything from imported vintage roof tiles, chandelier lighting, stained glass features, fountains, hand-crafted moldings and banisters. The appraiser may perform additional research to determine not only the cost to replace rare features of the home’s exterior and interior, but the cost of contracting the skilled artisans required for doing the restoration.

Luxury Homeowners also need to schedule unique high value personal property like collectibles, jewelry, furs, Photography equipment, Golf Clubs, antiques, fine china, antique furniture, and other cherished possessions. This provides Assessed Value Coverage (the stated amount that the insured and the insurance company agree that the item is worth) for the items that have been scheduled. This also provides broader coverage than the coverage afforded through a Homeowners policy. Your Luxury Homeowners Insurance policy should cover you from loss. One example of a covered loss insured for with this broader coverage is “Mysterious Disappearance.” 

“Most luxury home owners value a trustworthy relationship and discreet, conscientious attention from an insurance agent. It is part of my personalized service to develop strong Risk Management strategies that are personalized for each client as well as securing solid Insurance policies to protect what they value as most precious, which is their families’ safety and well-being, their unique assets and the high quality of living that they want to continue to enjoy,” explains Brett Young, the CEO of Erb and Young Insurance. Mr. Young has worked with many clients and creates Luxury Homeowners Insurance policies for residents of the Windermere and Dr. Phillips areas in Central Florida that desire more than just an insurance policy, they want to be properly insured and protected from occurrences that can befall Central Florida home owners.

Homeowers need insurance in case of a house fire

The major risk factors for homes in Central Florida are sinkhole activity, fire, vandalism, theft, water and wind damage. Personal Liability Situations that could arise when someone is injured while on the property is a real threat in today’s litigious society. Your insurance agent should create a policy that will financially cover your highly valued home and all the treasured possessions it contains. Your policy should be reviewed and updated annually for your continued protection.

Contact Erb & Young Insurance to have your current coverage reviewed or to discuss creating a new homeowners insurance policy for your luxury Central Florida home. Their agents are uniquely equipped by being trained to evaluate an individual’s entire risk profile.

“Unlike other competitors who focus on quick quotations and low priced policies, we take the necessary time to evaluate a risk, take inventory of all risk factors involved, develop a PLAN not just a quote for our clients. This means multiple policies are usually needed to equip these luxury homeowners with a properly constructed Insurance Portfolio. This also means that insurance may not be the best and only strategy for the client. For example; Security Cameras are a great way to insure safety and proactively mitigate risk. The same is true for security systems, gates, automatic water shut off systems, and other pieces of technology that are not insurance, but are just as important to protecting a luxury Homeowners family and assets,” expounds Brett Young.  Now, is the time to put in place a plan not just a Homeowners policy. 

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