A 3,000 sq. ft. penthouse overlooking the river, a luxury home with valuable original works of art and an outstanding estate with a wine cellar worthy of the finest restaurants aren’t insured in the same way as a conventional home. In fact, an insurance product called “high-value” home insurance exists to provide optimal coverage for luxury homes.
In this article, Assurances Multi-Risques wants to give you some information and advice that will allow you to make an informed decision when it comes to purchasing insurance for a prestige home.
The purchase of a luxury home is a major investment, so don’t overlook your insurance, because you wouldn’t want to receive insufficient compensation in the event of theft or damage!
Some advantages of choosing high-value home insurance*
•Professional appraisal at the insurer’s expense
•Guaranteed replacement cost for the dwelling
•No obligation to replace the dwelling and/or its contents
•High capacity to cover your high-value belongings
•Very high civil liability limits
•Priority processing in the event of a claim
•Superior coverage for your secondary residences
In addition to providing adequate coverage for your assets, high-value home insurance also gives you peace of mind. And you can’t put a price on that!
What about valuables?
When you purchase this particular type of insurance, most of the insurance carriers that Assurances Multi-Risques does business with also offer significant capacity to cover your luxury belongings, such as works of art (paintings, sculptures, etc.), antique furniture, decorative art, wine cellars, rare books and high-value collections.
Note that these belongings, as well as jewellery, fur clothing, high-value handbags, gemstones, watches, items made of gold and gold bars are subject to a specific limit, equal to the maximum amount paid out by your insurer in the event of a claim.
What if the estimated value of your belongings exceeds the specific limit?
There are two solutions to protect your movable property whose value exceeds the specific limit: the first option is to find an insurance policy whose specific limits are higher than the value of your belongings, thereby meeting your needs; the second is to specifically insure all personal property affected by a specific limit, known as “scheduled personal property” in insurance jargon. In this case, the insurer will charge you an additional premium so that each separate item of personal property is fully covered.
However, to be sure that your belongings are properly covered, we suggest that you contact an independent insurance broker, who does business with several different carriers. Your broker will take the time to carefully analyze your true needs in order to find a carrier that’s right for you.
Insurance tailored to your needs
Do you own a prestige home? We highly recommend that you find an independent insurance broker with whom you can establish a real relationship.
Your insurance professional will then become a true facilitator for you, because they will have a clear understanding of your situation. By shopping around for the right insurance for you, they will save you precious time.
In addition, your insurance broker will be able to provide you with a more personalized insurance product. Some people may choose to own a high-value home and rather modest belongings, while others may opt for a more modest home but high-value possessions, and still others may have a mix of the two situations.
Our role as brokers is to tailor your insurance product to your actual needs and to find the best insurance carrier for you. We can determine, among other things, whether you need an insurer specializing in high-value homes or whether a regular insurer, agreeing to insure your prestige home, suits you. In short, a broker will be able to guide you in your decision-making and provide you with the information you need so that you can make the best possible decision!
*These advantages are available from most of the insurance carriers we do business with.