Did you know that there is a type of “high-end” home insurance on the market that offers optimal protection for luxury residences? Indeed, a prestigious home is not insured in the same way as a conventional residence. If you are the proud owner of this type of home, it is important that you protect it adequately.
Our role as an independent broker is to tailor your insurance product to your actual needs and find the best insurer for you. In this article, Assurances Multi-Risques would like to offer you some information and advice that will enable you to make an informed choice when it comes to luxury home insurance, so that your home is well protected!
When is a residence considered “prestigious” in the eyes of an insurer?
In reality, there are no established standards, and criteria vary from one company to another. However, there are two markets: standard home insurance and high-value home insurance. Some insurance companies specialize in insuring luxury goods and have developed products tailored to them. There are therefore different markets that cover very different clienteles and needs.
That’s why it’s important to use the expertise of an independent insurance broker, such as those at AMR, to review the various insurance policies based on your actual needs.
Some advantages of choosing high-value home insurance *
- Professional assessment at the insurer’s expense
- The guaranteed replacement cost of the building
- Replacement of the building and/or its contents not required
- High capacity to cover your valuable assets
- Very high civil liability limits
- Priority handling of complaints
- Superior protection for your vacation homes
In addition to adequately protecting your assets, high-value home insurance also gives you peace of mind. And that’s priceless!
What about valuable items?
When taking out this particular insurance policy, most of the insurers we work with at Multi-Risques Insurance also offer extensive coverage for your luxury items such as works of art (paintings, sculptures, etc.), antique furniture, decorative art objects, wine cellars, rare books, and valuable collections.
Please note that these items, as well as jewelry, fur clothing, high-value handbags, precious stones, watches, gold items, and gold bars, are subject to a special limitation. This corresponds to the maximum amount paid by your insurer in the event of a claim.
The “special limitations” of insurance for a luxury home and high-value items
The difference between insuring your home, cottage, or luxury condo with a standard insurer or a specialized insurer will mainly be in the specific limitations. High-value jewelry or watches, collections, works of art, and cash are generally included in special limitations. But with an insurer specializing in luxury homes, the amount covered for these special limitations is often much higher, making it more advantageous for you.
You should also be aware that specific insurance (or floating insurance) is required for certain items, such as a high-value wine cellar, for example, which is added to the home insurance policy. And often, if there is a claim for a valuable item, it will not necessarily affect the amount of your home insurance premium.
The importance of insurance that is right for you
As the owner of a luxury home, we strongly recommend that you find an independent insurance broker with whom you can build a genuine relationship. Your insurance professional will become a true facilitator for you, as they will fully understand your situation. By shopping around for the right insurance for you, they will save you valuable time that you can spend with your loved ones instead.
The process for insuring a high-value home is different from that for insuring a semi-detached home, for example. Your insurer or insurance broker must tailor your insurance product more closely to your needs. Some people choose to have a high-value home with modest possessions, others choose to have a more modest home with high-value possessions, and some have a mix of both situations.
Some details that are often overlooked:
- Have the right amount of liability insurance: we strongly recommend adding umbrella insurance (and reading our previous article on the subject);
- Add protection for your property that forms part of a set (ask your insurance broker for more information);
- Add clauses such as replacement value without the obligation to rebuild your building and replace your contents (this may reduce your next claim);
- Benefit from all the appropriate protections for water damage, but above all, the right insurable values;
- Ensure you have adequate protection for your personal belongings such as your wine cellar, jewelry, artwork, and anything else that is out of the ordinary.
Conclusion
Of course, it can be difficult to find an insurer that will provide maximum protection for your luxury home. At AMR, we take the time to analyze your needs and find you an insurer that best suits your requirements. You’ll benefit from the best advice available and speak with an insurance professional who is committed to truly understanding your situation. This will also save you valuable time searching for the right insurer! To find out if this type of insurance meets your needs, contact us!