When it comes to insuring high valued homes in Clermont, the various customization that someone puts into their home will typically make a substantially difference on the outcome of the value of the home. Southern insurance Group uses a detailed cost estimator that is designed to help us will calculating the proper value for your high valued home in Clermont. It basically takes the guess work out of the process by allowing us to list virtually every feature a home could possibly have into the system to determine the cost to rebuild.
It does also allow some swing which means we can usually insure for 95%-125% of the cost estimator value to make sure the client is ultimately satisfied with the insured value. This is an important feature that we provide to our clients to make sure your home is insured to 100% value. This is necessary in order to maintain a full replacement cost policy.
What about the extras?
The higher the value of the home, the more extras that will need to be covered under other structures. Other structures covers any detached item on your property like a dock, detached pool, guest house tennis court to name a few. A lot of homeowner policies have limitations on how much can be insured under other structures so you need to be careful that your policy adequately covers these items.
Has my home value decreased?
Because the housing market has tanked it is always a good idea to have an updated cost estimator performed by your company to verify that your insurance value is still proper. Over the past 3 years values have dropped as much a 50% in some areas. Keep in mind that there is a huge difference between real estate value and what insurance companies deem the cost to rebuild.
Because of foreclosures and short sales, as mentioned the housing prices have dropped a great deal. However, the cost to rebuild has only dropped slightly. Matter of fact, if you could have gone into your local Home Depot 3 years ago to price building supplies and then again today, you would see the supplies most likely cost more today. Having said that, it is still a good idea to periodically make sure your values are still up to date.
You'll be surprised how affordable it is to cover your whole house with a high value home policy.
You may feel satisfied that your homeowner's policy will protect you in case of a disaster but have you read the actual amount you will be compensated? Typically, the coverage is capped in two ways you may not realize: a maximum per-square-foot value and an overall maximum.
High value home insurance is available to most every homeowner that is concerned about covered replacement values. Typically, homes that are worth upwards of $200,000 should consider this insurance.
Here are two reasons to act now: