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High Value Home Insurance

High Value Home Insurance

High-Value Home Insurance on Lake Minnetonka

Specialized home insurance for high-value properties on Lake Minnetonka

Do You Have a High-Value Home?

Lake Minnetonka is one of the loveliest areas in Minnesota, and as such, there are a number of high-value properties here. The beautiful setting, proximity to the Twin Cities, and opportunity for backyard water recreation make this a popular destination for both year-round residents and vacationers. What makes a home on Lake Minnetonka high-value?

  • Sale price, appraised price, or construction cost of residence is $750,000 or higher
  • Historic property
  • Home considered architecturally significant, rare, or unique
  • Residence offers extra outdoor features, such as swimming pool, boat house, tennis court, etc.
  • Finishing or renovation to the home done with luxury materials
  • Contents of the home reflect high-net-worth owner

High-Value Home Insurance Is Different from Regular Home Insurance

The insurance industry estimates that a large number of homes are underinsured, and this is particularly true of high-value homes. If you have a regular home insurance policy for your high-value home, you may not be getting the coverage and perks you really need.

A high-value home policy starts by making sure your dwelling, including any luxury features, has sufficient coverage for perils such as fire, storms, natural disasters, vandalism, and theft. It also includes higher liability limits for what are called “attractive nuisances” in insurance terminology: things like swimming pools and boats that might attract trespassers to your property, making you responsible if they become injured.

High-value home policies can offer coverage for things not normally included in a home policy, such as flood insurance with Chubb. Other carriers offer these extras:

  • Additional living expenses with high or no limits if your residence is made uninhabitable and you need to live elsewhere during repairs or rebuilding
  • Sewer and pipe backup coverage
  • Partial loss replacement with original quality
  • Full coverage of pairs and sets, even if only one or a partial set is damaged, stolen, or destroyed
  • Identity theft protection
  • Home inspections for no cost
  • Employment practices liability for in-home workers like nannies and housekeepers

Actual Cash Value vs. Replacement Cost

When discussing coverage amounts with your insurance agent, you’ll want to be sure you’re giving an accurate picture of your property. As well as information about your dwelling and any additions or improvements to it, you should have an inventory of the home’s contents. This can easily be accomplished by taking a photo or video inventory with your mobile device.

Next, you should decide whether you want actual cash value or replacement cost, the latter usually recommended for high-value homes. Actual cash value reimburses you for the depreciated value of items included in a claim, whereas replacement cost covers the expense of replacing items, even if it pays more than they are worth with depreciation.

Scheduled Coverage for Valuables

People who own high-value homes tend to have more valuable personal property in the residence that should be covered properly. In the event your valuables exceed the limits of even a high-value policy, we can add scheduled coverage for items like:

  • Jewelry
  • Furs
  • Collectibles
  • Antiques
  • Artwork
  • Money and precious metals
  • Silverware
  • Business property

Active Insurance Solutions: Easy Shopping for a High-Value Home Insurance Policy

Whether you’re upgrading your existing home insurance or buying a new high-value property in the Lake Minnetonka area, Active Insurance Solutions would like to talk to you about your unique needs.

Shopping for a high-value home insurance policy can be time-consuming and confusing. We make it easy for you as independent agents because we have access to all the major high-value home insurance carriers under one roof. With our one-stop shopping approach, you can select between products from Chubb, Nationwide Private Client, PURE Insurance, and AIG, the top carriers of high-value home insurance.

Don’t let your investment remain underinsured or miss out on insurance features you deserve. Call us at 952-479-5877, or reach out online to start a quote today.