Bucks County Luxury Home Insurance Part I: Why You Need It
High-end luxury homes are different than your average abode. Expansive rooms, expensive furnishings, priceless art and cutting edge technology all make your luxury home one of a kind. It also changes the game in terms of luxury home insurance coverage.
Think of it as buying a vehicle and adding on the extras. You buy a Honda Civic and drive off the lot, you have a standard, dependable car. You buy a Ferrari, and it gets more complicated. The cost and value will go up significantly as you add the leather seats, the custom paint job, and cutting edge infotainment system. If any damage caused to your auto, will cost significantly more to repair than a standard auto. Yet on that same note, many high-end homeowners fail to obtain adequate luxury home insurance that will cover their Bucks County abode.
Defending a fortune against the inherent exposures that come with a beautiful expansive home requires a comprehensive Pennsylvania insurance plan. First off there is significantly more risk. You have more expensive surroundings both in quality and quantity, it will be more expensive to insure. A high end homeowner’s liability can extend far beyond the standard homeowners or auto policy. However, striking research indicates that many homeowners aren’t even aware they are at risk.
One national private client insurer estimated that 90-95% of the clients they saw were not properly insured. And the National Association of Insurance Commissioners found that 68% of people who think cars, boats, and motorcycles stolen or damaged on their property are covered are run over by unexpected costs. The bottom line? Going with standard policies will not nearly come close to covering the expense of repairing their home or your subsequent possessions if there is ever any damage.
And high end coverage extends beyond the home. Yachts, fine art, jewelry, wine collections, vacation homes and automobiles should all be accounted for in your overall insurance program. A luxury lifestyle drives the cost of coverage- homeowners will be much better off in the long run if they choose specialized programs that are designed to cover their unique exposures.
High-net worth policies or private client policies remedy the gap between standard insurance program and luxury homeowner’s exposures. That’s why we’re dedicating this series private client services. While all households have some basic insurance needs in common, those in the upper wealth echelons tend to have special exposures that require particular care and customized solutions.
At GMG Insurance, we conduct a full review of your interests- liquid assets, real property, personal possessions, income, and wealth perpetuation and advise you on how best to manage, grow, and protect your assets. Contact us today for more information about our Pennsylvania Luxury home insurance programs.