In the following description, you will see what kind of insurance guarantee is right for a luxury home along with its contents. If you are interested in this article please share it immediately with your colleagues so that they also understand you. You should know the following explanation about get the best insurance for a luxury house.
If referring to the size in America, the house that is included in the group of luxury houses or sultan's houses is a house with a minimum value of USD 750,000. For homes with such a large value, frankly, the existing standard insurance policy guarantee has not been able to provide adequate protection.
Who Should Insure The House
Because luxury homes in addition to the high quality of the building and the contents in it contain personal luxury items such as electronic goods, watches, antiques, art, and jewelry need maximum insurance guarantees. Therefore, it is necessary to design a special insurance program for the luxury homes owned by rich people
In addition, there is now also a tendency for the house to also function as an office as a result of the wisdom of Work From Home (WFH) due to the COVID-19 outbreak. The house was renovated into an office space and equipped with office equipment. The value of the house and its contents is increasing. As a result of such rapid advances in information technology, the easier it is for someone to succeed in business and career, they can become rich at a very young age.
They successfully became YouTubers, content creators, production houses, Instagram, e-commerce, marketplace, import / export, software house and many other creative economy entrepreneurs who generate billions of rupiah in revenue every month.
How to Get the Best Tips Before Insuring your Home
Ordinary home insurance policies that exist today are not enough to provide maximum protection. Therefore, it is necessary to design a special insurance program that can guarantee various risks that arise related to the ownership of a luxury home and at the same time can guarantee the contents of the house.
To find out the challenges in compiling an insurance program for luxury homes, here we write down some important things :
Large Coverage Value
Coverage value is high. This is a challenge for insurance companies. Because usually insurance companies have limitations in receiving the amount of insured value. So that the insurance company can not provide insurance coverage directly. Maybe the insurance company will arrange a reinsurance guarantee first or by inviting several insurance companies to guarantee.Broader Insurance Coverage
The luxury home insurance policy guarantee should be much broader than the guarantee of a regular insurance policy. To be able to provide a broader guarantee needs some additional information, a complete risk analysis so that the insurance company understands the potential risks that exist.
What are the Benefits of Luxury Home Insurance?
With home insurance means your investments and assets are protected in the event of an unexpected accident. With a home insurance policy and its contents can provide peace of mind in case something unexpected happens – such as fire, robbery, theft, storm, explosion, earthquake, fallen tree, hurricane, flood, landslide or fire you can claim the cost of repairs and losses that occur to the insurance company.
With insurance, you do not have to pay the entire cost of damage to repair your home.
The insurance company will replace.Guarantee of household contents. Insurance guarantees should not only be on buildings and facilities but also on property that becomes the favorite property of luxury homeowners, such as expensive personal items."All Risks"
If you can choose to insure your goods based on actual market value or based on "replacement costs" Replacement Value. Using the principle of replacement value is much better because the insurance company will replace you with new items in lieu of old items that are damaged or lost.
For example, a set of broken bedroom furniture is replaced with a new one. While by using the actual cash value you will only get reimbursed after depreciation costs so you are forced to spend money to buy new furniture.Legal Responsibility
Legal liability insurance guarantee is important for luxury homeowners who have assets with significant value because you have a lot of potential to cause a lawsuit from a third party. In addition, you can also be an easy target and an attractive target to get lawsuits.
Legal liability insurance can also provide protection against personal injury (for defamation, libel and defamation) that is usually only available through a special legal liability insurance policy.
Avoid The Danger of Flood, Volcanic Eruptions and Tsunamis
A standard home insurance policy does not include flood insurance. With insurance packages "All Risks" guaranteed due to flooding can be guaranteed. In addition to flood risks, other risks associated with flooding such as hurricanes, storms, landslides and water damage can also be guaranteed by expanding flood guarantees.
Therefore luxury home insurance should also guarantee the risk of earthquakes. Insurance coverage can be incorporated into "All Risks" insurance
Overcoming The Danger of Theft and Demolition
This guarantee is important to protect items that are in the houser or often referred to as "contents". Contains valuables that are prone to being stolen and robbed.Using the services of an insurance broker. Insurance brokers with knowledge and experience can design an extensive insurance program so as to provide maximum protection to luxury homeowners.
Insurance brokers have extensive relationships in the insurance industry so they can negotiate with several insurance companies to get maximum protection.
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