“High Net Worth Homeowners Insurance Buyer Beware!”

“High Net Worth Homeowners Insurance Buyer Beware!”

You have a small water leak behind your bathroom wall for 1 month and now mold is starting to form in your bathroom.

A tree just fell onto your sunroom and now the town is telling you there are new codes for the electrical and plumbing on the re-build

Someone stole your social security number, knows your address too and now is opening up new credit in your name.

You had $7,500 in business property from your office at your home and it was taken in a break-in.

****If any of these happened to you, wouldn’t you want homeowners insurance to cover it?

High net worth Homeowners in New York
Expensive Home in New York

If you buy a standard homeowner insurance policy from a “brand name” insurance company, more than likely NONE of these claims would be covered. Oh, in the business property example, they’ll probably give you $2,500, as that is the “sub-limit” written into the policy.

Mold on a standard homeowner insurance policy – not covered.

Identity theft on a standard homeowner insurance policy – not covered.

Rebuild to codeusually 10% or less is allowed.

High Valued Home Insurance Companies are the ones who do cover all the above claim examples and in rebuild to code, have no set “sub-limit”.

There are so many coverages these high valued home insurance companies offer, that if you own a $750,000 home or above, you should never deal with any “off-the-shelf” or “Mass Market” insurance company. They don’t have the expertise or the claims service that you require and deserve!

You bring home a piece of fine art on a Saturday, and accidentally scratch it when bringing it into the home. Standard insurance company says NO COVERAGE, as it wasn’t added to your homeowner’s policy. High valued home company automatically picks up this coverage when you are in possession of the item, without you making a phone call on Monday morning.

Standard home insurance policies have sub-limits of coverage on jewelry, guns, fine art, furs and collectibles!

Do you (or know someone) have hired help at your house, either full or part-time? Standard insurance company has no coverage for Employment practices liability coverage (EPLI is the term for this). This would be like sexual harassment, wrongful termination or employment discrimination. High valued home insurance company has $250,000 for each occurrence covered!

Here are some differences in coverage you should be aware of:

High Valued Home Co.   –  Standard Co.

Full Replacement cost on home:                         unlimited                             125%

Medical Expenses due to an injury at home        $25,000                          $1,000

Tree replacement due to lightning or fire            $5,000 each                 $500 each

Identity Theft                                                             $50,000                                $0

Mold coverage due to water intrusion                 $10,000                                $0

Fine arts breakage                                                    Included                            None

Business property at home                                     $25,000                            $2,500

Water/ Sewer Back-up                                            Unlimited                       $5-$10,000

Newly acquired fine arts or jewelry                      Included                              None

Personal injury – libel & slander                            Included                              None

Loss assessment by HOA                                         $50,000                            $1,000

Employment Practices Coverage (EPLC)                  $250,000                             $0

Credit card coverage                                                   $10,000                           $1,000

Damage caused by domestic pets                           Included                            None


So you can easily see how different a high net worth homeowners insurance policy can be from a standard (or Mass Market) insurance company, to one or our high valued insurance companies. From kidnapping expense to home invasion to stalking threats, all things the high valued home insurance companies also include that standards don’t.

There really is no comparison when putting the coverages offered, side-by-side. But you wouldn’t know anything different – until you had a claim. Then you would get the phone call that says “Oh, that isn’t covered!”

“High Net Worth Homeowners Insurance Buyer Beware!”

Standard homeowner insurance companies are for Middle America, living in a typical 1,900 square feet, 2 ½ bath, suburban home, built in 1974. They are not designed to cover high net worth homeowners with 5,000 square feet, 5 bedroom, 4 bath house, with an outdoor kitchen, a theater room, wine cellar and inlaid cherry floors!

High Valued Homes need better than “average” homeowners insurance!

Please do not wait for a claim to occur before you find this out! I’ve seen more of my share of consumers getting mad at their insurance company because of a claim denial.

I want you to be a smart insurance consumer. Getting the best possible coverage for a fair price. For any questions, call us today at (716) 684-3203

“High Net Worth Homeowners Insurance Buyer Beware!”

Take care,


Tom Larsen, “The Insurance Doctor”

Speaker, Author, Adviser

Email me now – Tom@larseninsurance.com

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