High Value Home Insurance
High Value Homeowner
The one thing that many financially successful people have in common is the high level of wealth that they have invested in their homes.
High Value Homeowner
- Your Personal Property
This includes your clothes, electronic equipment, small appliances, linens, furniture ALL of your belongings.
In the event of a loss, could you afford to pay out of pocket for ALL of your belongings?
- Additional Living Expenses
In the event of a catastrophic loss such as fire, without your apartment, could you afford temporary housing?
This coverage provides money to be used for temporary housing.
- Liability Coverage
While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy tailored to you.
After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to your personal property.
Contact us today, and we'll help you protect what matters most.
The one thing that many financially successful people have in common is the high level of wealth that they have invested in their homes. For this reason, you need a secure high value home insurance policy that will provide for your situation like a typical home insurance policy just cannot do.
Do you have acreage that you lend out to farmers? If so, you may require limited farm pollution liability coverage. If you have lawn tractors and high priced equipment for keeping your extensive grounds in prime condition, you will need a policy that provides protection for this as well.
That extra refrigeration in your wine room that keeps your valuable collection may breakdown one day, but with the right coverage all is not lost. The same goes for the extensive HVAC and electronic equipment, which needs adequate boiler and machinery coverage.
In addition to your massive dwelling, the contents of your home are likely of the highest value and quality. For example, you probably take pride in your collection of jewellery, fine art, coins or stamps. If you are active, you most likely have invested in expensive sporting equipment like golf clubs, ski equipment, road or mountain bikes and more.
All of these luxurious things require claims that require more specialized handling. The typical claims adjuster is not going to understand that you have shoes that are worth over $1,000 a pair, suits that cost $5,000 or a machine that makes your morning coffee that costs more per cup than anything you can buy at a national coffee chain.
Individuals with a high net worth have special requirements when it comes to insurance for their property and personal belongings. Building a high value homeowners insurance policy that is right for you requires the skills and knowledge of a professional broker that knows all the right questions to ask to ensure all of your needs are met. The same is true for insuring your second and third properties as well, such as your condo in Florida or you cottage in the Muskoka’s.
High value homeowners’ insurance provides policyholders with coverage that extends far beyond traditional home insurance for structures and contents. Some of the most popular coverage options for high value home insurance include:
- Umbrella and excess liability coverage - Unfortunately, when wealthy individuals are found to be responsible for the injuries to others, the victims take the opportunity to cash in on their misfortune and collect a large amount of money. With excess liability coverage through your luxury home insurance, you will have the protection of full coverage to pay for legal fees of the best lawyers as well as any restitution or court fines that you are required to pay.
- Liability insurance for domestic staff - You may have full or part-time housekeeping and grounds maintenance staff members that help you with the upkeep and daily operations in your home. If so, you need to invest in additional liability coverage that will pay the medical bills if a member of your domestic staff is injured on your property or while on the job. In addition, this coverage extends to the wages that the employee loses while he or she is not able to come back to work. In the even that you are deemed responsible for the injuries or legal action is taken against you, your liability insurance will protect you financially.
- Flood insurance - With a typical home insurance policy, you will not have flood damage coverage. However, because your home is such great value, insurance for this type of damage may be included in your high value home insurance policy.
- Identity theft insurance - With the crime of identity theft on the rise, it has become financially dangerous for anyone with good credit and a significant net worth. If you become the victim of identity theft, you will require the best in legal representation in order to clear your good name and restore your credit rating. With this type of insurance, at least some of the cost will be covered.
- Ransom and kidnapping insurance - This is one type of coverage that no one ever wants to use. However, with your wealth, you may be a target. This insurance will cover the cost of an expert negotiator and make certain you have the funds to do all that it takes to protect your family.
- Vacation home insurance - You can save money on your insurance policy by adding multiple policies. Therefore, including coverage for your primary home, your secondary home and your vacation home all on the same policy can mean big savings.
- Medical coverage for pets - In some cases, your high value homeowners insurance will also cover your pets. This means your veterinarian bills and boarding costs following a disaster will be covered.
At Colley Insurance our brokers have on average a minimum of ten years of experience in the industry. In addition, they have participated in extensive education. Therefore, you can rest assured that they will be able to save you money on the best policies available.
One way that being so knowledgeable helps is these brokers are aware of every luxury home insurance discount out there. From new home, age, non-smoker and multi-policy to claim and mortgage free discounts, you can rest easy knowing that you are getting the very best for your insurance dollars. Click on the quote request button now to find out the coverage options and discounts available to you today.
The more your assets grow, the higher your liability risks are. No matter how well you’ve covered your bases, sometimes things go wrong. A car accident. A guest who slips and falls on your property. A lawsuit. If you don’t have the right coverage, an unfortunate situation can compromise your financial security and put your personal assets at risk.
An excess policy responds when the underlying liability limits of your other policies, such as home and auto, aren’t enough to cover the unexpected costs of a lawsuit or accident.
It is important to note that most Canadian insurance policies carry on average $1,000,000 of liability coverage. This limit can quickly become quickly exhausted and is very frequently limited to North America. The Group Personal Excess policy provided by Chubb Insurance provides up to $5M of worldwide coverage which extends to all dependent member of your house hold and also provides coverage for foreign owned assets.*
* Territorial restrictions apply: Sudan, North Korea, Iran, Cuba, Syria
Personal Liability (Homeowners) for bodily injury and property damage in the minimum amount of $1,000,000 per each occurrence.
Registered and unregistered vehicles in the minimum amount of $1,000,000/$1,000,000 bodily injury and $1,000,000 property damage; or $1,000,000 single limit per each occurrence. Registered vehicles include motorcycles and motorhomes.
Uninsured and underinsured motorist protection in the minimum amounts of $1,000,000 per each occurrence. This requirement does not apply to the provinces of Quebec or Manitoba.
Watercraft less than 8 metres (26feet) and 50 engine rated horsepower or less for bodily injury and property damage in the minimum amount of $100,000 per each occurrence.
Watercraft 8 metres (26 feet) or longer or more than 50 engine rate horsepower for bodily injury and property damage in the minimum amount of $500,000 per each occurrence.
*The above liability limits must be in USD if the asset is located in the United States.
Each participant is covered for a $5 million limit of liability, and there is no annual aggregate on the policy.
Your Chubb Group personal Excess Liability coverage provides worldwide automobile rental coverage (subject to a few territorial restrictions), for up to 60 days. You can rent a car while on vacation and have coverage for personal injury and property damage without buying the additional insurance.
Yes. At the time of writing this (November 1, 2017) you would not be covered in Iran, North Korea, Syria, Cuba and Sudan. Please check with us for any changes to these territorial restrictions.
What do I do if there is an accident?
Please contact Colley Insurance at 1-888-824-0445 as soon as possible, so we can help you through the claim process.
Need any help!
Office: 519-824-4040
Toll-Free: 888-824-0445
Fax: 519-763-6839
customerservice@tgcolley.com
1 - 34 Harvard Road Guelph,
ON N1G 4V8
We would recommend Colley Insurance to any organization without hesitation