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Things to Consider About Your Mansion Insurance Policy

By March 26, 2018 April 1st, 2019 No Comments

Insure your mansion with Delaware mansion insurance so you are able to replace the cost value in case of a disaster.

Every mansion insurance policy has internal limits on certain personal property like jewelry and collectibles. Be aware of your coverage amount and if an increase is needed for you specific lifestyle. A mansion insurance policy should be quoted on a special form to insure your mansion insurance policy covers fires, lightning, freezing, hail, smoke, vandalism, theft, and falling objects.  There are additional coverage endorsements you can add to your policy such as water backup coverage, earthquake, flood, scheduled property like jewelry.

Protection where it Counts

Many mansion homeowners don’t realize that if an accident takes place on your property you can be at fault even if you were not to blame. Some of the main liability insurance claims on mansion insurance policies come from dog bites, slip and falls on the sidewalk, and falling trees over property lines.

High-price market homes are at higher risk of inadequate coverage in case of a complete loss due to instances such as natural disasters. It is crucial to insure for the replacement value of home, not just the mortgage value.

Specialized policies might acquire costs that run above the estimated expense to reconstruct the exact same house. Handcrafted features such as custom molding, in-home theater, or folding glass walls may require specific current building codes.

Insurance prices can vary immensity so check with your mansion insurance agency to get a quote. The annual premium price difference between a standard policy and a specialized policy may only be in the hundreds. Even if an individual decides their mansion can be served with a standard policy, a high-end home would require extra coverage for expensive items. Mansion insurance can typically ensure sufficient liability coverage in their policies for guests and contractors. An injured party who sees wealth is more likely to file a large claim so take advantage of protective measures sooner than later.

Things to Consider

It is especially important for high-end home buyers to select an insurer as soon as possible after applying for a loan and ideally a month before closing.

Be sure your insurance policies provide enough coverage for rent and living expenses if you must vacate your home during repairs or construction, especially if the contractor or materials are delayed after a disaster. If maintaining a luxury lifestyle is important, then coverage for those costs must be included in the policy.

Mansion owners should install security systems or other safety features, such as a sprinkler system or storm shutters. These could qualify the homeowner for premium discounts. Maintenance staff living on the property may also present cost savings in some high-end policies.

About IFS Insurance

At IFS Insurance, we specialize in protecting homeowners and renters throughout Delaware, New Jersey, Pennsylvania, and Maryland. Our quality solutions and commitment to excellence has allowed us to serve these states for over 50 years. For more information about our products, we invite you to contact us today at (800) 598-0420