You probably bought your beautiful Long Island home over 10 years ago--before the prices in Nassau County really started to soar.
That worked out great: you paid about half what you would today. And perhaps you've even updated a few rooms or have added some additional space to your home using your elevated equity.
Since Long Island and Nassau County in particular is consistently ranked as one of the most expensive areas for housing in our country, it's safe to say you own a High Value Home.
Well, if you're like a lot of local residents here on Long Island, your house has outgrown your home insurance policy. That mass market, cookie-cutter insurance policy you started out with has stopped covering the true value of your high value home years ago.
How did your protection stop if you are still paying for home insurance?
As your home continued to grow in value, the dollar amount your typical home insurance policy would cover to replace or fix your home did not. The gap developed between the market value of your home and your maximum coverage will have to be covered out of your pocket. Also, does your insurance company specialize in High Value Home Insurance?
Have you considered how much your home insurance will really pay for in case of:
- Fire or other natural disaster
- Loss of use
- Jewelry or Fine Arts
- Liability
For each of these areas of high value home insurance, you need to make sure you have enough protection to cover your potential costs. These need to be reviewed to make sure you’re not paying too much or have too little protection.
