Customized coverage: specialized insurance for high-value homes

Published April 11, 2019

luxury home_montage

Insurance Account Executive

If you own a home assessed at more than $750,000, you've probably made other significant investments.

It's likely your home contains expensive furniture, accessories and appliances, some works of fine art, distinctive tableware — perhaps a collection of high-end wines. You may have invested in custom features — a chef's kitchen, a workout room, a theater for screening your favorite movies — that add value in addition to making the home uniquely yours

 But if all you have covering your high-value home and its valuable contents is a standard homeowners insurance policy, you you haven't invested in sufficient coverage for major damage or loss.

As the Trusted Choice association of independent insurance agents notes:

  • Traditional homeowners policies typically place caps of $1,000 to $2,000 each on coverage for items such as silver, jewelry and fire arms.
  • Purchasing separate riders on these items may only increase your full coverage to $10,000 for each category of personal belongings.
  • Homeowners policies typically limit the cap on contents coverage at 50 percent to 70 percent of your home's value. This is typically not high enough for high enough for high-wealth individuals and collectors.

The Insurance Information Institute provides a concise guide to what standard homeowners insurance covers, and that may be fine for a standard home. Custom homes, on the other hand, require customized coverage.

Return on investment

As an independent agency, Sylvia Group works with multiple insurance carriers, enabling us to match client to company. Among those carriers are companies  including Chubb and Pure  that offer specialized coverage and services for owners of high-value homes. Such coverage and services may include: 

  • replacement cost and extended replacement cost coverage, even if replacing your home exceeds your policy limit;
  • infrared scanning that can reveal hidden leaks or faulty electrical work before damage occurs;
  • restoration of electronic data destroyed by a computer virus;
  • a cash settlement option, should you choose to rebuild in a different location or not rebuild at all;
  • temporary living arrangements if your home cannot be lived in during a covered loss;
  • ample jewelry coverage for losses up to $50,000;
  • broad coverage for sewer and drain backups, including payment for cleanup, replacement or rebuilding;
  • premium discounts for compliance with risk-prevention recommendations.

Naturally such programs cost more than standard homeowners policies, but clients who have invested in specialized coverage for a high-value home almost invariably consider it money well-spent. 

SPS for people of high net worth

As experienced advisers to people with much to protect, the team at Sylvia Group does much more than offer specialized coverage for high-value homes. We use the Sylvia Protection System (SPS) and our proprietary 360° Risk Navigator to follow a four-step process of analysis, planning, implementation and coordination to offer a full program of performance-based insurance, benefits and financial planning.

For example, you may have coverage needs that include: 

  • Vintage automobiles. We provide insurance for entire collections, as well as vehicles for everyday use.
  • Other valuable articles and collections. In addition to automobiles and jewelry, we provide coverage that goes beyond standard homeowners polices to replace lost or stolen valuables such as silver, furs, paintings, sculptures, wine, coins and antiques, as well as autos and jewelry.
  • Watercraft. Whatever the vessel ― sailboat, runabout or yacht ― we work with multiple carriers to find the right coverage.
  • International protection. Travel can leave you lacking coverage you have at home. The right insurance provides protection in the event of a canceled trip, loss or injury incurred abroad.
  • Excess liability. In the event of a lawsuit, an umbrella policy covers defense and damages above the limits of standard home and auto limits.
  • Bloodstock and livestock. Protection from financial loss due to the death of a prized animal.
  • Domestic staff. Owners of high-end homes frequently require Workers' Compensation Insurance for employees such as housekeepers, landscapers and drivers.
  • Life Insurance. As time passes and family circumstances change, we can assess your coverage to ensure the people you care about most are protected if you're no longer here to protect them.
  • Retirement and succession planning. The team at Sylvia Financial works with the expert advisors of Voya Financial to provide services that have protected and enhanced the wealth of generations of families.

Additional resources

You may also be interested these previous blog posts about home insurance:

If you'd like a review of the insurance policy covering your high-value home, I welcome you to contact me. We'll make sure you have not only sufficient coverage but also the peace of mind that comes with it.


About Gorete Cadieux and Sylvia Group

Gorete Cadieux_editedWith more than three decades of experience serving the personal insurance needs of Sylvia Group clients, Gorete Cadieux works with multiple companies to find the best available coverage at a price that makes the most sense for your budget. Using SPS — the Sylvia Protection System — she takes a consultative approach to working with clients, enabling them to make informed, educated decisions about their insurance policies.

Sylvia Group helps businesses and individuals protect their future by designing insurancebenefits and financial planning programs. We’re a locally owned agency known for our commitment to our clients and our community, as well for our industry expertise. Founded in New Bedford, MA, in 1950, headquartered in neighboring Dartmouth, and serving businesses and individuals throughout Massachusetts, Rhode Island and beyond, Sylvia Group is certified as a Woman Owned Business Enterprise with the Massachusetts Supplier Diversity Office and has the distinction of being the first six-time recipient of the Five Star designation awarded by the Massachusetts Association of Insurance Agents (MAIA) for all-around agency excellence. 

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