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.

CONTACT GORETE


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. 

Upcoming Events

HOSTED EVENT
SEMINAR:

Massachusetts Employee Benefits Compliance
Wednesday, Sept. 18
8:30-10 a.m.
Sylvia Group
500 Faunce Corner Road
Building 100, Suite 120
Dartmouth, MA 02747

More Information »
HOSTED EVENT
WEBINAR:

Medicare Open Enrollment
Tuesday, Oct. 15
11 a.m.-noon
Sylvia Group
500 Faunce Corner Road
Building 100, Suite 120
Dartmouth, MA 02747

More Information »
HOSTED EVENT
SEMINAR:

Long-Term Care Insurance: Retirement Security
Thursday, Nov. 7
5:30-7 p.m.
Sylvia Group
500 Faunce Corner Road
Building 100, Suite 120
Dartmouth, MA 02747

More Information »
HOSTED EVENT
SEMINAR:

Strategic Planning for Nonprofits
Tuesday, Nov. 19
8:30-9:30 a.m.
Sylvia Group
500 Faunce Corner Road
Building 100, Suite 120
Dartmouth, MA 02747

More Information »

Sylvia Newsletter

Subscribe to our newsletter for news and updates about policies, enrollment changes and new laws that affect you.

Testimonials

  • “I come in contact with many insurance brokers in the course of my practice – even more so with the advent of the Affordable Care Act requirements. Some are ill-prepared or still in denial. Others call me from the car on the way to a client meeting asking for a summary of the ACA in ten minutes. On the flip side of this coin is the Sylvia Group agency. Their clients are very fortunate to have a broker who is knowledgeable about employee benefit matters. The fact that Sylvia Group invited me, an ERISA lawyer, to conduct a live client seminar on the new ACA employer information reporting requirements indicates to me that they are engaged in the process and they care about their clients.”

    – RICHARD A. SZCZEBAK, Esq., RAS Law, P.C.

  • “By giving, advocating and volunteering, Sylvia Group has proven they are dedicated to our community. Whether they are volunteering at one of our Day of Caring events or working with us to provide affordable health insurance and benefits to our employees, Sylvia Group does whatever they can do to make a difference for United Way of Greater New Bedford. The team at Sylvia Group is a trusted group of dedicated professionals, and we thoroughly enjoy working with them.”

    – MICHELLE N. HANTMAN, President and CEO, United Way of Greater New Bedford

  • “When I needed assistance with my business insurance program, Jill White immediately responded – and, even more important, she listened. She understood the challenges I had with my former agent, and she and the Sylvia Group team designed a program specific to my restaurant’s needs. I’m confident that with Jill’s expertise and personal attention, Fay’s is in good hands. That gives me the peace of mind to focus on what my family and I do best: serve delicious food and provide great customer service while running a successful business.”

    – EVELYN BETTENCOURT, Owner, Fay's Restaurant and Knotty Pine Fine New England Catering

  • “Sylvia Group is very resonsive to our ever-changing needs. Jill White provided us with wonderful support when we moved our child-care program location. She ensured that our coverage was seamless and that it met all of our program, licensing and funding needs. Sylvia Group always assists us immediately when we have questions and/or requests. We knw we are in good hands and that they have the best interest of our YWCA participants in mind. It's a pleasure to work with the staff of Sylvia Group; they are truly customer-focused.”

    – GAIL FORTES, Executive Director, YWCA Southeastern Massachusetts

  • “Thanks to John Beauregard and the professionals at Sylvia Group, our MassMEDIC membership has paid immediate dividends. Through the BIO Business Solutions® program, Primo Medical received a significant premium reduction on our Professional Liability policy. In addition, utilizing Chubb as our insurance provider and Sylvia Group as our broker, we’re confident that we have business partners who truly understand our insurance needs, provide outstanding loss control services and continue to work with us to lower our total cost of risk.”

    – CHRISTOPHER LAPLANTE, Chief Financial Officer, Primo Medical Group

  • "Getting the right insurance to guard against risks is absolutely critical for nonprofits, as well as other businesses; dealing with a costly claim could force a nonprofit to shut down permanently. Going with the Sylvia Group, we made the right decision and have never looked back. They have gotten to know our mix of services, evaluated our insurance needs and designed an insurance program around our specific insurance coverage needs — allowing us, on a tight budget, to purchase the right amount and type of insurance at the best value. Sylvia Group staff have built strong, personalized helping relationships with our staff. I can sleep at night knowing they make sure that our insurance policies are adequate to cover our risk exposures. I have recommended, without hesitation, the Sylvia Group to my colleagues working in both the nonprofit and for-profit arenas."

    - MARIA A. ROSARIO, Executive Director, NorthStar Learning Centers, Inc.

  • “Sylvia Group is an attentive, professional and knowledgeable insurance agency. They are familiar with the ever-changing rules and regulations when it comes to independent, nonprofit schools., and John Beauregard always goes above and beyond for Friends Academy. Whether it is something small, like registering a new school vehicle, or something bigger, like filing a claim after our greenhouse was destroyed by a hurricane, he treats every question and every claim with utmost importance. Sylvia Group is invested in our program as well; John sponsors and participates in our yearly golf tournament. Sylvia Group is an exceptional insurance company that I would recommend to all my cohorts.”

    – KATHERINE FURTADO, Chief Financial Officer, Friends Academy

  • “The Sylvia Group team provides a multitude of services in all aspects of employee benefits. The team's dedication to their clientele is apparent through their willingness to provide trainings in your office, at their business and through valuable webinar resources. They are readily available to answer questions and help with any issues that may arise. CMHS, Inc. appreciates the relationship that we have enjoyed with the Sylvia Group throughout the years.”

    – JOHN WINTERHALTER, President, Comprehensive Mental Health Systems, Inc.

  • “I want to thank you for this incredible resource, ThinkHR. We will be accessing it frequently and appreciate Sylvia Group making this available to Advanced Eye Centers.”

    - PAUL C. ABRANTES, Executive Director, Advanced Eye Centers

  • “I love your staff. In the first three or four weeks after we moved over to Sylvia Group for our insurance, I have had more communication and attention from them than I had in the seven or eight years we were with our former agency! You have a great team.”

    – PAT CASSAN, Ocean Explorium

  • “I just wanted to take the time to recognize what a remarkable job Danielle Andre is doing. I cannot thank her enough for her time, her kindness and her willingness to make sure I’m comfortable with all the necessary changes that occurred from an insurance standpoint. As a whole, every Sylvia Group staff member has been friendly and knowledgeable, but Danielle has certainly gone above and beyond for me.”

    – SHANNON S., Personal Insurance client

  • “I so appreciate Julie Jennings' help with Medicare planning. It is a relief to be able to consult with a knowledgeable professional on insurance issues. I have no idea how people do this without such help.”

    – CHRIS BLACK, Personal Insurance client

  • “Working with Sylvia Group over recent years has taken our insurance issues from 'groans and moans' to 'no problem.' Rose Lopes, our Account Manager, is one of the most responsive people I have ever worked with. She responds immediately to questions or special requests. It is such a pleasure to work with Rose, who does whatever it takes to find a solution to our needs. We are very pleased… She always has our interests in mind.”

    – LYNNE FOLEY, Director of Human Resources, Five Star Companies, Inc.

  • "Sylvia Group is by far the best insurance agency I have ever dealt with, both personally and in my business. They provide customer support that is not found in other agencies. For example, they take a personal interest in their clients, calls are always taken or returned immediately, and during reviews suggestions are made to offer the most cost effective and comprehensive coverage. When claims occur, they have always been there to facilitate the process. It has truly been a pleasure to have them represent me in my insurance needs."

    - WILLIAM N. WHELAN, Chairman, Whelan Associates LLC