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Home Insurance

Many homeowners often overpay for residential insurance that exposes their wealth to risk. The right coverage reduces risk and cost
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By working with Golden Global Insurance experts who specialize in Property and Casualty Insurance, families can often gain more complete protection without a significant increase in premiums.

NPR Homeowners Insurance article : Bedbugs, Lava and Bowling Balls

NPR recently had a great article about Insurance coverage that explained some of the ins and outs of property and casualty insurance Coverage in a very humorous way. To Quote a few lines for you: ”

My homeowners insurance policy reads as though somebody took all of the bad things that can happen in the world and divided them into two buckets: stuff that is covered and stuff that is not covered.
I’m covered for damage from fire, lightning and malicious mischief. I’m covered if a volcano spews lava onto my house. It’s right here under “Additional Coverages.” Paragraph 10. “Volcanic Action.” To read the full NPR article and learn more Click here
The first step to take in reviewing home insurance quotes for high-value homes is to accurately identify what the property is worth. For recently purchased homes, coverage that covers the purchase price and personal possessions is usually recommended. If it has been a while since the home was acquired, an appraisal can be completed so a realistic value on both the home and important possessions can be set.

Any important risk factors that could impact coverage cost should also be considered. Many coastal luxury homes are located in flood zones that require additional flood insurance protection.

Key opportunities identified in the study, Wealth at Risk: How High Net Worth Families Overpay to Be Underinsured, include:

• Increasing Deductible Amounts: 81 percent of surveyed agents reported families had deductibles that are too low.

• Package Discounts: 62 percent of the agents reported that families did not take advantage of discounts available by placing multiple policies with one carrier.
• Loss Prevention Credits: Half of agents surveyed said families overlook credits available for safety systems such as burglar alarms, water leak detection and power backup systems.

The most commonly underinsured risks cited in the study included:

• Umbrella Liability: 92 percent of agents cited inadequate liability coverage, even though four in five families felt their wealth alone made them more likely lawsuit targets.

• Uninsured/Underinsured Liability: 86 percent of agents said High Net Worth families had inadequate protection from potential injury from others who lack adequate insurance.

• Valuables and Collections: 86 percent of agents reported inadequate coverage of jewelry, art, wine and other important valuables.

• Home Structure: 83 percent of surveyed agents said wealthier families have insufficient coverage of their main home and/or vacation homes, even though such properties are typically a core component of a family’s net worth.

To learn more about how you and your family can avoid paying too much for too little coverage, contact a Golden Global Insurance Residential Insurance expert today at 1-305-899-5125.