As an independent insurance agency, North Shore Risk Management will help you choose the right home insurer based on a series of questions during our discovery conversation. Our goal is to provide each client with a tailored solution at an exceptional value – which often involves a healthy balance between coverage, claim handling and premium. We specialize in providing protection for high-value homes, often involving coverages not offered in most standard policies.
Guaranteed replacement cost coverage– Rebuilds your home in the event of a total loss – should the damage exceed the insurer’s recommended dwelling limit.
Water back-up (sewer and drain) coverage – If water enters through a sump pump or drain, often in the lowest level, the damage is excluded with a basic home policy unless properly endorsed. Most insurance companies will allow you to add limits up to $10,000 or $25,000. However, we have insurers that permit coverage up to the overall dwelling or personal property limit under a high-value home policy.
Replacement cost coverage- When choosing the right home policy, it is important to ask if your moveable items (personal property) and/or damage to the structure includes replacement cost coverage. Some insurance providers will only pay for the depreciated value – which takes into account age, wear and tear on a pre-loss basis. In this case, there may be a lower settlement that you otherwise would have expected.
All-risk personal property coverage – A basic home policy will provide coverage on a “named peril” basis. This includes a specific list of qualified losses within the home policy contract, including but not limited to: fire, theft, vandalism, weight of snow and ice, smoke, etc. With a high-value home policy, coverage is broadened to include “all-risk” coverage for your personal property. This includes coverage for breakage, etc.
Cash out option – With a high-value home policy, most insurance companies will allow for a cash settlement in the event of a total loss – such as a fire. This will allow for a fast, efficient settlement allowing you flexibility to rebuild quickly or perhaps sell the land and move to a new location.
Service line coverage – This valuable coverage will help to repair or replace an underground or buried utility line, such as the sewer or water line that extends from your home’s structure to where it meets the city’s property line. Typically, this includes normal wear and tear such as corrosion, subject to a special (lower) deductible, which would otherwise be excluded within a home policy.
Loss of use or additional living expenses coverage – With most standard policies providing a time and/or dollar limit, this valuable protection can be offered with “actual loss sustained” limits. In other words, should your home become uninhabitable due to a covered loss such as a fire or structural damage from a fallen tree, this will provide coverage for those additional, unforeseen expenses. This often includes the rent for a similar home, utilities, hotel, boarding of animals, etc. In general, it provides coverage for those expenses you otherwise would not have incurred pre-loss.
As technology has become increasingly integrated into people’s lives, the risks that sensitive personal data could be compromised, including Social Security numbers and bank and credit card information, has continued to rise. In general, a personal cyber insurance policy will provide financial reimbursement for the costs associated with the theft of digital information and/or assets up to your policy’s limits. However, there are a variety of ways cyberattacks can result in a monetary loss, ranging from the theft of bank account funds to payments made after extortion through an anonymous online threat.
Consult with one of North Shore Risk Management’s professionals to make sure you have the proper coverage.
