Insurance for High-Value Homes and Possessions
Sometimes standard insurance isn't enough. If you own a home of architectural or historical significance, or have a collection of art, antiques, wine, or jewellery, a standard insurance policy may not give you the coverage you need to rebuild or replace. You may know the difference between regular table wine and a 1963 Chateau Mouton Rothschild 1er Cru Classé Pauillac, but a standard insurance policy does not.
At Neziol Insurance Group, we use highly customized insurance packages to make sure that you're valuable possessions are appropriately insured in the event of damage or loss. These packages are designed to take into account the replacement value of these unique items, and give our clients peace of mind.
Frequently asked questions and tips
What is a high-value home?
Typically, a high-value home is considered such if one or more of the following apply:
- Rebuilding value of $400,000 or more.
- Extensive collection of jewellery, fine art, or other collections valued at over $25,000.
- Your home is custom built or architecturally unique.
- Your home is designated as a heritage home.
Why should I insure my high-value home with premium coverage?
Anyone can insure your home, but a high-value home has unique insurance needs that most generic policies do not offer. Luxury homes require insurance from an insurance company whose products are exclusively designed for high valued properties.
What does Neziol Insurance Group recommend for high-value homes?
For high-value properties, Neziol Insurance Group uniformly recommends The Chubb Insurance Company's Masterpiece Policy. This coverage plan is designed specifically for high valued homes and the people who own them. Chubb is the North American leader in this category. Below are some of the unique features of the Masterpiece Policy not offered by regular insurance companies:
- Take the Cash, Rebuild at Another Location or Rebuild On-Site. After a fire or insurable loss you get to choose the settlement options. Virtually all the competitors require you to rebuild on-site or replace damaged articles.
- Liability Insurance for Volunteers Sitting on the Board of Non-Profit Organizations. Most other insurance plans exclude this important coverage issue, along with libel, slander, and defamation of character. If you or a family member volunteers their time and sits on the board of directors of a charity, hospital or other non-profit organization you need this important protection.
- No sub-limits or Restrictions of Students Away from Home. Do you have a child living away at a university in Canada or abroad?
- Chubb automatically provides coverage for their personal property and even includes worldwide personal liability.
To find out more about Chubb's Masterpiece Policy contact your nearest Neziol Insurance Group location or request a quote online.
What is a substantial wine collection?
If you own fifty or more bottles of wine, consider insuring it as a wine collection. You should also protect your investment by storing it in a proper climate-controlled environment.
What kind of coverage does Neziol Insurance Group recommend?
Neziol Insurance Group recommends a specialized policy provided by The Chubb Insurance Company. Chubb is the only insurance company in Canada that offers a package specifically tailored for wine collections. There are two coverage packages available. The Vintner Package is designed to protect you in the case of catastrophic loss such as theft, breakage, fire, vandalism and off-site storage. The Sommelier Package offers even more protection. It includes all of the coverage in the Vintner Package as well as protecting your collection from damage caused by extreme temperature or humidity fluctuation, vibration and light.
Home Insurance Products
Here are some reasons to help you understand why.