Living in Annapolis Maryland puts us in one of the most unique locations in the world. If you draw a 200-mile radius around Annapolis you encompass several major metropolitan areas, not to mention the 2 of the most powerful cities in the world, Washington, DC and New York City.
Annapolis, MD is also one of the most frequently listed as also one of the most expensive zip codes in the country to live in as well. In fact according to a recent report $100 in Maryland is really worth about $89.85. Reports like that really make you feel fortunate to live where we do, don’t they??
Along with being expensive our area also has a large number of high value homes that range from waterfront properties along the Chesapeake Bay to beautiful 100+ acre farms in southern Maryland.
When it comes to insuring high value homes there are a number of things that need to be considered:
- Do you have high enough contents coverage? Chances are if you own a home that is in excess of $500K you have more stuff in your home than someone with an apartment that costs $100K
- Fine arts? Your artwork, guns, jewelry, silverware, and other valuables may not be covered under a standard homeowners policy
- Loss of Use Coverage? Say your home burns down where is the money going to come from to maintain your standard of living?
- Identity theft coverage? A standard homeowners policy will not have this and in todays world it is something that can prevent headaches down the road.
- Personal Liability Coverage– are your domestic employees covered for work they are doing around your house?
- Umbrella Insurance? An Umbrella policy is something that all high value homeowners need to be consider in order to be protected in the event of a catastrophic loss.
- Flood Insurance? Maryland has tons of waterfront properties and hurricanes have been frequent in recent years.
- Earthquake? I think everyone remembers the 4.0 quake a few years back. Earthquake is not included on a standard homeowners policy.
This list is just a start for what any owner of a high-value home should be considering when buying insurance. If you have any questions about this list above please feel free to contact us at Henry Murray. We have been insuring high value homes in and around Maryland since 1881.
-The Henry Murray Team