/ HIGH VALUE HOMES
Tailored Coverages
and Risk Management
Programs Designed
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Learn More ↓Q&A: Tower Hill’s High Value Home Program
Shaun Murphy, Pablo Beach Insurance Group
What type of home typically qualifies for Tower Hill’s High Value Home Program? What can a high net worth client expect from Tower Hill? Pablo Beach Insurance Group’s Shaun Murphy answers some common questions about Tower Hill’s High Value Homeowners policies.
Rebuild Costs vs. Market Value
Jason Sullivan, Foundation Insurance of Florida
Today, more than ever, having a licensed insurance professional help to simplify the complexity of buying homeowners coverage is critically important. As we rebuild in the aftermath of Hurricane Irma, customers often want to understand exactly how insurance carriers determine the rebuild cost of a home.
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With its climate and expansive coastlines, Florida offers many advantages for residents, even for seasonal and secondary homeowners. However, there is often a gap between the coverages available in standard insurance policies and the options required for larger, more expensive homes. Tower Hill’s Spire and Prime Plus programs are designed to bridge that gap and provide a range of coverages to choose from, depending on your individual needs.
Home Protection
| Key Coverages | Typical Policy | Prime Plus | Spire |
| Extended Replacement Cost | 25% Available by Endorsement | 25% Available by Endorsement | 20% Included; Limits up to 50% Available |
| Screened Enclosure Coverage | $10,000 Included; Additional Buyback Available | $10,000 Included; Up to $50,000 Available | No Limitation |
| Water Back Up and Sump Overflow | Available | Available | $100,000 |
| AOP Deductible Waiver | Not Available | Not Available | Available Deductibles Up to $25,000 |
| Debris Removal | Included; Up to 5% Above Coverage A; Up to $500 for Removal of Felled Trees | Included; Up to 5% Above Coverage A; Up to $500 for Removal of Felled Trees | Included; Up to 10% Above Coverage A; Up to $1,000 for Removal of Felled Trees |
| Landscaping | 5% of Coverage A ($500 per item) | 5% of Coverage A ($1,000 per item) | 5% of Coverage A ($2,500 per item) |
Contents Protection
| Key Coverages | Typical Policy | Prime Plus | Spire |
| Personal Property Coverage Perils (Coverage C) | Named Perils; option for Special available | Named Perils; option for Special available | Special |
| Personal Property Replacement Cost | Available | Available | Included |
| Personal Property Special Limits |
|||
| → Money, coins and medals | $200 | $5,000 | $5,000 |
| → Securities and stamps | $1,000 | $5,000 | $5,000 |
| → Watercraft | $1,000 | $5,000 | $5,000 |
| → Trailers (not used with watercraft) | $1,000 | $5,000 | $5,000 |
| → Jewelry and Furs (theft loss) | $1,000 | $5,000 ($1,000 per item) | $5,000 ($1,000 per item) |
| → Firearms (theft loss) | $2,000 | $5,000 | $5,000 |
| → Silverware (theft loss) | $2,500 | $5,000 | $5,000 |
| → Grave Markers and Mausoleums | No Exclusion | $5,000 | $10,000 |
| → Crystal; China; Porcelains; Figurines; Statues; Sculptures; Mirrors; Wine Bottles; Glassware and Similar Items (losses caused by breakage are excluded, unless breakage is caused by one of the named perils | Actual Cash Value | Replacement Cost | Replacement Cost |
| → Business Property on Premises / off Premises | $2,500 / $250 | $10,000 / $1,000 | $10,000 / $1,000 |
| Pair or Set | Not Available | Replacement Cost (payment can be made if the portion not lost is surrendered) | Replacement Cost (payment can be made if the portion not lost is surrendered) |
| Blanket and Scheduled Jewelry | Scheduled Jewelry | Scheduled Jewelry | Blanket Jewelry or Scheduled Jewelry |
| Food Spoilage | $500 | $1,000 | $2,500 |
| Lock Replacement | Not Included | $500 | $2,000 |
Financial Protection
| Key Coverages | Typical Policy | Prime Plus | Spire |
| Personal Liability | Up to $300,000 Available | Up to $500,000 Available | Up to $1 Million Available |
| Medical Payments to Others (Coverage F) | $1,000 Included / $2,000, $3,000, $4,000 or $5,000 Available | $1,000 Included / $2,000, $2,500, $5,000 or $10,000 Available | $5,000 Included / $10,000 Available |
| Damage to Property of Others | $500 | $500 | $1,000 |
| Personal Injury | Available | Available | Included |
| Animal Liability | $25,000 | $25,000 | Up to Personal Liability Limit |
| Diving Board & Pool Slide Liability | $25,000 | $25,000 | $100,000 |
| Personal Watercraft | $25,000 | $25,000 | $25,000 |
| Watercraft Other than Personal Watercraft | $25,000 | $100,000 | $100,000 |
| Trampoline Liability | $25,000 | $25,000 | $100,000 |
| Credit Card, Forgery, & Counterfeit Money | $500 | $5,000 | $10,000 |
| Identity Fraud Expense Coverage | Available | $25,000 | $25,000 |
| Data Replacement / Personal Computer Records | Not Included | $2,500 | $5,000 |
| Loss Assessment | $1,000 Included / $2,000 or $3,000 Available / $250 Deductible | $1,000 Included / Up to $10,000 Available / $250 Deductible | $5,000 Included / Up to $50,000 Available / $500 Deductible |
| Additional Living Expenses (ALE) | Up to 20% of Coverage A | Up to 30% of Coverage A | Up to 30% of Coverage A |
| Loss of Use Due to Power Shortage | Not Included | Not Included | Included |
Loss Prevention Tips for the High Value Homeowner
Water Damage
- Replace the supply lines to your sinks, toilets, washing machine, refrigerators, dishwashers, and other appliances if they are more than eight years old. They may look fine on the outside, but corrosion inside can cause a burst pipe. Braided stainless steel supply lines cost approximately $15 and can save you your deductible and thousands of dollars in damage.
- Install a water shut-off device. In leak prone areas in your kitchen, bathroom, and laundry room, these devices can automatically turn off the water supply when they detect moisture. The alarm can alert you immediately to a pipe break and prevent thousands of dollars of damage.
Fire Damage
- Test your smoke alarms biannually and change the batteries. Have your family practice a fire drill to ensure everyone knows safe escape routes from any part of the home.
- The leading causes of fires in the kitchen is unattended cooking. Keep fire extinguishers in your kitchen and outside by any grills or fireplaces. Replace unused fire extinguishers every 15 years.
- Ask your security and fire alarm company to perform annual checks of your systems.
- If a circuit breaker in your electrical panel repeatedly trips, call a licensed electrician to inspect the wiring in your house.
Theft Losses
- Change all of your locks before you move in.
- Update your security system’s passkey, and contract with a 24/7 home security monitoring service that you know and trust.
- Avoid posting on social media sites information that might tip criminals to you being away from your home on vacation or business.
- Only use secure websites to transact purchases with credit cards, and never provide your password information over the phone or email.
- Enroll in a reputable identity theft protection service, which will monitor your bank and credit card accounts, as well as alert you to loan and credit applications made in your name.
Roof Damage
- Composition shingles average 12-15 years life expectancy before repair or replacement is needed. Tile and metal roofs can last much longer but require annual maintenance to keep them watertight.
- Have your roof and gutters inspected each spring. Leaves and other debris can collect and cause water to back up under the shingles. Annual maintenance of your roof can head off major problems when the wind blows or the rain falls.
- Trim any branches that are hanging over the roof to prevent damage and keep vermin away.
