As with high-end cars and megayachts, insurance for mansions, largely defined as homes starting at $750,000, is a bit different than a standard home insurance policy, according to The Zebra, which noted that as a home's value increases so does its cost to repair or replace.
In addition to higher replacement costs, mansions often artwork, antiques, pools, hot tubs and other expensive or potentially risky features. This means these policyholders typically require higher personal liability and personal property limits, The Zebra reported.
Much like a Mastercard Black Card, these high-end policies come with perks such as cyber protection, no-cost home inspections and employment practice liability for the mansion's staff.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
