Larger Home Purchases are on the Rise. A Luxury Homeowner’s Policy Could Save You Money
Americans are spending more time at home. In the Mid-Atlantic region—Maryland, Virginia, and Washington D.C.—there’s been a surge in the real estate market due to pent up demand and historically low interest rates. Safety concerns due to the coronavirus mean that many people continue to work from home. They are purchasing larger houses with room for desks and computers. They also are spending more leisure time in their residence. This means that homeowner’s insurance is more important than ever before.
More People Are Buying Larger Houses with More Amenities
Home has become a place for exercise, school, and work. Porches, patios, garages and gardens have become more important as people spend time with family and close friends. The Institute for Luxury Home Marketing reports on their website that, “ the last six months have seen a resurgence in the buying of mega mansions and estate size homes—specifically properties that offer space, both inside and outside, separate home offices, gyms, and private amenities such as swimming pools, yoga studios and recreation rooms.
This new report, reverses a trend toward the purchase of smaller quality homes that occurred in 2019, when those with disposable income were more likely to use it for travel and investment diversification. Spending more time at home, means that current homeowners have been enhancing their property by adding: bathrooms, offices, and family rooms. The demand for lumber has been so high, according to the website MarketWatch, over the past six months prices for building materials has increased 60%. Therefore, it’s important to report any upgrades you’ve made to your insurance agent, to make certain your homeowner’s coverage is up-to-date and accurately reflects the buildings’ current replacement value.
Recent Home Improvements May Have Dramatically Increased the Value of Your House.
If you own or recently purchased a house with a replacement value of more than $750,000 and can combine automobile coverage with your homeowner’s policy; the Crilly Insurance Agency can give you a quote for luxury homeowner’s insurance that provides enhanced coverage and probably saves you money. In order to qualify, you will need to have a good driving record.
A Luxury Homeowner’s Policy has Added Benefits
Enhanced coverage means added personal liability and personal property coverage included in the policy along with special coverages such as credit card and identity theft coverage, data restoration and inflation protection. To learn more about Luxury Homeowner’s Insurance and whether you qualify, give us a call at 410-572-1771 or request a quote from one of our agents.
