Luxury home insurance for high end homes comes with many coverage options, and even extras, depending on what you need. A comprehensive policy that offers liability protection, property damage protection, and superior property replacement  options help define a customized luxury home insurance plan. Other optional coverage options are coverage for appliances and electronics, fixtures and furniture, and outdoor accessories, like porch furniture and deck furniture if insuring a vacation home. Purchasing a homeowner's umbrella policy offers additional coverage for things like lawsuits and injury claims resulting from personal injury to others who visit your home. This type of home insurance covers all the costs associated with any injury or death that happens at the house while you or your family are there. For example, if someone trips on a loose wire in the kitchen and breaks an arm, the liability policy will pay for medical expenses and lost wages. Also covered are legal fees, which can add up quickly.

When comparing homeowners insurance policies for your high-end home, ask questions about exclusions and limitations. Exclusions are what limits the coverage of the policy. For instance, an expensive antique might be considered an item that might be excluded from your home insurance policy. Likewise, items considered as fire hazards will also need to be addressed your homeowner's insurance policy. Limitations, on the other hand, pertain to events that take place on or near your property. This means, for example, that your home insurance won't cover you if a tree falls on your home, or if you or one of your family members is injured or killed in an accident on or near your property.

Many insurance carriers that offer vacation and second home coverage offer flexible plans that will allow you to adjust the amounts of coverage provided. In other words, if your property is damaged, lost, or stolen, you may be able to increase the amount of your coverage or the exclusions, or both. Your Pearson Wallace agent will compare different insurance companies' rates and coverage levels before selecting a policy to ensure that you are getting the best coverage for your particular situation.

If your primary or secondary residence is a condo or co-op, you can get limits as low as $250K for your home and possessions. This offers valuable, versatile "walls-in" protection with built-in coverage for loss, water backup, loss mitigation and personal liability. This coverage provides additional flexibility with a cash settlement option. It allows you to rebuild, downsize, or start over anywhere else in the event that there is a total loss.

Your agent will be able to answer any questions that you might have regarding vacation home insurance. He or she can also help you find the best policy by recommending multiple quotes from reputable companies. You should never purchase a home insurance policy without consulting an agent, since the majority of policies will have some sort of deductible associated with them, as well as coverage options you may not be aware of.