For many Hollywood Hills homeowners, home insurance in the Hollywood Hills is becoming more and more difficult to obtain. Those with existing policies are seeing insurance premiums skyrocket at each renewal.
So….why is it so hard to find reasonably priced, comprehensive home insurance coverage if you own a property in 90046, 90069 and/or 90068?
The majority of homes in the Hollywood Hills are close to canyons and high brush areas, causing insurance companies to either decline coverage or inflate rates for the additional risk exposure. To further complicate things, numerous properties in the Hollywood Hills are looked at as “high value” to most insurance companies, limiting the number of carriers who are able to properly cover the unique needs of the Hollywood Hills property owner.
A majority of home insurance policies are created for the “average Joe” with basic needs. But, let’s be honest here folks, if you are reading this blog, you are probably a person that has worked very hard to afford your Hollywood Hills home, which is often accompanied by enjoying the finer things in life. Your insurance needs most likely extend far and above “average.”
Does your Hollywood Hills Home Insurance cover your valuables (and I’m not talking about dust collecting chachkies or nick nacks)?
Standard home insurance policies come with very limited coverage for specialty items such as jewelry, art, guns, musical instruments, computers, collectables…etc.
I cringe when I speak with people who thought their Rolex Watch or wedding rings were covered by their home insurance. Unfortunately, it’s not until a an item is lost or stolen that the person finds out they don’t have the right coverage.
A typical home insurance policy provides A TOTAL of $1500 – $3000 of jewelry coverage (with a maximum payout of $1500/piece). I can’t remember the last time, I saw a wedding ring valued at or below $1500 (my friend calls these Cannard rings because you “can hard”-ly see the diamond). If you have a ring with a value of over $1500, I doubt it’s covered by your existing home insurance policy.
A High Value Hollywood Hills home insurance policy enables you to create a list or “schedule” and detail the replacement cost of jewelry, artwork, a collectible, etc. Once scheduled as an endorsement (or often called a “rider”), you’ll be compensated if an item that is lost or stolen. This coverage follows you around the world whether you are on a vacation, traveling for business or visiting the dreaded in-laws on the opposite coast.
Does your Hollywood Hills Home Insurance cover your home office?
With the world becoming more and more technology based, it’s not uncommon for homeowners to work from home in some capacity. Home offices often have multiple computers, scanners, copy machines and office equipment. A typical home insurance policy may not offer more than $2000 of coverage for your computer(s) or more than $1500 for business property.
Do you have a nanny, housekeeper, long term house guest, personal assistant and/or have people working at your home?
We’ve had several claims where a house guest (non-family member) or employee working from an insured’s home, get injured at the insured’s property. Depending on the frequency or the number of hours someone works at your home, you may need a specific Work Comp coverage added to your Hollywood Hills home insurance policy. Those regularly working in your home don’t need to be living with you in order for you to obtain coverage.
Common claims we’ve seen with in-home employees are slip/trip and fall or the employee is bit/injured by the homeowner’s dog. Dogs have a talent for getting under your feet when you least expect it (they also make great speed bumps when snoozing away in the middle of the floor).
Umbrella Policies (also known as a Personal Excess Liability Policy)
If I had the stamina and athletic capabilities to climb to the top of the highest part of the Hollywood Hills, you’d hear me shout…..GET UMBRELLA INSURANCE!!!!
Not only do we recommend you find the right Hollywood Hills home insurance coverage, but we also strongly suggest you get an Umbrella policy. Umbrella policies offer the best bang for your buck! For a minimal amount, you can have additional liability protection of $1,000,000+ over and above your home, income property and car insurance policies. If you drive a decent car and/or live in a neighborhood that the average person considers “wealthy,” YOU WANT AN UMBRELLA POLICY!!! It’s amazing how one’s injuries suddenly magnify once the injured party (or even worse,…their attorney) sees you driving a Mercedes and your home is in 90046, 90069 or 90068.
On a very serious note, excess liability coverage is a necessity to a household’s financial security. It provides vital financial support in the event of a lawsuit. But hey, why believe me (an insurance agent that sells Umbrella policies and sees people get sued all the time)? We encourage you to ask your financial advisor their opinion of the importance of an Umbrella policy.
For more information on Home Insurance in the Hollywood Hills, please visit the Einhorn Insurance webpage at http://einhorninsurance.com/california-home-insurance/ and click the GET A QUOTE button or you can call us at 619-313-4643. We are licensed throughout the state of California.