A published median of $2,000,000+ and 95.0% ownership. After a total loss at this level, rebuilding is not the only option, and whether you have that choice is written into the policy years beforehand.
Some high-value policies pay the dwelling limit in cash without requiring you to rebuild. Most standard policies do not.
Three terms that only appear at this level.
A standard policy pays replacement cost on condition that you replace. After losing a custom house, some owners would rather take the money and buy elsewhere than spend two years managing a rebuild. Certain high-value policies permit a cash settlement of the dwelling limit without rebuilding; most standard forms do not, and the difference is decided at purchase.
Rather than a limit the carrier may contest after a loss, an agreed value policy fixes the figure in advance, usually supported by an appraisal. On a house with no comparable sales that is worth more than a slightly higher limit on an ordinary form.
High-value policies commonly dispense with the coinsurance condition that reduces a partial claim when a limit is below a required percentage. On a standard form that penalty can bite on an ordinary kitchen fire. Confirming its absence is one of the specific things to check at this level.
Terms rather than premium.
It is a real option at this level and not on every form.
On a unique house it prevents the argument entirely.
It should not, and on a standard form it frequently does.
Tell us about the construction and whether there is a current appraisal.
We compare the terms that only matter at this value.
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