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Insuring High-Value Homes: An Interview with Michael Faccinetto of Townsend Insurance Agency

By Michael Faccinetto

Please tell us a little bit about your company and the services you offer.

We are a full service independent insurance agency that has been serving the Lehigh Valley since 1956. We specialize in outstanding customer service while providing customized products to fit the needs of our clients. We offer quality products from both national and regional insurance carriers. We can protect your home, car, RV, motorcycle, boat, and business, excess liability and much more. We have access to markets for just about anything.

Can you briefly describe what a high-value home is?

High value homes are generally categorized as those with a value in excess of $750,000. For these types of homes, often standard homeowners insurance is not the ideal fit and does not recognize the unique coverage needs of high value homeowners.

What are some of homeowners insurance needs that are unique for these types of houses/properties?

High value homes contain items and have additional risks most typical cookie cutter houses simply don't have. Many of these homes, especially newer ones, have sprinkler systems that require separate coverage. There is probably an elaborate pool / hot tub on the property as well as an outdoor kitchen area. The owners of these homes will have more valuable and unique items not found elsewhere. We need to provide extra protection for antiques, silver, jewelry, artwork, etc to make sure the owners are properly protected in the event of a loss.

Is there something about insuring high-value homes that most people usually don't know?

It's not necessarily that people don't know something, but it's more about making sure everything is properly covered. High value homes are owned by wealthy families who want and need more options when it comes to their insurance policies, especially in the time of a loss. Those are the things a good agent can handle and explain.

What's a good way for someone with a high-value home to evaluate their current homeowner/property insurance coverage?

The best way is make an appointment with a knowledgeable licensed insurance agent. We like to sit down face to face and talk about the individual or family to find out what their needs are and how insurance can help them. We don't sell expensive policies to make money, we custom tailor a policy to meet the needs and lifestyles of our clients.

What's one of the biggest insurance mistakes that a homeowner can make?

This biggest mistake is not insuring to value. Simply put most people make the mistake of comparing market value to replacement cost. Insurance guarantees the rebuilding of a home to its pre-loss condition.

A home is almost always insured much higher than its market value. It is vital that you insure your home to value and that is something a good agent will ensure happens.

What's the best way for people to contact your company?

We are first and foremost available by phone at all times. We understand the need for customers to speak to us directly when a problem occurs or when questions arise. However, in today's busy world email is a must for many people so we monitor that constantly. In short you can get us by, phone, email, text, facebook, or the web anytime depending on your needs.

Townsend Insurance Agency

320 W. Broad Street

Bethlehem, PA 18017

610.419.6600 office

610.554.9151 mobile

mike@townsendins.net

www.townsendins.net

www.facebook.com/TownsendInsurance

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