Authentic Replacement Cost:
After a disaster such as fire or tornado, BenchmarkGold policies provide authentic restoration of your home to its original splendor. Most competitors offer a more limited form of replacement.
BenchmarkGold policies are very flexible, allowing you the choice of rebuilding your home or a cash settlement up to your policy limit, with no penalty for depreciation. Most carriers will allow you to receive cash in lieu of rebuilding, however, your payment will be reduced by depreciation, which could be substantial, giving you no choice but to rebuild.
Ordinance and Law (Building Codes):
Wherever you live, building codes dictate how your home must be repaired or rebuilt after a covered loss. BenchmarkGold covers you for 100% of the additional costs resulting from the enforcement of building codes. Most carriers limit their payout to only 10% – 20% of your home coverage limit.
Comprehensive protection for your valuables including:
Jewelry: BenchmarkGold jewelry policies directly reimburse you for the jewelry limit scheduled in your policy after a covered loss and up to 150% if your jewelry value has increased. Most carriers require that you buy from wholesalers, limiting their outlay to much less than the insurance limit for which you have been paying.
Vault Rate: BenchmarkGold offers significant discounts (up to 75%) on jewelry stored in a bank vault. Most carriers do not offer vault discounts.
Artwork: BenchmarkGold insures artwork much like jewelry. You receive a check for the covered claim and if the value has increased, up to 150% of the value with proper documentation.
Directors and Officers Liability:
As an affluent individual, you may serve on the board of directors of at least one nonprofit organization. Nonprofits commonly provide very limited Directors and Officers Liability limits, which could potentially subject you to greater risk. BenchmarkGold policies can be designed to protect you and your family members from defense costs and other unanticipated expenses in the event of claims resulting from bodily injury and property damage. Management Liability is also available as an option.
While most carriers provide protection for your lower level, their limits typically range from $5,000 up to possibly $25,000. After a serious loss, these limits will hardly cover the costs you incur. BenchmarkGold utilizes your home’s total dwelling and personal property limits to pay for damages resulting from sewer backups and effectively restore your basement to its original condition.
Dwelling Coverage – Unlimited:
After a covered loss, your home will be repaired or rebuilt to its original splendor, even if the cost exceeds your policy limits.
When you purchase a BenchmarkGold umbrella policy, even after incurring significant defense costs for a covered claim, your full coverage limit will remain intact and available for settlements and judgements. Most carriers reduce the limits of your umbrella policy by the amount of defense costs, which could leave you with inadequate coverage limits to pay for a final judgment.