How flexible is your homeowners insurance policy?

man handing document to another person

Imagine your home catches fire in the middle of the night. Your family and pets escape without harm, but your house is completely destroyed. What do you do next? Would you like to have options to consider during this difficult time? At Nationwide® Private Client, we understand the importance of providing you a choice.

Many insurance companies offer some form of home replacement cost coverage. Those that do will generally pay for the cost only when repairs are completed. They will probably not pay you for the full value of your home if you choose to cash out. Most will settle your claim by paying you actual cash value — replacement cost minus depreciation. Nationwide Private Client is one of the few insurance companies that provides a replacement cash out option.

How Nationwide Private Client responds

With a Nationwide Private Client homeowners policy,1 these are your choices if you have a covered total loss:

  • We will pay to repair or replace your home with materials of like kind and quality.
  • We will pay you to buy or build at another location up to the amount it would cost to repair or replace at your current location.
  • If you want to cash out, we will pay you up to the limit shown on the declarations of your policy or what it would cost to rebuild at that location, whichever is less.

Contents: We pay the cost to repair or replace your personal property or allow you to cash out depending on your particular situation.2

Additional living expense: If you decide to rebuild, we cover the increase in your normal living expenses necessary to maintain your standard of living for the reasonable amount of time3 required to restore your home to a habitable condition — with no dollar limit or deductible. If you choose the cash out option on your home, you can still use additional living expense.4

Mortgage expense: With our protection endorsement, when you have a total loss, we will also pay up to $5,000 per month and $50,000 total for your increased mortgage payments.3

Why it’s important for you

Unless you are faced with the devastating situation of a total loss to your home, you might not know which option will be right for you and your family. You might not want to stay in the same location. Or the thought of living in temporary housing for the extensive time it takes to rebuild your home might not sound appealing. Or maybe you simply want a fresh start. We don’t need to know why — we just want to provide you with that flexibility so you can make the right choice for your family.

At Nationwide Private Client, we go above and beyond for our clients. We understand the complex insurance needs of clients with high value homes and have the coverage options and high limits that will protect you better than a general market or direct writer carrier. Talk to your agent about how Nationwide Private Client can help you protect your assets and reputation and provide you with added peace of mind.

Nationwide Private Client offers these added benefits:

  • Specialized claims service: Our team of problem-solvers is available 24 hours a day, 365 days a year.
  • Deductible waiver: Your homeowners deductible will be waived for a covered total loss.5 With our protection endorsement, deductibles up to $25,000 are waived for a covered loss over $50,000.5

1 Restrictions apply; see policy for details.
2 Special limits of liability may apply to certain types of property. Review your policy for details.
3 Coverage availability, limits and timing vary by state.
4 Restrictions apply; see policy for details.
5 This provision is valid unless a special deductible applies. In California, this provision does not apply if the cause of loss is wildfire or brush fire. In some states, this applies to policy deductibles up to $50,000. It does not apply to policy deductibles greater than $25,000 or losses caused by seepage and leakage of water not related to weather unless an automatic water shutoff device is active at the time of loss.