A form of property insurance that protects luxury homes up to their replacement cost (replacement value). Surpasses standard home insurance by offering higher limits and additional coverage. Custom-made to suit individual needs — considers unique aspects, design features, high-value contents, and collections.
The definition of a high-value home differs somewhat, depending on the insurance company. Generally, these are homes or condos with a replacement cost of at least $1.5 Million, but this amount does vary.
High-value homes have unique features you won't find in a standard residence. Some common features that would require high-value home insurance include:
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What Are Some Additional Coverages I Might Need For My Luxury Property?
There are various additional coverages that can be added to your high-value home insurance policy to provide further protection. Depending on your home and its contents, additional coverages you can add include: additional water coverage, wine cellar insurance, personal identity theft protection, increased jewellery insurance, garden insurance, musical instrument insurance, fine arts and collectibles insurance, and more!
Why Do High-Value Homes Need Special Insurance?
Most luxury homes will require more protection than a standard homeowners insurance policy has to offer. This is due to their higher replacement cost should a loss occur. Most luxury homes also have special features making them luxurious resulting in more insurance coverage to properly protect them.
For example, if a home and its contents are worth $5 Million and your home insurance policy covers a maximum of $1 Million, you will still be $4 Million out of pocket, even if your claim is fully processed.
All homes should be insured to their value, so it makes sense that a high-value home should have a luxury home insurance policy.
Does My High-Value Home Insurance Cover My Personal Belongings?
Yes. High-value home insurance will provide coverage for a wide range of personal belongings within your home, especially those that are considered high-value. Some personal belongings that are typically covered up to a certain limit include:
Depending on the value of your personal belongings, additional coverage may be required to protect them to their value. An insurance broker can help you determine if further coverage is required. It is important to regularly review your policy to ensure that your limits are enough for your belongings.
What Insurance Companies offer High-Value Home Insurance?
There are many insurance carriers who specialize in high-value home insurance. These companies will offer customized coverage, higher limits, and VIP service. Here are some of the top insurance companies for high-value home insurance:
Our independent insurance brokers represent these insurance companies and more. We can help you with high-value home insurance coverage and other details to meet your needs. We also offer a full suite of insurance products to cover your auto, business, recreational items, and secondary properties. If you bundle several items with one insurance company, you may save with discounts on your insurance premium.
What Is The Quoting Process For High-Value Home Insurance?
Getting a high-value home insurance quote is a bit of a process. This is due to the home being very valuable, and therefore important to get a good estimate on. But when you work with an insurance broker at Morison Insurance, we will help make the insurance process simple for you.
In some situations, a home inspection may be required. In these cases, an insurance broker will get your home's insurance-to-value (ITV) details. ITV is used across Canada to determine the actual cost to replace a home. Note that this is not the price someone would pay for your home if sold on the market. It is the amount an insurance company would pay to replace your home
Also, some luxury home insurance carriers will provide a complimentary home appraisal on a high-value home property. The rebuild limit of your home will determine whether a full interior/exterior appraisal will be needed or whether the insurance company requires an external assessment only.
Who Needs High-Value Home Insurance?
Right for you if home is high-value, includes expensive contents, and has unique custom/heritage features. Homes with replacement cost of $1.5M+ (luxury residential, unique properties). Valuable items such as jewellery, art or wine collections valued over $25,000.
Is High-Value Home Insurance Mandatory?
Not legally mandatory in Ontario. However, risk of not having it is too great. Fire, theft, natural disasters could result in hundreds of thousands — or millions — in losses. High-value home insurance reimburses losses up to policy limits.
How Is High-Value Home Insurance Different From Traditional Home Insurance?
Standard policies have limits insufficient for luxury residences (e.g., art/jewellery limits of $3,000–$6,000). High-value enhancements: (1) bylaw compliance cost coverage after a claim; (2) unlimited additional living expenses — live to your standard while home is rebuilt; (3) full cash value payouts without depreciation for home and contents.
Are There Coverages Unique To High-Value Home Insurance?
Key differences are higher limits and extended ALE coverage. More likely to include home equipment breakdown coverage (HVAC, wine cellar systems). May also cover events such as carjacking, kidnapping, and home invasions.
