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High-Value Home Insurance Ontario

Protect what you have worked so hard for with high-value home insurance.
  • Receive guidance from our high-value home insurance experts
  • Higher policy limits available for contents inside your home
  • Receive an insurance policy customized to you and your success
Complete the form or call 1-800-463-8074 to speak with a licensed broker about High-Value Home Insurance today.

High-Value Home Insurance for Ontario Homeowners

Your home is one of your most significant financial and emotional investments. You've worked hard for it. Your professional and financial success has paid off, and you have earned a beautiful, one-of-a-kind home. Protecting it to its value with the right insurance makes sense. At this point in your life, high-value home insurance protects your luxury home and your success.

And that's what high-value home insurance broker experts are here for. We aim to protect you, your home, and your success.

Whether your home is a custom dwelling, a chic city residence, a country manor, a heritage dwelling, or something in between, an insurance broker will ensure you have high-value home insurance to protect your hard work, your residence and your lifestyle. With the right high-value home insurance in Ontario, you will swiftly return to living life as you enjoyed it before an insured loss.

What Is High-Value Home Insurance?

High-value home insurance protects your home up to its replacement cost—also known as replacement value—the amount of money an insurance company would have to pay to replace it. This specific insurance includes fine homes, condos and rental properties within its definition. A typical home insurance policy may not be enough to cover a luxury, upscale residence; however, high-value home insurance surpasses a standard home insurance policy by offering additional coverage and higher limits.

High-value home insurance is custom-made to suit your individual needs. Think of it as artisan insurance, hand-crafted or virtuoso insurance, which considers the higher-than-average value of your building, including unique aspects, design features, high-value contents and other unique quality details. It also considers valuable and prized possessions or collections you may have.

Suppose your home or the contents within are damaged, destroyed or lost because of an insured peril. In that case, you can claim insurance compensation to restore, repair and replace what was lost up to the coverage limits listed on your policy for high-value home insurance in Ontario. This prevents you from paying out of pocket to get your home and belongings back, or the nearest approximation possible. Therefore, correctly valuing your home and its contents is critical to ensure that your high-value home insurance coverage limits are sufficient.  

Key Features Of High-Value Home Insurance:

  • Your policy is customized to you.
  • You have flexibility with many coverage options.
  • You receive specialized claims service.
  • Coverage is available for detached structures such as pool houses, barns, sheds and more.
  • Furniture, electronics and other valuable contents can be protected.
  • Coverage is available in case you have to live elsewhere while repairs are completed for an insured loss.
  • Personal liability coverage is available.
  • Identity theft and fraud coverage is available.
  • Water protection coverage options are available.

Is High-Value Home Insurance Right For Me?

High-value home insurance is right for you if your home is of high-value includes expensive contents, and has unique features of custom or heritage.

Homes that have a replacement cost of $1,000,000 or more are generally considered high-value homes. These include luxury residential properties or unique properties, such as heritage or custom-designed homes that may include valuable items such as jewellery, art or wine collections valued at over $25,000.

These successful clients have distinctive homes with distinctive insurance protection needs. High-value homes need customized high-value insurance policies which identify gaps in standard home insurance coverage and provide coverage solutions to meet those needs. Standard insurance that provides "average coverage" won't adequately protect the high-end home insurance client or his/her lifestyle correctly in a claim.

Insurance companies that provide high-end home insurance have consistent standards in terms of available coverage, claims service and, especially, a tailored approach to protecting the assets of high-net-worth individuals.

What Constitutes a High-Value Home?

The definition of what is considered a high-value home differs somewhat from insurance company to insurance company. Generally, these are homes and condos worth at least $1,000,000 in replacement cost.

Below are some examples of what a few Canadian insurance companies consider to be high-value residences.

  • Aviva Insurance's Ovation program requires a minimum replacement cost of $1,000,000 for a home or a condo and $250,000 for tenant coverage.
  • Chubb Insurance's Masterpiece program states a minimum replacement cost of $1.5 million for a home or a condo and $250,000 for tenant coverage.
  • Intact Insurance's Prestige program has a minimum replacement cost of $1 million for a home or a condo and $250,000 for tenant coverage.
  • The Northbridge Insurance Onyx program insists on a replacement cost of at least $1 million for a home or a condo and $250,000 for tenant coverage.

That being said, it's important to note that replacement cost is not the only factor determining which properties qualify for high-value home insurance in Ontario. High-value homes have unique features you won't find in a typical, run-of-the-mill residence. That includes features such as:

  • Temperature-controlled wine cellars
  • Home movie theatres
  • Walk-in vaults
  • Secure panic rooms
  • Residential elevators
  • Full-size sport courts

Of course, only some high-value homes have the features listed above, and many other possibilities are not listed.

Our independent insurance brokers represent all of 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, additional properties, and life. If you bundle several items with one insurance company, you may save with discounts on your insurance premium.

What Is The Difference Between Replacement Cost And Appraised Value?

Replacement cost is the amount of money it would cost to replace your home from the ground up if it was devastated by fire, weather events or other perils. The appraised value evaluates a property's value as deemed by a professional appraiser. The appraised value is related to the market value at the appraisal time. It considers comparables or "comps" (the recent sale prices of similar homes in the area), combining the value of the land and the actual building. The replacement cost and appraised value can sometimes be very different. For example, a home located in a large city in Ontario could have a replacement cost significantly less than the appraised value. To illustrate, in Toronto, a home could have an appraised value of $1,500,000, where its replacement cost is only $750,000.

How Can the Replacement Cost Be Less Than a Property's Purchase Price?

When buying a home, one of the key steps is obtaining the right high-value home insurance coverage—and the purchase price is very fresh in your mind then. That's why it can come as a surprise to learn that the replacement cost of your home is not the same number as the purchase price. There are several reasons why the market value isn't necessarily going to be anywhere near the replacement cost.

Imagine the worst happens, and your home burns to the ground. It has to be completely rebuilt, as close to the way it was before. That means the replacement cost has to include the cost of the building materials, from the timber frame to interior and exterior finishes, along with built-in equipment such as the HVAC system. It must also include the labour cost of hiring experienced contractors to complete the restoration or rebuild to exacting standards. 

Market value, on the other hand, considers some very different factors. Two primary factors determining market value are location and land value—we all know that a home in a desirable location will sell for much more than the same building in a less desirable location. The land's location and value are irrelevant when it comes to the replacement cost of a building because it will be rebuilt on the existing parcel of land. Because replacement value real estate market value and replacement value are determined by differing metrics and factors, they aren't related to one another, and that's why your high-value home insurance coverage limits may be lower or potentially even higher than the purchase price of the property.

What Coverages Are Included In High-Value Home Insurance?

Different types of coverage are available for high-value home insurance, including cash settlements for the building and contents, worldwide coverage, and extensions to cover additional properties such as second homes.

Coverage Options And Available Discounts:

  • Cash settlement for the building and contents. The insured is not obligated to rebuild the home on the same lot, meaning the client is free to spend the settlement any way they prefer, even if they choose to rebuild at another location or not to rebuild at all.
  • Coverage is worldwide
  • Unlimited additional expense coverage is available.
  •  Appraisals are not required for items under $50,000
  • Discounts are available when extra security and protection measures are in place.
  • Contents extension to another property is available. For example, a certain percentage of contents from the primary dwelling can extend to a secondary residence or cottage.
  • Flexible coverage options are available. Clients have the opportunity to tailor the policy based on their needs.
  • Unlimited bylaw coverage is available.
  • Higher limits are available with respect to particular limit items. This is geared toward homes with high-value collections and possessions, including jewellery, antiques, wine and fine art.
  • Umbrella liability coverage is available.

Are There Coverage Types That Are Unique to High-Value Home Insurance?

Yes and no. The key differences between typical home insurance and high-value home insurance in Ontario relate primarily to higher policy limits and extended coverage for expenses such as additional living costs while building restoration is underway. However, some types of coverage are more likely to be needed on high-value home insurance policies. For example, it's more common for high-value home insurance to include equipment breakdown coverage, which applies to mechanical failure of equipment such as HVAC systems, temperature-controlled wine cellars and more. This makes more sense for high-value homes that are more likely to have a wider variety of equipment installed in them. High-value home insurance in Ontario may also include coverage for events such as carjacking's, kidnapping and home invasions.

How Is High-Value Home Insurance in Ontario Different From Traditional Home Insurance?

High-value home insurance has extras and enhancements to meet the needs of higher net-worth homes, condos and rental property residences.

Here are some details:

  • Higher policy limits are available in high-value home insurance for money, jewellery, landscaping, personal contents and business-use items. There is also broader coverage for fine arts, antiques or wine collections.
  • Coverage is available for increased costs of construction after a claim due to bylaw compliance requirements if an insured is rebuilding after a loss.
  • Additional living expenses on many high-value homes or condos and renters policies are unlimited. This allows you to live in a place that is up to your standard of living as long as it takes to rebuild the client's home or while repairs are done without hassles. It allows time to get the right architects and professionals involved to rebuild the client's home as it was before the loss. It's important to note that standard home insurance limits additional living expenses.
  • Full cash value payouts without depreciation based on claims settlement for both the home and personal contents in the house.

Why Traditional Homeowners Insurance Policies May Not Be Enough

Traditional homeowners insurance may need to provide more coverage for high-value homes. If you have a loss, you want to be appropriately protected to get back to living as you did previously.

More specifically, standard home insurance policies have limits that are likely insufficient for these high-value residences. For example, standard home insurance must ensure these items are adequate for fine art, rugs, jewellery, wine, or other special items. Standard home insurance policies usually limit the coverage on items such as jewellery, art and other items to $3,000 to $6,000 for all items. If this is not enough for you, consider high-value home insurance. Ontario homeowners can help ensure they are adequately covered by completing a home inventory list. This is a simple but effective way to keep track of all your high-value items and their worth.

It is also important to note that specialty claims handling is essential with high-value homes in the event of a claim. We know you are busy, and your time is valuable. If you have a claim, the goal is to make the claims experience as stress-free and quick as possible. The specialty claims service with a high-value home insurance policy can be quite helpful.

Where Can I Find High-Value Home Insurance in Ontario?

Our insurance brokers are experts in high-value home insurance. Your family, protection, and home are significant to you. What's important to you is important to us. Find out more about our products and services. Check out our reviews on Google, Facebook and Yellow Pages.

Why Do High-Value Homes Need Special Insurance?

High-value homes need special insurance because they have unique features and considerations; a standard home insurance policy does not account for these.

All homes should be insured to their value, so it makes sense that a high-value home should have high-value insurance coverage.

Consider Your Answers To The Following Questions:

  1. Did an architect design your home, and does it include unique design elements?
  2. Is your home a heritage dwelling?
  3. What is the replacement cost of the home or condo? Is it valued at more than $1,000,000? Please note that this is a replacement cost, which is the cost an insurance company would have to pay to replace it. The residence might sell for a different price.
  4. What contents do you have, and what contents insurance limits do you require?
  5. Are there unique or exclusive items within your high-value home that require higher insurance limits? This includes items such as wine collections, art, jewelry and others.

If you answered yes to any of the above questions, you may want to contact an insurance broker and ask about high-value home insurance.

How Much Does It Cost for High-Value Home Insurance in Ontario?

High-value home insurance policies are usually more expensive than standard home insurance policies because they provide more coverage.

Providing even a ballpark price for high-value home insurance in Ontario could be misleading because there are many factors to consider when the price of a high-value home insurance policy is determined.

We would be pleased to provide you with a price once we know the details of your residence. Our insurance brokers will ask you about your home and will get you several competitive, high-value home insurance quotes.

Are There High-Value Home Insurance Discounts Available?

Yes, high-value home insurance discounts are available. Discounts offered by insurance companies are also offered for high-value home insurance policies.

The amount and availability of discounts vary depending on the insurance company. Insurance brokers will help you get all the discounts you qualify for. In some cases, the savings can be significant.

Discounts offered by insurance companies are also provided for high-value home insurance. Ontario homeowners should note that there are discounts for extra security and protection measures you may have in places such as full-time caretakers and 24-hour alarm protection.

How Do I Get a High-Value Home Insurance Quote in Ontario?

This is where Morison Insurance can help! We have four national insurance companies specializing in unique, high-value home insurance, including Chubb Insurance, Intact, Northbridge, and Aviva, that we can use to find the right high-value home insurance that fits your needs. Our brokers can get high-value home insurance quotes from all of these companies and more.

The Quoting Process For High-Value Homes:

  • 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.
  • The high-value home insurance companies noted above—Chubb, Intact, Northbridge, and Aviva—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.

Where Do You Find High-Value Home Insurance Experts?

Our Morison Insurance brokers are high-value home insurance experts. Let us provide you with a no-obligation, high-value home insurance quote. Think of Morison Insurance as your concierge for high-value home insurance in Ontario. Experience our VIP service and a full range of insurance products from dozens of Canada's most trusted insurance companies.

Our Morison Insurance brokers will begin by getting to know you and your home. We will immediately start working on multiple high-value home insurance quotes for you to review. Our brokers will explain important details, review coverage and help you make informed decisions about your high-value home insurance. We insure many luxury homes and are pleased to be trusted advisors in insurance. We offer dozens of discounts. To start a high-value home insurance quote, call us at 1-800-463-8074 or start our contact form.


This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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