Ontario High-Value Home Insurance
Your home is your castle, your sanctuary. And if your castle is of high value it’s important to have it properly protected with high-value home insurance.
Your exclusive home may well be one of your largest investments both financially and emotionally. Protecting it to its value with the right insurance makes sense.
And that’s what insurance brokers are here for. Our goal is to keep you and your home protected.
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 make sure you have high-value home insurance to protect your residence and your lifestyle. With the right home insurance you will swiftly get back to living life the way you enjoyed it before an insured loss.
What Is High-Value Home Insurance?
High-value home insurance protects your home to its replacement cost – also known as replacement value – which is the amount of money an insurance company would have to pay to replace it.
High-value home 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. High-value home insurance surpasses a standard home insurance policy by offering additional coverages 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. High-value insurance takes into account the higher-than-average value of your building, including special aspects, design features, high-value contents and other unique quality details. It also takes into account valuable and prized possessions or collections you may have.
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 and includes expensive contents and has unique features of custom or heritage.
Homes that have a replacement cost of $750,000 and more are generally considered high-value homes. These include luxury residential properties, or those that are unique such as heritage or custom-designed homes that may also include valuable items such as jewellery, art or wine collections valued at over $25,000.
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. Appraised value is an evaluation of a property’s value as deemed by a professional appraiser. In some instances, the replacement cost and appraised value can be very different. As an example, a home located in a large city in Ontario could have a replacement cost that is significantly less than the appraised value. To illustrate, in Toronto, a home could have an appraised value of $1,500,000, where it’s replacement cost is only $750,000.
These kinds of clients have distinctive homes with distinctive insurance protection needs. High-value homes need customized high-value insurance policies. High-value home insurance identifies gaps in standard home insurance coverages and provides 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 properly 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 $750,000 in replacement cost.
Below are some examples of what three Canadian insurance companies consider to be high-value residences.
- At Aviva Insurance its Ovation program requires a minimum replacement cost of $750,000 for a home and a condo, and $250,000 for tenant’s coverage.
- At Chubb Insurance there is a minimum replacement cost of $1.5 million for a home and a condo, and $250,000 for tenant’s coverage.
- At Guarantee Insurance, its Gold program has a minimum replacement cost of $1 million for a home and a condo, and $250,000 for tenant’s coverage.
Our independent insurance brokers represent all of these insurance companies and more. We are able to help you with high-value home insurance, coverages and other details to meet your individual needs. We also offer a full suite of insurance products to cover your auto, your business, your recreational items, additional properties and your life. If you bundle several items with one insurance company, you may save with discounts to your insurance premium.
What Coverages Are Included In High-Value Home Insurance?
There are different coverages available for high-value home insurance, including cash settlements for the building and contents, worldwide coverages, and contents 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.
- Coverages are worldwide.
- Unlimited additional expense coverage is available.
- Extra discounts are available when jewellery or other scheduled items exceed $25,000, and 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 option to tailor the policy based on their needs.
- Unlimited bylaw coverage is available.
- Higher limits are available with respect to special limits items. This is geared toward homes with high-value collections and possessions including jewellery, antiques, wine and fine art.
- Umbrella liability coverage is available.
How Is High-Value Home Insurance Different From Traditional Home Insurance?
High-value home insurance is home insurance with extras and enhancements to meet the needs of higher net-worth home, condo 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 items like 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 home or condo 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 being 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. Its important to note that standard home insurance limits additional living expenses.
- Full cash value payouts without depreciation on the basis of claims settlement for both the home and personal contents in the home.
Why Traditional Homeowners Insurance Policies May Not Be Enough.
Traditional homeowners insurance may not provide enough coverage for high-value homes. If you have a loss, you want to be properly protected to get back to living as you did previously.
More specifically, standard home insurance policies have limits that are likely not sufficient for these high-value residences. For example, for fine art, rugs, jewellery, wine, or other special items, standard home insurance does not insure these items adequately. 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, you may want to consider high-value home insurance.
It is also important to note that in the event of a claim, specialty claims handling is essential with high-value homes. 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 To Find High-Value Home Insurance?
Our insurance brokers are experts in high-value home insurance. Your family, your protection, and your home are the VERY important 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 and 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:
- Was your home designed by an architect and does it include unique design elements?
- Is your home a heritage dwelling?
- What is the replacement cost of the home or condo? Is it valued at more than $750,000? Please note that this is replacement cost, which is the cost an insurance company would have to pay to replace it. It is not the price the residence might sell for.
- What contents do you have and what contents insurance limits do you require?
- Are there special or exclusive items within your high-value home that require higher limits of insurance? This includes items such as wine collections, art, jewellery 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 High-Value Home Insurance Cost?
High-value home insurance policies are usually more expensive than standard home insurance policies because they provide more coverages.
Providing even a ballpark price for high-value home insurance 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 insurance quotes.
Are There Home Insurance Discounts Available?
Yes, insurance discounts are available for high-value homes. Discounts offered by insurance companies are also offered for high-value home insurance policies.
The amount and availability of discounts varies depending on the insurance company. Insurance brokers will help you to get all of the discounts you qualify for. In some cases, the savings can be significant.
Discounts offered by insurance companies are also offered for high-value home insurance policies. Note that there are discounts for extra security and protection measures you may have in place such as full-time caretakers and 24-hour alarm protection.
How Do I Get A Quote For High-Value Home Insurance?
Three national insurance companies that specialize in unique, high-value home insurance are Chubb Insurance, The Guarantee and Aviva. Our brokers can get quotes from all of these companies.
The Quoting Process For High-End Homes:
- In some situations a home inspection may be required. In these cases, an insurance broker will get insurance-to-value (ITV) details on your home. ITV is used across Canada to determine the actual cost to replace a home. Note that this is not the price that someone would pay for your home if it was sold on the market. It is the amount an insurance company would pay to replace your home.
- All of the high-value home insurance companies noted above – Chubb, The Guarantee 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 exterior appraisal 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 quote. Think of Morison Insurance as your home insurance concierge. Experience our VIP service and 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 insurance quotes for you to review. Our brokers will explain important details, review coverages and help you to make informed decisions about your high-value home insurance. We insure many high-value homes and we are pleased to be trusted advisors in insurance. We offer dozens of discounts.
We also have a full portfolio of insurance products to protect other things in your life – your auto, your business, your recreational items, your seasonal properties, your life and more. We offer a full suite of insurance services and our award-winning brokerage and brokers will ensure first-class service.
At Morison Insurance, our service is personal. Every customer has a dedicated broker who looks after their insurance needs. We are not a call centre and you are not known only by your policy number. We get to know our customers and we value our relationship with you.
Now For Some Interesting Details On Home Insurance, Homes And Home Buying.
- Looking at building a new home? Here is what you need to know about new build home insurance.
- The value of having the best insurance coverage.
- Why is it important to insure your home to its proper value. The Insurance Brokers Association of British Columbia has a full primer on this.
- For some general tips on buying home insurance go to the Insurance Bureau of Canada site.
- Replacement cost can be tricky. Here is a 101 on replacement cost from the Insurance Bureau of Canada.
- The basics on home insurance such as what is covered for homes, condos and rental homes is spelled out by the Financial Consumer Agency of Canada. Details on this website also cover insurance for home-based businesses, who and what is covered by a home insurance policy and how premiums are calculated.
- The Canadian Real Estate Association (CREA) provides details on homes – prices, increased values, the ups and downs of the real estate market – nationally as well as for more specific regions.
- Do you own a heritage home? Are you thinking of buying one? The Insurance Bureau of Canada website has an article with helpful tips on things to think about when purchasing a heritage home.
- Insurance can be complicated. That’s why brokers are here to help you. Additionally, you can find home insurance basics online from the Financial Services Commission of Ontario. Learn the details on different types of home insurance, optional coverages and more.
- Looking for information on key housing statistics?
- Have you ever thought about putting together a home emergency kits? They can be useful for the car also. The list of must-haves includes water, food, a flashlight, extra blankets, cash and more.
This blog 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.
Not Your Average Insurance Broker!
Award-Winning Insurance Broker
Trusted Provider For 95+ Years
Accessible Insurance on the Go
Get In Touch
At Morison Insurance we represent dozens of Canada’s best insurance companies. All provide competitive prices, excellent service and outstanding claims service. We will shop at all of these companies to get you the best insurance for your individual needs.