6+ years writing about insurance, travel, and personal finances
Contributor to brands like Credible
In addition to insurance, Nick specializes in writing about business, entrepreneurship, personal finance, and travel. He’s been featured in myriad web publications, including Fox Business.
Evelyn PimplaskarEditor-in-Chief, Director of Content
10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
At Insurify, our goal is to help customers compare insurance products and find the best policy for them. We strive to provide open, honest, and unbiased information about the insurance products and services we review. Our hard-working team of data analysts, insurance experts, insurance agents, editors and writers, has put in thousands of hours of research to create the content found on our site.
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High-value home insurance is coverage for residential property with above-average value. Most standard home insurance policies have dwelling coverage limits between $100,000 and $500,000. But high-value home insurance can provide dwelling coverage of $750,000 or more.
The higher coverage limits mean high-value home insurance typically costs more than a standard homeowners insurance policy. But if your home’s rebuilding cost is high, or you have valuable possessions like expensive jewelry or collectibles, high-value home insurance provides greater financial protection than a standard policy can.
The average annual cost of high-value home insurance is $6,207, according to Insurify data.
Westfield offers the lowest annual cost to insure a $1 million home — just $2,104 with a $10,000 deductible.
Even with high-value home insurance, you still may have coverage gaps.
What is high-value home insurance?
High-value home insurance is a homeowners insurance policy that offers higher coverage limits and more coverages than a standard HO-3 policy.[1] Also called HO-5 policies or comprehensive forms, these policies typically cover homes that have expensive rebuilding costs, custom or unique features, and contain high-value possessions.
Generally, insurers consider homes that require more than $500,000 in dwelling coverage to be “high value.” But minimum dwelling coverage limits can vary among insurance companies, with some setting minimums of $750,000, $1 million, $1.5 million, or more for high-value coverage.
Besides higher dwelling coverage limits, high-value homeowners policies differ from standard home insurance in several ways:
Personal liability limits may be higher to protect the assets of high-net-worth individuals.
Policies may include perks like identity theft coverage.
Policies cover luxury possessions like art, antiques, jewelry, and more.
Coverages that are optional in standard policies, like guaranteed replacement cost or service line coverage, may be included in a high-value policy.
A high-value policy may waive your deductible if you have a large loss.
Policyholders may have the option to take a cash payout in case of a total loss.
Good to Know
You may need high-value home insurance if your home is particularly valuable or would cost $750,000 or more to rebuild. If you have a high net worth or own expensive luxury items, you may also need high-value home insurance.
Best companies for high-value home insurance
Not every insurer offers high-value home insurance. And among those that do, costs can vary widely based on a number of rating factors. At $2,104, Westfield has the lowest annual cost for a policy with $1 million in dwelling coverage and a $10,000 deductible. Acuity has the highest annual cost, at $16,467.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
▲▼
Best For
▲▼
Chubb
$6,531
7.8
Best overall
AIG
$4,152
NR
Multiple policies
Westfield
$2,104
NR
Lowest rates
National General
$6,922
6.8
Peace of mind
Average annual cost based on $1 million in dwelling coverage with a $10,000 deductible.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
6.5/10
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A++
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$150/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$234/mo
Chubb’s home insurance policies include many coverages that other insurers offer as options, such as extended replacement cost, water backup coverage, and replacement value for your home’s contents. Chubb Masterpiece policies also include downed-tree removal, electronic data restoration, lock replacement services, proactive damage assessments, and more.
Pros
Complimentary home appraisals and risk consulting
High ranking (876 out of 1,000 points) in the J.D. Power 2024 U.S. Property Claims Satisfaction Study
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$118/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$183/mo
AIG offers high-value home insurance through Private Client Select. AIG sells multiple types of insurance, so you can protect your high-value home, business, second high-value home, and more through one company.
The insurer emphasizes policy customization for high-value homes in difficult-to-insure settings, like the oceanfront and mountains. Perks include landscaping coverage and rebuilding cost, even if it exceeds your policy limits.
Pros
Coverage available for homes outside the U.S.
Historic home coverage and reimbursement for historic preservation consulting available
Cons
Must be a Private Client Group member with one or more other AIG policies to buy home insurance
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$79/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$94/mo
High-value home insurance can increase your annual expenses substantially. But Westfield’s lowest average premiums are a good choice for homeowners looking for affordable high-value home insurance. Policyholders can bundle their Westfield auto and high-value home policies or just purchase a high-value home policy. Wespak Estate bundles home and auto policies and includes home equipment breakdown, replacement cost coverage, and more.
Pros
Numerous add-ons included in high-value home policies
Very competitive rates for high-value home insurance
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
6.8/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
829
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$199/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$309/mo
Nation General’s NatGen Premier insurance solutions provide a Premier Client Home Endorsement, which is designed to insure homes of $750,000 or more. It includes perks like a cash-out option, guaranteed replacement cost coverage, personal property replacement cost, water backup, and more. NatGen Premier is part of Allstate, the second-largest U.S. home insurance company by market share.
Pros
Much lower-than-expected number of customer complaints, according to the National Association of Insurance Commissioners (NAIC)
AM Best financial strength rating of A+ (Superior)
Cons
Must contact an agent to learn about optional and additional coverages for high-value home insurance
Coverage, availability, and discounts may vary by state
To choose the best high-value home insurance companies, Insurify considered the average annual rates of 40 top insurers, quoting for a home with $1 million in dwelling coverage and a $10,000 deductible. We also considered each insurer’s availability, perks and add-ons included in its high-value product, industry ratings, and user reviews for customer service and claims processing.
Insurify’s team of data scientists analyzes millions of home insurance quotes and weighs publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.
What high-value home insurance covers
High-value home insurance isn’t a comprehensive policy. Despite having extended coverage levels, it still has limitations. Most high-value insurance will cover many of the same categories that a standard policy covers, but with higher limits, including:
Dwelling and property limits
Most policies require a minimum dwelling coverage limit of $750,000.
High-value personal property
Personal belonging endorsements protect high-value possessions like collectibles, fine art, and jewelry.[2]
Extended replacement costs
Instead of receiving the market or depreciated value of replacements, you’ll receive the true cost of the replacement. Some high-value home insurers provide extended replacement costs that exceed your policy limits.
Liability coverage
Liability coverage extends to any injuries or damages another person incurs on your property. High-value home insurance typically includes higher liability limits to provide greater financial protection.
Loss of use coverage
In the event that damages to your property prevent you from safely living in it, loss of use coverage helps pay for your temporary lodging.
What high-value home insurance doesn’t cover
High-value home insurance generally excludes the same type of events that standard HO-3 policies won’t cover. These are some typical exclusions for HO-5 policies:[1]
Normal wear and tear
Nuclear hazards
War damage
Neglect
Mechanical breakdowns
Water flooding damage
Insect or rodent damage
Pet damage
Mold, rot, and fungus
Foundation settling
High-value home insurance policies often have similar exclusions to standard policies. For example, earthquakes and floods aren’t covered losses regardless of whether you live in New York or Nebraska. You’ll need separate policies to cover damage from floods or earthquakes.
You should talk with your insurance agent to identify other potential gaps in your coverage and for a list of specific exclusions. Your insurance company may have endorsements or other policy additions that can cover these gaps.
Protect Your High-Value Home
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Based on 3,806+ reviews
4.8/5
High-value homeowners insurance vs. standard homeowners insurance policies
Standard homeowners insurance policies, high-value homeowners insurance policies, and standard homeowners insurance policies that include additional endorsements are all different. Dwelling coverage and liability limits, additional coverages, and costs are the main differences.
Luxury home insurance for high-net-worth households has a higher coverage level that typically includes extended replacement cost value. Standard policies may reimburse you for the actual cash value of your home and possessions, or at replacement cost value. When you file a claim, both policy types include deductibles, but high-value home insurance policies may waive your deductible in certain circumstances.
The following table compares a high-value home insurance policy with $1 million in dwelling coverage to a standard policy with $500,000 in dwelling coverage.
Difference
▲▼
High-Value Home Insurance
▲▼
Standard Home Insurance
▲▼
Dwelling coverage limit
More than $750,000
Less than $750,000
Deductible
More than $25,000
Less than $25,000
Deductible waiver
Yes
No
Average cost range
$2,104–$16,467
$1,275–$9,980
Open-peril coverage
Home’s structure and personal belongings
Only on home’s structure
Reimbursement type
Replacement cost value
Actual value
Added coverages and perks of high-value homeowners insurance
High-value homeowners insurance policies offer more than higher coverage limits and replacement cost coverage. Some insurance companies also provide added coverages and perks, including:
Factors like policy type, deductible, and your state affect the cost of high-value home insurance. Rates for $1 million in dwelling coverage with a $10,000 deductible can range from $2,104 to $16,467, according to Insurify’s data.
Compared to standard home insurance policies of $300,000 dwelling coverage with a $10,000 deductible, high-value homeowners insurance can be two or three times higher, especially for dwelling coverage limits exceeding $1 million.
Dwelling Coverage
▲▼
Deductible
▲▼
Average Annual Cost
▲▼
$750,000
$25,000
$4,877
$1 million
$50,000
$6,150
$1.5 million
$100,000
$8,698
$2 million
$150,000
$11,246
Compare Quotes for Your High-Value Home
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Based on 3,806+ reviews
4.8/5
How to save on high-value home insurance
High-value homes have unique needs, but protecting expensive personal property can increase your insurance costs significantly. Save on high-value home insurance with these tips for reducing your premiums:
Ask your insurance agent if you qualify for discounts for belonging to a professional association or having an adult (like a retiree or caretaker) primarily at home throughout the day.
Consider bundling your homeowners insurance policy with another insurance product, like a car insurance policy.
By increasing your deductibles, you may be able to lower your premiums.
Improve your home security by installing smoke detectors, sprinkler systems, and burglar alarms to mitigate risks.
Make fortification improvements, like installing storm shutters or reinforcing your roof, especially if your home is at risk of covered perils.
Shop around and compare rates annually to ensure you’re getting the best rate available.
Maintain a good credit record and continue to monitor your credit report for any errors or inaccuracies.
Remember, your possessions generally lose value over time. Recalculate the value of the high-value items covered under your policy to determine if a coverage decrease is necessary.
High-value home insurance FAQs
Since high-value homeowners policies tend to be highly customized, it’s important to understand how HO-5 policies work. Here’s some additional information to help you decide if you need high-value home insurance.
What’s the 80% rule in homeowners insurance?
The 80% rule, also called the 80/20 rule, is a standard in the insurance industry that encourages homeowners to insure their homes for at least 80% of replacement cost — not market value. Without this level of insurance coverage, an insurance company may not fully cover a claim.[3]
Which company is best for high-value home insurance?
No single company is best for high-value home insurance. You should choose an insurance company that best fits your needs. For example, if affordability is your chief concern, you might consider Westfield for low rates. If you’re looking for a high level of customization, AIG might be a better choice.
Do all insurers offer high-value home insurance?
No. Many insurance companies don’t offer high-value home insurance. The most common types of homeowners policies offered are HO-2 and HO-3 policies. Some insurers don’t offer comprehensive HO-5 policy forms because fewer homes qualify for this level of coverage. HO-5 policies may also differ between insurers.
What’s the most extensive home insurance policy?
Home insurance policies range in coverage levels, and an HO-5 is the most extensive home insurance policy available. An HO-5 provides more coverage for the dwelling and its belongings than a standard HO-3 policy, offering replacement cost value as opposed to actual cash value.
Is high-value home insurance worth it?
Even if your lender doesn’t require high-value home insurance, it may be worth the investment. This comprehensive policy covers personal belongings, such as expensive jewelry or artwork, that a standard policy doesn’t cover. And a high-value policy can cover the cost of rebuilding your expensive home in case of a total loss.
Nick Dauk is a freelance writer specializing in business, entrepreneurship, personal finance, and travel. His work has been featured in Fox Business, BBC, The Edge, Business Insider, and Bisnow. Nick is a first-generation college graduate, having majored in Interdisciplinary Studies at the University of Central Florida. His eclectic coursework, combined with previous managerial roles in the retail and broadcast television industries, have helped him develop an interdisciplinary approach to writing.
For nearly a decade, Nick has created content for mom-and-pop businesses and global corporations. As a travel writer, his global adventures have also been featured on Inside Hook, Houston Chronicle, Culture Trip, and Matador. When he's not traveling, Nick can be found in Orlando spending time with his wife and toddler.
Nick has been a contributor at Insurify since October 2022.
Evelyn PimplaskarEditor-in-Chief, Director of Content
10+ years in insurance and personal finance content
30+ years in media, PR, and content creation
Evelyn leads Insurify’s content team. She’s passionate about creating empowering content to help people transform their financial lives and make sound insurance-buying decisions.
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