High-Value Home Insurance and Best Companies Offering It

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.

Here’s what you need to know about shopping for high-value home insurance.

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.

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.

Here’s a look at the best insurance companies for high-value home insurance.

Insurance Company	Average Annual Cost	IQ Score 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.

Chubb: Best overall for high-value home insurance

AIG: Best for multiple policies

Westfield: Best for lowest rates

National General: Best for peace of mind

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.

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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:

• Broad coverage for sewer and drain backups that cause flood damage

• Waivers for deductibles of certain minimums and maximums

• Endorsements for lost, stolen, or damaged pieces of artwork and jewelry

• Flood and earthquake coverage — two perils rarely covered under any standard policy

• Landscaping repair and replacement costs after covered losses for named perils

• Appliance breakdown replacement endorsements

• Loss settlement for additional structural damage to walkways, pools, and retaining walls

• Kidnapping, ransom, and extortion expense coverage

Cost of high-value home insurance

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

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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