Insuring your high-value home

What's considered a high-value home?

In general, most insurance companies consider a high-value home to be somewhere in the range of $750,000 or higher. However, some companies may only consider high-value homes to be worth $1 million or more.

There are a lot of factors that determine a high-value home besides a house's market value. Examples can include

• Square footage
• Location
• Other unique features (ex., pool, home theater, custom decking, or landscaping)

Is there a specific insurance for high-value homes?

In general, most insurance companies don't offer a specific insurance policy for high-value homes. However, most insurers can provide coverage for high-value homes by customizing a standard homeowners insurance policy to meet their needs and requirements.

What types of home insurance coverage should I consider for my high-value home?

If your insurance company doesn't offer a specific policy for high-value homes, discuss options for how a standard home insurance policy may be adjusted to meet your needs. A few things to discuss can include

• Dwelling and property limits: Confirm these limits are correct and can cover your home if it were damaged and/or needed to be rebuilt.
• Liability limits: Review your limits to make sure your assets are protected if someone were to be injured on your property or if you were sued.
• Endorsements: If you have things like fine art, jewelry, and collectibles that can exceed the limits of a standard home insurance policy it may be good to look into an endorsement (add on to a policy) to better cover these items.
• Other optional coverages: These are for things not typically covered by a standard homeowners policy. This can include things like earthquake and flood which may need separate policies or endorsements. Note, depending on where your live, you may or may not be able to get coverage for earthquake and/or flood insurance.

Are there ways I can reduce the insurance premiums on my high-end home?

Yes. There are a number of ways you can lower your insurance premiums for your high-end home. Examples of things that may help you save on your homeowners insurance can include

• Having a home security system
• Taking certain steps to reduce risks like installing a new roof
• Bundling your insurance policies like your home and auto
• Increasing your deductibles

Making sure you have the coverage you need on your high-value home doesn't need to be hard. If you have any questions, make sure to talk to your insurance company or agent.

At Liberty Mutual, we can help you get the homeowners insurance you need. See how much you could save by getting a homeowners insurance quote today!