High-value home insurance
If you have a high-value home, it's important to know how to customize your insurance to avoid gaps and make sure you have the coverage you need.
Key Takeaways
- A high-value home is generally considered to be worth $750,000 or more, though some insurers set the threshold at $1 million — factors like square footage, location, and unique features such as a pool, home theater, or custom landscaping also influence the classification.
- Many insurance companies don't offer a separate high-value home policy, so a standard homeowners insurance policy is customized with higher dwelling and liability limits, and endorsements for valuables like fine art, jewelry, and collectibles that exceed standard policy limits.
- High-value homeowners may want to review four key coverage areas: dwelling and property limits (to cover full rebuilding costs), liability limits (to protect assets in a lawsuit), endorsements for high-value items, and separate policies for flood or earthquake coverage depending on location.
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 you 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!
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Written by Kathryn Messer
Kathryn Messer is an insurance and financial services copywriter with more than 25 years of hands on industry experience. A fully licensed P&C and Life & Health broker, she has worked as an independent agency owner, commercial risk manager, and financial and investment adviser. She holds CIC, CPCU, CFP, and LUTC designations. Her writing is grounded in real world knowledge of insurance operations, regulatory complexity, P&C claims, insurance technology, and sales—giving clients a true subject matter expert with no learning curve.