Luxury Home Insurance

Homeowners who maintain luxury properties need comprehensive coverage beyond the limits of a standard policy. Typically for homes valued above $750,000, high-value home insurance is specifically designed for property owners with an above average net worth.

These policies offer better protection of valuable assets, compared to basic homeowners insurance. What should you know before applying for high-value home coverage?

What Does High-Value Home Insurance Cover?

When you find the perfect property to call home, it’s important to protect the physical structure and your belongings from unforeseen circumstances. While basic insurance is sufficient for the average priced home, luxury properties often need higher liability limits.

An endorsement to fill in the gaps of standard home coverage can still leave high-value property owners underinsured. According to Trusted Choice, contents coverage is capped at 50 to 70 percent of the home’s value with a basic homeowners policy. As such, a traditional insurance policy may not consider the full potential of luxury items like jewelry and fine art.

How Much Coverage Do You Need?

High-value homeowners have unique needs based on the value of their property and possessions. Our experienced insurance agents can identify, assess and manage your specific risks as a luxury homeowner to find the right coverage for you!

Types of High-Value Home Insurance Coverage

High-value home insurance, which extends coverage beyond standard limits, may include:

  • Replacement Cost of Structure: High-value home policies go above and beyond basic dwelling insurance with extended coverage if your home is badly damaged.
  • Replacement Cost of Contents: Standard homeowners policies insure items damaged by a covered peril, such as fire or theft. High-value home insurance often includes “all risks” coverage for contents, regardless of the incident.
  • Excess or Umbrella Liability: It’s recommended to purchase at least your net worth in umbrella coverage, which will further protect valuable assets beyond the limits of a standard policy.
  • Fine Arts Insurance: Your prized personal belongings need special coverage. Protect your paintings, antiquities and other treasured heirlooms from theft or damage.
  • Liability for Domestic Help: This type of insurance covers medical expenses and lost wages when a household staff member is injured on your property.
  • Flood Insurance: Standard homeowners insurance typically does not provide flood coverage. Especially if you own a waterfront home, it’s important to protect your property and possessions from potential flood damage.
  • Identity Theft Insurance: Individuals with a high net worth are likely to be targeted by identity thieves. This type of coverage can pay legal fees and potentially reimburse financial losses suffered.
  • Kidnap and Ransom Insurance: Unfortunately, high-net-worth individuals may also be targeted for ransom payments. This type of insurance will help pay expenses incurred as a result of kidnapping or extortion.
  • Risk Management Services: High-value homeowners may be offered individualized consultations and services to help reduce losses, in the event disaster strikes.

Work directly with a HUB International agent to discuss additional coverage options for high-value homeowners and build your individual plan! Our seasoned insurance experts understand that risks increase with net worth and can help protect your luxury estate with comprehensive insurance solutions.

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