High value home insurance provides you with the next level of coverage. As they say, the more things you have, the more you have to lose. So, you need a custom insurance policy to protect your luxury home. We’ll help you protect your home and the things you’ve worked hard to acquire.
At ThinkInsure, we can help you compare high value home insurance quotes from the leading insurance companies in Canada. We’ll help you find a plan with higher limits, higher replacement cost, and endorsements to cover all your high-end possessions. Explore a full range of coverage options with us.
How to compare high value home insurance quotes
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Neil provided great broker service. Will definitely return to ThinkInsure.
I have the pleasure to renew my Automobile Insurance with Kimberly Ladis of ThinkInsure . She was great in finding me the lowest price with a reputable company. She is kind ,efficent & professional. I will recommend her to everyone I know.
I had the pleasure of getting Evan V. as my broker. What set him apart from others I have spoken to was his knowledge. He answered all of my questions promptly and taught me about my specific insurance needs. He was very professional and kind. I felt better after speaking with him.
I had the pleasure of dealing with Neil. I was completely lost when looking for the type of car insurance I needed. Neil was extremley patient with me and walked me through everything.He was available at any time and had answers to all my questions.
Thank you for this amazing experience!
Pooyan Saeidi has a top-notch customer service skill, very fast service, prompt in answering your email. He will always call to check if you got what you want. He will give the best advice on all your insurance needs and explain in a layman’s term, very friendly and accommodating even if he has to explain for the nth times. 101% rating for his service quality.
I don't know where to begin but I'm so glad that I got Evan Venditti as my advisor. He earned my respect for choosing integrity over personal gain. While I went with a different firm, it was his suggestion that led me to saving hundreds of dollars on auto insurance. He explained that the companies they work with cater to a particular demographic I'm not exactly a part of. He's pretty well versed and insightful. He spoke on a level that I understood. I love that he gave me time to call a couple of other places first before proceeding with his quote. I called those places and went with one of them since I got a lower quote. With all the chaos that's going on in my personal life, this made me emotional. If somehow I took different steps that day and I didn't come across this guy, I'd be paying so much more on insurance. So although I'm not a client, just want to take this time to share this phenomenal experience!
Evan Venditti has been absolutely amazing and extremely helpful! Always following up to make sure that I am updated on any changes to my policy. He also made the process of obtaining a policy so easy! 10/10 recommend. Hopefully you will get the chance to work with him!
Great customer service.! Quick and efficient. I worked with Denise Snider. She was great with getting me a cheap quote, she sent payment info, and paper work right away. Papers were signed within 24h and insurance was confirmed. I am a high risk driver, who can’t get insured anywhere else due to accumulation of tickets. 10/10 recommend!
What is high value home insurance?
High value home insurance products are designed specifically for upscale, high-end, and luxury properties. Qualifying properties are valued higher than the average value and have unique features that make them ornate.
Standard home insurance policies may not offer high enough coverage limits to cover the required replacement cost if the home were to be destroyed and needed to be rebuilt. Any property that falls into the high value category qualify, including condos, vacation homes, and rented dwellings.
High value home policies offer extra protection and higher limits. They also offer more protection for your contents, including collectibles, jewelry, and other items. You can customize plans to meet your unique insurance requirements.
How does high value home insurance work?
High value home insurance works the same as homeowners. You pay for protection for your dwelling, contents insurance, and you receive liability coverage. It covers the cost to replace your home and belongings if they were damaged or destroyed.
The main difference is the value of policy available. You have access to higher limits and additional customization options.
For example, you own a house valued at $1 million. You have a fire that destroys your home. If you had a standard plan with a replacement cost of $700,000, you would still have a loss of $300,000. A normal policy would not cover the total cost to rebuild. But with a high value home insurance policy, you could increase your limits to match your home replacement cost, ensuring you are completed covered.
A high value home is typically considered property with a value higher than $750,000. This amount refers to the replacement cost, not the real estate value or estimated selling price.
But this amount can vary based on the insurance provider. Some companies may have a higher value to define homes that qualify in this category.
High value home insurance is designed for people with luxury properties and high-priced real estate. But you may also want to consider this type of policy if you have expensive personal belongings, you have custom work done in your home or you own a heritage property.
You may want to consider this type of insurance if any of the following apply to you:
Your home has a replacement value higher than $750,000
You own a heritage home
You own a green home
You have valuables, art, or collections worth over $25,000
Your home is custom built or has unique features
The availability of this insurance product will depend on the insurer. At ThinkInsure, we partner with several insurers who offer high value home insurance. They include:
Aviva’s Ovation insurance product: You must have a minimum replacement cost of $750,000 and $250,000 for renters policies.
Intact Insurance’s Prestige program: You must have a minimum replacement cost of $1 million and $250,000 for renters policies.
Chubb Insurance’s Masterpiece program: You must have a minimum replacement cost of $1.5 million and $250,000 for renters policies.
What does high-value home insurance cover?
High value home insurance offers the same type of protection as other policies. It includes coverage for:
Building structures: Policies commonly include guaranteed replacement cost or extended plan limits to ensure the home can be rebuilt to its original condition.
Possessions: Plans offer greater limits for things like jewellery, cash, business property, wine collections, art, and other expensive items.
Liability: Plans have higher limits for things like medical payments and loss related to owners being liable for damages. It also includes coverage if you are sued for libel, slander, and defamation.
Additional living expenses: Receive compensation for living expenses and accommodations while your home is being repaired.
What enhancements and endorsements can I add to my high value home insurance?
There are a variety of unique endorsements that are only available through high value home insurance plans. They include:
Cash settlements for building and contents
Sublimit for jewellery, wine, fine art, business property
Unlimited additional living expenses
Contents coverage can be extended to secondary residences
Automatic protection during renovations and structural work
Umbrella liability insurance
Deductible waived if the loss exceeds a certain limit
Rebuilding to current code
All risk insurance
Higher limits for water protection
You have the option to customize your policy to meet your unique insurance requirements.
How much does high value home insurance cost?
It’s challenging to set an average cost for high value home insurance because it can be customized in so many ways. It does cost more than standard homeowners insurance. There are higher limits and more types of protection included. Compare high value home insurance quotes to get an accurate estimate.
High value home insurance quotes
Find the best rates for high value home insurance today.
High value home insurance is a specialized product. It’s not offered by all insurance companies. At ThinkInsure, our team of insurance experts can help you find the right Ontario home insurance to match your lifestyle. Connect with us today to compare quotes and explore your options.
High value homes require specialized insurance because of the unique features they have. Standard plans may not cover the things that make your dwelling unique. For example, if you have a custom wine cellar, customized home gym, or other unique areas on your property, you need insurance that will cover these things. Since your home is worth more, you’ll need more protection.
High value home insurance plans have additional features and endorsements that are unavailable through traditional plans. They have higher limits and different options for luxury dwellings. You will receive standard types of protection, but just more of it and in a customized package that addresses your top insurance requirements.
Find the best high value home insurance
Do you own a luxury home or high-end property? Protect it with high value home insurance. Compare quotes today to ensure you have the right amount of insurance for your upscale property.