High Value Home Insurance in Ontario

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High value home insurance provides you with the next level of coverage - custom coverage, higher limits, and expert advice. 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 choose the best high value home insurance from the leading insurance companies in Canada. We’ll help you find a plan with higher limits, greater replacement costs, and endorsements to cover all your high-end possessions. Explore a full range of coverage options with us.

What is high value home insurance?

luxury house with nicely designed front yard

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 this category qualifies, 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.

Do I need high value home insurance?

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, wine, or collections worth over $25,000
Your home is custom-built or has unique features

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How does high value home insurance work?

High value home insurance works the same as homeowners. You pay for protection for your dwelling, This includes contents insurance and you receive liability coverage. It covers the cost of replacing your home and belongings if they were damaged or destroyed.

The main difference is the value of the policy available. You have access to higher limits and additional customization options.

A high value home insurance 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 of rebuilding. But with a high value home insurance policy, you could increase your limits to match your home replacement cost, ensuring you are completely covered.

What is considered a home value home?

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.

However, this amount can vary based on the insurance provider. Some companies may have a higher value to define homes that qualify in this category.

What insurance companies offer high value home insurance products?

The availability of this insurance product will depend on the insurer. At ThinkInsure, we partner with several insurers who offer high value home insurance. Here are some of the products you can get with us:

Aviva’s Ovation insurance product

With this Aviva 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 to qualify for the Intact Insurance program.

Chubb Insurance’s Masterpiece program

With Chubb Insurance you must have a minimum replacement cost of $1.5 million and $250,000 for renters policies.

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How to get high value home insurance

It's easy to get high value home insurance that's personalized just for you. Simply get started online or give us a call and one of our experts will be happy to help you.

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2024-04-19

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2024-04-17

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**Updated to 5-stars - Felicia (Supervisor) called almost immediately after this review went up - validated my concerns (ie. confirmed with system notes, that I wasn't crazy), checked everything was good now on my end, and will use the experience as coaching points. This one call has completely changed my view** Terrible broker. I was "assigned" to them when I signed up for CAA insurance (via CAA's website). In the last two weeks alone, I've had to follow up with several different agents on my request (updates to my policy, because the initial set up was also incorrect for deductible, coverage, etc). It's almost as if the agent listens to my words, says they'll get to it and call back, but in reality just hang up and move on. I mean, they're all super friendly on the phone, but actions speak louder than words, and there hasn't been much action on their end. Easily the worst insurance broker I've interacted with.

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I had my first call with Bailey Molella, and right from that call I knew I was good hands with getting me a suitable quote for my insurance . I had to do some thinking about it still so I let Bailey know that I would contact him at a later date , and he was very understanding . When I did call back it was like we had just picked up from where we had left off , lots of support lots of help from him in making sure I had the right insurance company to move forward with . He was an absolute pleasure working with and highly recommend having him as your broker .

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 losses 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 upgraded home insurance plans. They include:

Cash settlements for building and contents
Drone liability
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
Debris removal
Identity fraud
Deductible waived if the loss exceeds a certain limit
Rebuilding to the 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.

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High value home insurance FAQs

Where can I find high value home insurance?

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 rates and explore your options.

Why do high-value homes need special insurance?

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 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.

How is high value home insurance different from traditional home insurance?

These 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 in a customized package that addresses your top insurance requirements.

Why isn’t standard homeowners enough coverage for me?

All home insurance policies have limits. If you have a standard plan, even if you have comprehensive home insurance, it may not be enough for you if you own a high value property.

Traditional plans are not designed for properties with extraordinary features and contents. If you have expensive items and unique home features you’ll need a more custom solution to ensure you’re compensated appropriately if you have a loss.

Are there ways to save on high value home insurance policies?

There are still many discounts and ways to save if you have a high value policy. Insurers offer discounts for homes with strong security, multi-product bundles, and much more. Our brokers will make sure you get the best rates without sacrificing protection.

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Do you own a luxury home or a 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.

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Get High Value Home Insurance in Ontario

Get personalized high value home insurance and protect what you have worked so hard for.

Compare home insurance rates from the top providers

Get the best high value home insurance coverage

What is high value home insurance?

Do I need high value home insurance?