Summary: Best High-Value Home Insurance Companies
| Company | Average annual cost for $1 million home insurance | Our Expert Take | Forbes Advisor rating | Complaint level | Learn More |
|---|---|---|---|---|---|
| $3,304 |   | Very low | Compare rates from participating partners via EverQuote's website. | ||
| $2,362 | | Low | Compare rates from participating partners via EverQuote's website. | ||
| $3,253 |  | Average | Compare rates from participating partners via EverQuote's website. |
Best High-Value Home Insurance Companies in More Detail
What Is High-Value Home Insurance?
High-value homeowners insurance has high dwelling limits and contents coverage to properly cover your house and belongings. A home insurance policy’s dwelling coverage provides enough insurance to rebuild your home if it’s damaged or destroyed.
High-value coverage can also have a high liability insurance limit of $500,000 or more. Liability insurance covers accidental injuries and property damage that you or other members of your household do to others. You want enough liability insurance your assets in case you are sued, including your home. Home insurance companies often cap liability coverage to $500,000 but you can buy separate umbrella insurance for $1 million or more.
Cost of High-Value Homeowners Insurance
The average high-value home insurance cost is $4,636 a year for $1 million dwelling coverage, a $1,000 deductible and $500,000 liability coverage, according to an analysis of 14 major home insurance companies. Westfield and Progressive are the only companies with annual average rates under $3,000 a year.
| Company | Annual average home insurance cost for $1 million in coverage |
|---|---|
| $2,362 | |
| $2,695 | |
| $3,253 | |
| $3,304 | |
| $3,731 | |
| $3,825 | |
| $4,197 | |
| $4,203 | |
| $5,007 | |
| $5,211 | |
| $6,335 | |
| $6,436 | |
| $6,449 | |
| Shelter | $7,892 |
| National average | $4,636 |
Cheapest High-Value Home Insurance Companies By State
Cheapest High-Value Home Insurance Companies By City
What Does High-Value Home Insurance Cover?
How Much High-Value Homeowners Insurance Do I Need?
You need enough high-value homeowners insurance to cover your home and belongings and enough liability insurance to properly cover your assets if you’re sued.
Home insurance companies can estimate your house’s replacement value, which you’ll use to select your dwelling coverage limit. This covers the structure of the house. Your dwelling coverage also influences your contents coverage, which is usually a percentage of dwelling coverage (such as 50%) and covers your belongings. You may be able to increase the percentage if you need more coverage for possessions.
You can also schedule personal property, which covers expensive items separately from your contents limits. You can schedule items like artwork and jewelry.
You also want to determine your net worth, including your home, to decide how much liability insurance you need. People with a high net worth can be lawsuit targets, so being properly insured is critical.
What Are Things to Consider When Purchasing High-Value Homeowners Insurance?
Les Masterson
Insurance Editor
Jason Metz
Insurance Lead Editor
Michelle Megna
Insurance Lead Editor
Estimate Your Net Worth
Liability insurance plays an important role if you’re sued for injuries or damage that you accidentally cause. Figure out how much liability coverage you need by evaluating your assets. Home insurance policies often provide liability insurance up to $500,000. If you need more, you can buy umbrella insurance.
Insurance Editor
Look for Insurers That Specialize in High-Value Homes
Home insurance rates are important, but we also suggest owners of high-value homes look at high-value home programs offered by insurers like Chubb and AIG’s Private Client Select. These kinds of high-value policies can provide high levels of liability coverage and offer special coverage options that address your needs.
Insurance Lead Editor
Check Into Guaranteed and Extended Replacement Cost Coverage
Some home insurance companies offer guaranteed or extended replacement cost coverage, which lets you extend your dwelling coverage limit if building costs and inflation push your home’s replacement value above dwelling limits. There is an added cost to these add-ons but it’s worth considering.
Insurance Lead Editor
Ways You Can Reduce the Insurance Premiums on a High-End Home
Insurance on high-value homes will cost more than coverage for lower-value homes but there are still ways to save.
Methodology
To find the best high-value home insurance companies, we analyzed costs around the country, policy information and complaints against insurers. We scored companies based on these factors:
- Home insurance rates (50% of score): Based on average rates for each insurance company for dwelling coverage of $1 million. Source: Quadrant Information Services.
- Complaints (20% of score): Based on complaints about home insurance that were upheld by state insurance departments. Source: National Association of Insurance Commissioners.
- Availability of extended and/or guaranteed replacement cost coverage (20% of score): Extra dwelling coverage is valuable in the event of large disasters when construction materials and labor costs tend to spike. We gave points to companies that offer either extended or guaranteed replacement cost coverage. Source: Forbes Advisor research.
- Banned dog lists (10% of score): Banned dog breed lists can make homeowners ineligible for coverage. (A company’s banned dog list might not be applicable in all states.) While any homeowners insurance company could potentially ban any dog with a biting history, not all put a ban on specific breeds. Source: Forbes Advisor research.
Read more: How Forbes Advisor rates home insurance companies
Other Companies We Rated for High-Value Home Insurance
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Looking for Homeowners Insurance?
Best High-Value Home Insurance Companies FAQs
Can you insure a property for more than it's worth?
Yes, you can insure your home for more than it’s worth but you might be throwing away money.
If you’re concerned about your policy covering the cost of your home’s replacement, you may want to instead buy extended replacement or guaranteed replacement coverage. Extended replacement coverage adds a percentage to your dwelling coverage if building costs or inflation cause rebuilding costs to exceed your dwelling limit.
Guaranteed replacement coverage pays for rebuilding to its previous condition despite how much building costs increase.
How is homeowners insurance for a high-value home different?
Home insurance for high-value homes has higher dwelling coverage limits than other homes and may have higher liability limits since there may be more to lose if you’re sued.
Some high-value home insurance companies also have expanded programs. For instance, Chubb offers liability limits up to $100 million.
Do I need high-value homeowners insurance?
You only need high-value homeowners insurance if your home requires high dwelling limits and liability coverage.
What should I look for in a high-value home insurance policy?
Similar to any home insurance policy, you should consider price, a company’s reputation and factors that are important to you when shopping for high-value home insurance.
You can also check into high-value programs like Westfield’s WesPak and Chubb’s Masterpiece Home. These programs are geared for high-value homeowners.
Do all companies offer high-value home insurance?
No, not all home insurance companies offer high-value home insurance.
