High-value home insurance is typically designed for high-net worth individuals with homes valued at $750,000 or more who have expensive valuables and millions of dollars in assets. It's available through both luxury insurance companies like Chubb and AIG that specialize solely in high-value coverage, as well as standard home insurance companies like Nationwide and Travelers that offer special products for high-value homes.
Best high-value home insurance companies of 2023
Our picks for the best high-value home insurance companies of 2023 include Openly, Nationwide, Travelers, Chubb, and AIG thanks to their mix of robust policy add-ons with high coverage limits, white-glove customer service and claims handling, and extra perks like cash-settlement claims and wildfire and hurricane mitigation services.
Company | A.M. Best rating | Policygenius rating |
|---|---|---|
A- | 4.6 out of 5 | |
A+ | 4.5 out of 5 | |
A++ | 4.4 out of 5 | |
A++ | 4.3 out of 5 | |
A | 4.2 out of 5 |
Methodology: Why you can trust our picks for the best high-value home insurance companies
To find the best home insurance companies for high-value homes, our team of licensed insurance experts and operations specialists reviewed over 60 companies using an extensive rubric of criteria including A.M. Best ratings, customer complaint data, coverage options, and more to find companies that offered the following:
Robust policy add-ons and high coverage limits that cater specifically to high-net worth individuals
Strong customer satisfaction ratings and reviews
Excellent perks you won't find with a standard home insurance company
2024 Policygenius award winner
Openly
4.6
Offers extended replacement cost
Offers earthquake insurance
Bundle home & auto
Why we chose it
Openly insures homes up to $5 million with its impressive lineup of customizable policy add-ons that come with high coverage limits.
Pros and cons
Pros
Offers up to $5 million in coverage for high-value homes
Robust lineup of policy add-ons with high limits to customize coverage to fit your needs
No restrictions on pools without fences or dangerous dog breeds
Cons
Only available in 21 states
Fewer home insurance discounts than competitors
Not included in J.D. Power’s customer satisfaction studies
More details
Why Openly is best for high-value homes
Openly offers up to $5 million in coverage for high-value homes, as well as a slew of coverage add-ons to ensure your most prized possessions are fully protected:
Guaranteed replacement cost coverage for your home
Replacement cost coverage for your personal belongings
Scheduled and blanket personal property coverage
Earthquake coverage
State availability
Openly offers home insurance policies in the following 21 states: Alabama, Arizona, Georgia, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Mississippi, Missouri, New Hampshire, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, and Wisconsin.
Openly has plans to expand coverage to Connecticut and Virginia in 2023.
2024 Policygenius award winner
Nationwide
4.5
Bundle home & auto
New homebuyer discount
Smart home discounts
Offers wildfire insurance
Offers flood insurance
Offers earthquake insurance
Offers extended replacement cost
Mobile app
Why we chose it
Nationwide offers a special home insurance product for high-net worth individuals with homes valued at over $750,000, expensive valuables, and millions of dollars in total assets.
Pros and cons
Pros
Multiple high-quality coverage options
Highly rated for claims satisfaction with J.D. Power
Available in most states
Cons
Below-average customer satisfaction and digital experience ratings
Won’t cover Airbnbs or other short-term rentals
More details
Why Nationwide is best for high-value homes
Nationwide is a standard home insurance company that also offers homeowners insurance packages for high-value homes through its Nationwide Private Client policies. A few coverage add-ons and perks include:
Guaranteed replacement cost coverage
Replacement cash-out settlement options
Higher coverage limits for damage to fine china, porcelain sculptures, and other easily breakable items in your home
Specialized claims service
Private firefighter and mitigation services for homes in high-risk wildfire areas
Earthquake insurance through the California Earthquake Authority
Flood insurance through the National Flood Insurance Program
State availability
Nationwide homeowners insurance is available in the following 43 states and Washington, D.C.:
Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, Nebraska, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
2024 Policygenius award winner
Travelers
4.4
Bundle home & auto
Smart home discounts
New homebuyer discount
Mobile app
Offers extended replacement cost
Offers flood insurance
Why we chose it
Travelers offers a special home insurance package for homes valued at $1 million or more that comes with extended replacement cost coverage for your home, increased coverage limits for your personal belongings, and cash-settlement claims.
Pros and cons
Pros
Green home coverage and discounts
Offers short-term rental coverage for Airbnb hosts
Doesn’t require prior insurance on the home
Cons
Subpar customer service ratings with J.D. Power
Underwhelming number of available discounts
More details
Why Travelers is best for high-value homes
Travelers offers a special home insurance policy endorsement for homes valued at $1 million or more that comes with special coverage add-ons and perks, including:
Extended replacement cost coverage that increases your dwelling coverage limit by 25% in case rebuild costs increase after a natural disaster
Increased ordinance or law coverage limits to account for higher rebuild costs to get your home up to code after a catastrophe
Higher coverage limits for your personal belongings, including boats, yachts, jewelry, and more
Identity theft insurance to protect your bank account or credit cards from getting hacked
Cast-settlement claims if you decide you don't want to rebuild your home after a total loss
Up to $10 million in umbrella insurance coverage to protect your personal assets and liability
Flood insurance through the National Flood Insurance Program
State availability
Travelers homeowners insurance is available in 48 states and Washington, D.C., but it is not available in Florida or California.
Chubb
4.3
Bundle home & auto
All 50 states
Offers flood insurance
Offers extended replacement cost
Offers wildfire insurance
New homebuyer discount
Why we chose it
Chubb is a luxury insurance company, which means its policies are designed for high-net worth homeowners who have expensive estates and other assets that also need to be insured, like a boat or luxury car.
Pros and cons
Pros
Extended replacement cost coverage
Cash-out claim settlements
Complimentary wildfire and hurricane mitigation services
Cons
Only insures high-value homes
Below-average J.D. Power customer satisfaction ratings
More details
Why Chubb is best for high-value homes
Chubb offers all the standard homeowners insurance coverages, but with lots of additional perks, including:
Extended replacement cost coverage for your home
Replacement cost coverage for your personal belongings
High sub-limits for expensive personal property, like jewelry, furs, and firearms
Cash-out loss settlement reimbursement options
Unlimited loss-of-use coverage in most states
Property manager services if your seasonal or second home is damaged by a hurricane or windstorm and you're not there
Private firefighter and mitigation services for homes in high-risk wildfire areas
High-tech home inspections services to detect potential security issues in your home
Private flood insurance with up to $15 million in coverage
Personal umbrella insurance with up to $100 million is liability protection
State availability
Chubb offers home insurance policies in all 50 states and Washington, D.C.
AIG
4.6
Bundle home & auto
Insures older homes
Offers wildfire insurance
Smart home discounts
Offers extended replacement cost
Why we chose it
AIG is best for homeowners with high-value homes and assets who need a policy with high coverage limits — it only writes policies for homes with insured values of more than $750,000 in most states ($1 million in New York).
Pros and cons
Pros
Industry-best customer and claims satisfaction ratings with J.D. Power
Guaranteed & extended replacement cost coverage available
Complimentary wildfire and hurricane mitigation services
Cons
Doesn't allow you to purchase standalone home insurance
More details
Why AIG is best for high-value homes
AIG is best for high-value homeowners looking to purchase multiple insurance policies through AIG Private Client Group — it doesn't write stand-alone home insurance policies. You need to bundle your home insurance with a separate collections, yacht, auto, excess liability, or equine insurance policy.
Additional coverages and perks that come standard with an AIG home insurance policy include:
Guaranteed replacement cost coverage for your home
Blanket and scheduled personal property coverage with higher limits to protect your most-prized possessions
Personal property coverage for private staff
Cash-settlement options if you decide not to rebuild your home after a total loss
Wildfire and hurricane mitigation services if you live in an area at high risk of wildfires or windstorms
Risk assessment services for homeowners of historic or architecturally significant properties
State availability
AIG offers home insurance policies in all states except Hawaii and Alaska.
What is high-value home insurance?
A standard homeowners insurance policy likely doesn't offer enough coverage for homes with rebuild costs that are in the millions, which is why some homeowners may need high-value home insurance with higher coverage limits than standard policies offer. A high-value home generally means a home with a replacement cost value of at least $750,000.
High-value home insurance policies are more expensive than standard insurance since they typically include extended or guaranteed replacement cost coverage for your home, replacement cost coverage for your personal belongings, high coverage limits for expensive valuables, and other perks that aren’t found in a standard policy.
What does high-value home insurance cover?
High-value homeowners insurance policies typically include higher coverage limits, multiple additional coverage endorsements, and extra policy perks related to mitigation services and claim settlements.
Here’s what you should expect from a high-value home insurance policy compared to standard coverage:
Higher coverage limits
A high-value home insurance policy often includes these higher coverage limits, including:
Guaranteed replacement cost coverage for your home: Covers the full cost to rebuild your home after a disaster — regardless of whether the cost exceeds your policy limits.
Replacement cost coverage for your personal belongings: Covers your personal belongings at their replacement cost instead of their actual cash value, meaning depreciation isn't taken into account when deciding your claim payout.
All-risk coverage: This is superior to named-perils coverage since it protects your home, other structures on your property, and belongings against all causes of loss except the specific peril exclusions listed in your policy.
Scheduled and blanket personal property coverage: Increased coverage limits for specific items that you schedule or blanket categories of valuables, including jewelry, firearms, artwork, or collections.
Higher loss-of-use coverage limits: Often covers the full cost of additional living expenses if you need to stay elsewhere after a covered loss.
Higher debris removal and landscaping limits: You'll often see higher coverage limits to cover removing trees and debris from your home and updating your landscaping after a natural disaster.
Higher liability coverage limits: Offers higher personal liability coverage limits and additional umbrella insurance to protect all of your assets against expensive litigation.
Better coverage add-ons for enhanced protection
High-value home insurance companies often include additional coverages that come standard in their base policy, as well as others you can add on for even more protection, including:
Water backup: Coverage if water backs up through your sewer or drains, or if your sump pump stops working.
Identity theft: Pays to recover your identity after fraud, including matching you with a consumer fraud specialist, paying for attorney fees if you take the perpetrator to court, assisting with civil suits and criminal cases, and more.
Business property: Coverage if your work laptop or other business property are stolen or damaged in a covered loss.
Ordinance or law: Pays the extra cost to get your home up to code after a covered loss.
Higher flood insurance limits: Offers millions of dollars in flood coverage if your home and belongings are water-logged in a natural disaster.
Vacation and second homes: Allows you to customize your home insurance policy to add on protection for additional properties you own worldwide.
Kidnap, ransom, and extortion: Offers crisis management services if your family is targeted by extortionists.
Personal injury protection: Expands liability coverage to include personal injury to others, such as slander, libel, wrongful eviction, or false arrest.
Additional policy perks
With high-value home insurance coverage, you’re paying for a lot more than just better coverage — luxury home insurance providers also offer special benefits that often aren't available through a standard insurance company.
Here are a few perks that might come along with a high-value homeowners insurance policy depending on the company you choose:
Home appraisal services: Offers free home appraisals to make sure your insurance coverage limits are adequate, and in the event you decide to sell your property.
Cash-out settlements options: Choose to receive a cash settlement after a total loss rather than rebuilding your home.
Deductible waiver: High-value home insurance companies often waive your deductible for losses over $50,000.
Loss-prevention consultations: Offers suggestions for updates you can make to your property to mitigate damage if you live in an area at high risk of flooding, windstorms, earthquakes, wildfires, or other natural disasters.
Wildfire protection services: Homeowners in high-risk wildfire areas often receive private firefighter services to further protect your home from brush fires.
Hurricane protection services: Homeowners in areas at high-risk of hurricanes can get ongoing monitoring in the lead up to a hurricane, as well as expedited claims and access to qualified restorations companies after the storm hits.
Architectural legacy services: Offers risk assessments, custom reports outlining your home's history, and more services for homeowners of historic or architecturally significant properties.
How much does high-value home insurance cost?
High-value homeowners insurance policies are going to be more expensive than the average cost of a standard home insurance policy, which is $1,754 per year — according to our analysis of 2023 home insurance rate data from across the country.
AIG customers paid almost two times as much as the average customer, with a $3,564 average annual premium according to Policygenius data. And Chubb customers typically pay three times as much as standard customers, with a $5,550 average annual premium according to the same data.
Keep in mind the amount you pay will vary depending on where your home is located, the age and build of your home, your credit score, and if you need any additional coverage for high-priced valuables.
How do I know if I need high-value home insurance?
How much home insurance you need is based off your home's rebuild cost, not its market value. That means you need enough dwelling coverage to rebuild your home from the ground up in the event that it’s destroyed by a covered peril.
Typically, if your home’s rebuild cost is over $750,000, you’ll need high-value home insurance. When you get a quote from an insurance company, they will provide you with an estimate of your home’s replacement cost. But you can calculate it yourself using our replacement cost calculator. You can also speak to local contractors and appraisers in your area to get an estimate of rebuild costs.
Frequently asked questions
Who insures high-value homes?
Chubb, AIG, and Openly are three premier carriers that offer policies catered to high-value homes. Some standard insurers, like Travelers and Nationwide, also offer specific policy packages designed for high-value homes.
Can you insure a property for more than it's worth?
Yes, you can insure a property for more than it's worth — but you shouldn't base your home insurance coverage on your property's value in the real estate market. Instead, you should insure your home at its replacement cost value, meaning the amount it would cost to rebuild your home from the ground up using similar construction materials.
Does home insurance depend on the value of the home?
No, your home's market value has no correlation with how much homeowners insurance you should buy. Your home's replacement cost, or rebuild value, is what you should base your home insurance needs on.
