February 9, 2023

If you own a luxury or high-value home in Ontario, there may be additional things to consider when choosing the right insurance policy. 

A standard home owner’s insurance policy is usually not enough to ensure that all assets are accounted for and all liabilities are within the scope. With a luxury home, high-value home insurance in Ontario is necessary to keep it adequately protected. 

A high-value home insurance policy in Ontario offers additional coverages and higher limits. This includes special design features, the sheer value of your property or building, or even prized possessions within your home whether they are displayed or stored away. If the replacement cost of your home is over $1.5 million (that is the cost to replace the home itself, not its appraised value) and your valuables are worth over $500,000, a high-value home insurance policy should be looked into. 

High-value home insurance policies in Ontario have: 

  • Higher coverage costs for damages to your dwelling regardless of the source (a standard homeowners policy doesn’t include flood insurance)
  • Increased coverage costs for jewelry, special belongings, and valuables (25K vs up to 6K with a standard policy)
  • Can be customized to include vacation homes
  • Complimentary home appraisal options
  • Covers increased costs of reconstruction
  • Additional benefits which are required over a standard policy

A unique benefit to high-value homeowners insurance is that you can opt for a cash settlement based on replacement costs. This provides an opportunity to rebuild on an alternate location. 

 How Do I Get A High-Value Home Insurance Quote

The first step to getting high-value home insurance is to use a trusted insurance brokerage to get a quote on your luxury home. Sometimes this process involves getting a home inspection (external and internal) to ensure that the quote is accurate and aligned with your needs. This can also be looked at to see issues within the home that may affect your policy.

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Insurance-to-value or ITV may be used to determine the cost of replacing your high-value home

– which is the amount that an insurance company would pay to replace your home. 

TLDR: A high-value home insurance coverage is critical for homes above a certain price point and can better protect your home or dwelling and your possessions with a larger sum of coverage. Think of it as a scaled-up homeowners policy with all the bells and whistles. 

If you own a luxury home, high-value home insurance will provide you with peace of mind, after all, luxury property is meant to be enjoyed, not tirelessly stressed over. 

After all, luxury property is meant to be enjoyed, not tirelessly stressed over!