Homeowners insurance for luxury homes

Luxury homes are expensive to rebuild. Some home insurance companies offer specialized policies for homes that cost $750,000 or more to rebuild them. Even if your insurer will cover your high-value home with a standard homeowners insurance policy, you can often choose optional coverages, such as extended replacement cost coverage, which increases the amount of coverage you have for your home to be completely rebuilt in the event of a covered loss during a catastrophe.

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How does insurance work for high-value homes?

While some insurers require specialized policies for homes exceeding $750,000 in value, Progressive Home, one of the insurers in Progressive's network of property insurers and part of the Progressive family of companies, accepts homes with values up to $5 million. In addition to the standard exterior inspection, Progressive Home requires an interior home inspection with a replacement cost of $850,000 and higher. Based on the inspection results, your policy's dwelling replacement amount may be adjusted to ensure adequate homeowners insurance coverage.

Owners of luxury homes often have insurance considerations that owners of less expensive homes may not have to worry about. If you own a high-value home, here are some ways you can help protect your property, belongings, and assets:

Replacement cost on your contents

While many standard policies only cover your personal belongings at actual cash value, homeowners can opt for replacement cost for their personal property. Personal property coverage with replacement cost will raise your premium but would pay to replace items damaged in a covered incident without factoring in depreciation.

Higher liability limits

Homeowners insurance also provides coverage if you're legally responsible for someone else's injuries or damages. If your net worth exceeds your policy's highest limit for liability coverage, you can purchase an umbrella policy to safeguard your assets, typically up to an additional $5 million.

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