High-Value Home Insurance: Bespoke Protection for Australia’s Finest Properties
When you own a property of significant standing, “off-the-shelf” protection is simply not an option. A standard insurance policy, designed for the average suburban home, relies on mass-market algorithms that cannot comprehend the value of imported marble, heritage stonework, or bespoke joinery. Relying on such a policy is not just a risk; it is a guarantee of underinsurance.
At Assurance Life Pro, we understand that a prestige home is more than an asset; it is a legacy. As specialist brokers in the high-value home insurance market, we step away from the automated call centres to provide a concierge-level service. We partner with niche private client underwriters—such as Chubb, Mansions, and Hines—to build a fortress of financial protection around your estate, your collections, and your lifestyle.
Why Standard Insurance Fails Luxury Homes
The mass market operates on averages. They assume a standard cost-per-square-metre to rebuild. But if your home features hand-cut sandstone, smart-home automation, or architectural glass, the actual cost to rebuild is often double the standard rate.
Furthermore, standard policies place restrictive “sub-limits” on valuables—often capping jewellery at $1,000 per item unless specified. For a high-net-worth individual, this is woefully inadequate. High value house insurance is a different class of product. It is a “All Risks” policy designed to cover the true replacement cost of your assets, ensuring that a disaster doesn’t force you to compromise on the quality of your restoration.
Who Needs High-Value House Insurance?
This coverage is designed for homes with a replacement value typically exceeding $1.5 million (building) or contents exceeding $250,000.
Owners of Custom & Architecturally Unique Homes
If your home was designed by an architect rather than a volume builder, you need this cover. We account for the “soft costs” of rebuilding—such as architect fees, council planning delays for non-standard designs, and the premium cost of sourcing rare materials that match the original structure.
Collectors of Fine Art, Antiques & Jewellery
Standard policies require you to list every single item over a certain value. This is administratively burdensome and a security risk. Our high value household insurance solutions offer “blanket” coverage for collections. This allows you to automatically cover new purchases (up to a limit) without calling us every time you visit an art gallery or jeweller.
Heritage & Listed Property Owners
Heritage homes are irreplaceable, but they must be repaired using traditional methods and materials to satisfy heritage councils. These specialist tradespeople charge a premium. We ensure your policy includes the massive extra costs associated with complying with local heritage orders during a rebuild.
The Prestige Advantage: Key Benefits of Luxury Home Insurance
When you upgrade to a luxury home insurance policy, the difference in wording is stark. You gain access to features that standard insurers simply do not offer:
Extended Replacement Cost: The ultimate safety net. If the cost to rebuild your home spikes due to inflation or demand (e.g., after a catastrophic bushfire), these policies can pay up to 25% or 50% more than your Sum Insured to get the job done.
Cash Settlement Option: If your home is destroyed, you may not want to endure the stress of a multi-year rebuild. High-value policies often allow you to take a full cash settlement and buy elsewhere, with no penalty.
Worldwide All-Risks: Your contents coverage travels with you. Whether you lose a watch in Paris or damage a camera in Tokyo, you are covered automatically.
Corporate & Cyber Protection: Protecting you and your family from modern risks, including cyber-bullying, identity theft, and even aggravated burglary trauma support.
The Concierge Process: A Personalised Risk Assessment
We do not believe in online forms for assets of this calibre. Our process is consultative and discreet.
Private Consultation: We discuss your portfolio, including secondary residences, holiday homes, and vehicle collections, to consolidate them under one master policy.
Professional Appraisal: For significant estates, we can arrange an on-site valuation by a quantity surveyor. They will physically inspect your home to calculate an accurate rebuild cost, removing the guesswork.
Market Placement: We present your risk to specialist “Private Client” underwriters who compete for your business, allowing us to negotiate broader coverage terms.
Portfolio Management: We act as your single point of contact. If you buy a new car or acquire a new piece of art, a simple email to your dedicated broker updates your cover.
Eligibility & Application Steps
Eligibility is generally based on the Sum Insured (typically Building >$1.5M or Contents >$150k). To apply:
Asset Schedule: A rough summary of high-value items (though professional valuations are preferred for items >$50k).
Security Details: High-value insurers will expect monitored alarms, deadlocks, and potentially safes for jewellery.
Lifestyle Profile: Details of any frequent travel or periods where the home is unoccupied.
Do not leave a masterpiece unprotected.
FAQs on High-value home insurance
My current insurer says my house is covered for $2 million. Isn't that enough?
It might be, but the "Sum Insured" is only half the story. The real issue is the policy wording. A standard insurer might cover you for $2 million, but they will likely insist on using their builders and standard materials. A High-value home insurance policy gives you the freedom to choose your own architect and builder, ensuring the craftsmanship matches the original standard of the home.
Do I need to list every piece of jewellery I own?
With standard insurance, yes. With luxury home insurance, usually no. We can arrange "Blanket Coverage." For example, we might insure your jewellery collection for a total of $100,000, with a single-item limit of $10,000. You would only need to specifically list items that exceed that single-item limit. This gives you flexibility and privacy.
Does this cover my holiday home as well?
Yes. In fact, high-value insurers prefer to insure your entire "Portfolio." We can group your main residence, your beach house, and your city apartment onto one high value household insurance policy. This often simplifies your renewal date (one bill per year) and allows for significant discounts.
What is "Extended Replacement Cost"?
This is a critical feature for custom homes. If your home is insured for $3 million, but after a major fire, building costs surge and the actual quote comes in at $3.5 million, a standard policy would leave you $500k short. A policy with Extended Replacement Cost will pay that extra $500k (usually capped at 20-50% above the sum insured) to ensure you are not out of pocket.
Are these policies much more expensive?
The premium is higher than a standard policy, but the rate (cost per $1,000 of cover) is often very competitive because high-net-worth clients are statistically lower risk (better security, better maintenance). When you consider that the policy includes features like Travel Insurance, Cyber Cover, and higher liability limits, the value proposition is often superior to bundling multiple standard policies.