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High Value Home Insurance Coverages & Limitations Explained

High Value Home Insurance Explained | KBD Insurance
Curtis Killen

As president of KBD, Curtis aims to simplify insurance for his clients. He’s helped lead KBD to become one of Canada’s fastest 400 growing companies according to the Globe & Mail.

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There are differences in high value home insurance compared to standard home insurance. Whether you’re in bustling Toronto or Montreal, here’s everything you need to know about insuring your high-value home.

So, what exactly is high value home insurance?

Essentially, this is insurance for homes valued over $750,000, or generally with belongings valued over $175,000

After a certain value, homes can’t be covered with standard insurers, and need specialized policies. 

In this blog, we’re explaining the details of high value home insurance, so that you can make informed decisions when it comes to protecting your residence.

OR, if you’d prefer personalized guidance, our team of brokers are happy to help. 

Get an online home insurance quote below, or give us a call. 

Skip ahead to find what you need:

What is high value home insurance?

As mentioned, high value home insurance provides specialized coverage for properties with substantial worth – typically above $750,000, or contents (belongings) valued over $175,000.

High value home insurance provides coverage for unique properties that goes beyond standard policies to ensure comprehensive protection for your investment.

Standard home insurance doesn’t adequately cover high-value properties due to their unique features and higher replacement costs.

High value home insurance bridges this gap by aligning coverage with the value and intricacies of your home.

Policies are tailored to address specific risks, including extensive property damage, valuable belongings, and liability protection.

Whether you’re a homeowner in Ontario, Quebec, or across Canada, if you’re shopping for high value home insurance, you’ll want to make sure you choose the right provider.

Speak with your insurance broker, who can shop from multiple insurance companies at once to find you the best coverage. 

Need high value home insurance?

Call us. 

What is standard home insurance coverage?

Standard home insurance typically includes protection for the structure of your home, the contents (belongings) within your home, and liability protection.

It guards against perils like fire, theft, vandalism, certain natural disasters, and damages to a third party under a covered event. For example, if someone is hurt while on your property. 

Limitations of Standard Home Insurance Policies:

Coverage amounts and policy limits might not adequately reflect the replacement cost of luxury amenities and valuable personal belongings found in upscale properties.

For Canadian homeowners seeking comprehensive coverage that aligns with the value of their property, high value home insurance offers tailored solutions.

KBD offers high value home insurance to clients in Ontario and Quebec through Intact.

Need a quote?

Call us.

The difference between high value and regular home insurance

There are a few key differences between high value and regular home insurance that can affect whether or not you’re covered in the event of a claim. 

Let’s break down the key differences.

Coverage amounts and limits

High value home insurance:

  • Offers higher coverage limits to accommodate the increased value of luxury homes and their contents.
  • Tailored coverage to adequately protect upscale properties and their unique features.

Regular home insurance:

  • Typically comes with standard coverage limits that may not fully address the replacement cost of high-value homes.
  • May have limitations on coverage for high-end finishes, custom renovations, and valuable personal belongings.

Insurance premiums

High value home insurance:

  • Generally, premiums are higher due to the increased coverage limits and added protection for luxury features.
  • Reflects the higher replacement cost and value associated with high-end properties.

Regular Home Insurance:

Premiums are typically lower as they cover standard homes with lower replacement costs and fewer luxury amenities. However, several factors affect the cost of home insurance.

Specialized Coverage

High Value Home Insurance:

  • Provides specialized coverage for high-value items such as fine art, jewelry, and collectibles.
  • Offers coverage for additional living expenses incurred during repairs or rebuilding of high-value homes.

Regular Home Insurance:

  • May offer limited coverage for high-value items and may not fully reimburse for the replacement of luxury belongings.

In Canada, homeowners with high-value properties often opt for specialized high value home insurance to ensure their investments are adequately protected.

Be sure to check with your home insurance broker to understand exactly what you’re covered for.

Need a home insurance quote?

Call us.

What additional coverage should high value homes have?

For high-value homes in Canada, standard home insurance coverage may not be sufficient to fully protect against the unique risks and uncertainties. 

Here are some additional coverage options to consider:

  1. Extended Replacement Cost Coverage: Provides coverage beyond the insured value of the home to account for unexpected increases in rebuilding costs.
  2. Guaranteed Replacement Cost Coverage: Ensures that the insurance company will cover the full cost of rebuilding your home, regardless of the current construction costs.
  3. Increased Personal Liability Coverage: Offers higher liability limits to protect against potential lawsuits and claims arising from accidents on your property.
  4. Coverage for High-Value Belongings: Provides specialized coverage for valuable items such as fine art, jewelry, antiques, and collectibles.
  5. Additional Living Expenses Coverage: Reimburses for temporary housing and living expenses if your home becomes uninhabitable due to a covered loss.
  6. Flood Insurance: Offers protection against flood-related damages, especially in regions prone to flooding or water damage. Learn about the different types of water damage coverages here

By partnering with reputable insurance companies specializing in high value homes, you can ensure that your properties are adequately protected against a wide range of risks.

How to save money on high value home insurance

Securing high value home insurance doesn’t have to break the bank. 

With a few smart questions to your insurer, you can save money while getting comprehensive coverage. 

Here are some tips to help you save on high value home insurance:

  1.  Bundle Your Policies: Consider bundling your high value home insurance with other policies such as auto insurance. Insurance companies often offer discounts for bundling policies, helping you save money on premiums.
  2. Increase Your Deductible: Opting for a higher deductible can lower your monthly insurance premium. Determine a deductible amount that you can comfortably afford in the event of a claim.
  3. Install Security Systems: Many insurance companies offer discounts for homes equipped with security features, helping you save on premiums. Check with your broker about what counts. 
  4. Maintain a Good Credit Score: A good credit score can positively impact your insurance premiums. Pay bills on time, keep credit card balances low, and monitor your credit report regularly to maintain a favorable credit score.
  5. Review and Update Your Policy Annually: Regularly review your high value home insurance policy to ensure it adequately reflects your current needs and the value of your home.

Next, let’s talk about finding the best home insurance company for your needs.

What is the best home insurance company in Canada?

Put simply, there’s no “one size fits all” best home insurance company in Canada. 

Rather, when it comes to high value home insurance, it’s about finding the company that can provide you with the right coverage at the best rate. 

If you’re looking for a reliable insurance company, consider factors including reputation, financial stability, coverage options, customer service ratings, and affordability.

As insurance brokers in Quebec and Ontario, KBD works with Intact Insurance to provide high value home insurance. 

One of Canada’s largest home insurance providers, Intact Insurance offers a wide range of coverage options, competitive rates, and excellent customer service, and covers high value homes through their program Intact Prestige 

Intact operates country-wide, so this coverage is available to you if you live elsewhere in Canada. 

Want a home insurance quote? 

Call us

Is it worth shopping around for homeowners insurance?


Shopping around is very beneficial, and a home insurance broker can help speed up the process.

Here’s why:

  1. Varied Coverage Options: Different insurance companies offer various coverage options tailored to meet the diverse needs of homeowners.
  2. Competitive Pricing: Shopping around allows homeowners to obtain quotes from multiple insurers, enabling them to identify competitive pricing and potential discounts.
  3. Customer Service and Support: By researching customer reviews and ratings, homeowners can gain insights into the quality of service offered by different insurers, which can vary.
  4. Flexibility and Customization: Shopping around allows homeowners to explore various policy enhancements and endorsements, ensuring their coverage aligns with their individual needs and preferences.

What is the most costly homeowners insurance claim?

Fire and lighting damage claims are often the most costly, seeing as they often involve a total rebuild of the home. 

While insurance payouts vary from case to case, here are a few risks to be aware of as a homeowner:

  1. Fire Damage: Fire-related claims, including wildfires, kitchen fires, and electrical malfunctions, can cause extensive damage to homes and property. Fire damage claims often involve rebuilding structures, replacing personal belongings, and addressing smoke and soot damage, resulting in high insurance payouts.
  2. Water Damage: Water damage claims, including burst pipes, plumbing issues, and flooding, can result in significant property damage and costly repairs. Damage from water intrusion can lead to structural issues, mold growth, and damage to personal belongings, driving up insurance claim costs.
  3. Liability Claims: Liability claims resulting from personal injuries or property damage occurring on the homeowner’s premises can be expensive. Legal expenses, medical bills, and compensation for damages can contribute to the high cost of liability claims.

By understanding these risks and investing in comprehensive coverage, homeowners can protect themselves financially.


As a high value homeowner, it’s important to be well-informed about what you are and aren’t covered for. 

Let’s revisit the key points.

  • High value home insurance covers more than standard home insurance (and is more expensive as a result)
  • Not all companies offer high value home insurance
  • You can get your home covered with KBD through Intact Prestige 

Need a home insurance quote?

Call us.