High-Value Home Insurance in Canada
With the increase in luxury properties in Canada, it’s important to make sure you’re getting the right type of high-value home insurance to protect your investment. High-value home insurance offers extensive coverage that can give affluent homeowners peace of mind and protect their homes from disasters, liability and theft.
High-value home insurance is designed for upscale residences with higher rebuilding costs or distinctive features. Although it costs more than basic home insurance, these policies may provide customized features such as home appraisals and cash settlements.
When unexpected events occur, a suitable high-value home insurance policy can help a family protect its investment. MyChoice can connect you with an insurance provider whose offering fits your specific requirements.
What Is Considered a High-Value Home?
Each insurer defines a high-value home differently. Eligibility is usually based on the home’s replacement cost rather than its sale price or land value.
It can be a standalone house or condominium with custom-built or distinctive features. Heritage or green homes may qualify as well.
A home may also fall into this category when it contains valuable artwork, jewellery, antiques, wine collections or other possessions that require higher coverage limits.
As these examples show, more than one set of circumstances can cause an insurer to classify a home as high-value.
What Features Might a High-Value Home Have?
High-value homes often share the following features:
- Energy-efficient fixtures such as green HVAC systems and solar power
- Modern technology such as smart features, advanced security systems and electronic door locks
- Expensive furnishings such as antiques or artwork
- State-of-the-art fitness rooms
- Home spas
- Outdoor kitchens and living areas
- Residential elevators
- Entertainment and recreation areas
- Restaurant-quality kitchens
- Walk-in vaults
- Secure panic rooms
- Home movie theatres
Key Features of a High-Value Home Insurance Policy and What It Covers
High-value home insurance protects the dwelling much like homeowners insurance. It may pay replacement costs when the home or belongings are damaged or destroyed by covered perils such as fire, smoke, theft, vehicle impact, explosions, falling objects, lightning and wind.
High-value home insurance policies may also include specialized claims services and coverage for outbuildings, including pool houses, barns and sheds.
Coverage commonly available under high-value policies includes:
- Structural repairs and replacement that allow a damaged or destroyed property to be restored to its original condition
- Protection for high-value collections and business property
- Personal liability protection for medical payments, libel or defamation, and other insured personal liabilities
- Additional living expenses during restoration, including accommodations, meals and other basic needs
Depending on the insurer and policy, high-value home insurance may also include:
- The option to take a cash settlement instead of rebuilding on the same lot
- Worldwide coverage for certain belongings
- Higher limits for art, jewellery, antiques and fine wine
- Coverage for contents kept at secondary properties
- Coverage for building-code or bylaw expenses
- Potential discounts for additional security and protective measures
High-value homeowners may also be able to buy the following add-ons.
High-value home insurance still has exclusions. Depending on the policy, excluded losses may include:
- Loss resulting from war or terrorism
- Damage caused by gradual deterioration, wear or poor maintenance
- Flood damage when the applicable water coverage was not purchased
Is High-Value Home Insurance Different From Standard Home Insurance?
Compared with standard home insurance, a high-value policy may provide higher limits for landscaping, personal contents and certain business property. It may also provide replacement-cost coverage for insured property without deducting depreciation, subject to the policy’s limits and conditions.
High-value homes often contain unusual features that are more complicated to insure. Their policies can provide extended replacement-cost coverage and give policyholders access to specialized risk-management resources.
How Do I Know If I Need High-Value Home Insurance?
Here are a few signs that you may have high-value home insurance needs:
- Your home has a high estimated rebuilding cost.
- You own valuable collections.
- The property is a heritage home.
- The property is an eco-friendly or green home.
- The property includes distinctive features.
- The property has specialized architectural features or components that would be difficult to replace.
- Your property features upscale outdoor amenities such as luxury pools, outdoor living spaces or custom landscaping.
- In addition to the high-value property, you own a second home.
What Ontario Data Shows for Homes Insured Above $1.5 Million
The insured dwelling amount represents the estimated price of rebuilding the home rather than its sale price or land value. The eventual premium may reflect its construction details, square footage, location, fire protection, claims history, deductibles and selected water coverage.
| Insured rebuilding amount | Median annual premium |
|---|---|
| $1.5 million to $1.99 million | $2,902 |
| $2 million and above | $4,173 |
| All homes at $1.5 million or more | $2,994 |
Source: MyChoice Quote Database, 2026.
The figures come from quotes in our dataset and do not guarantee a price. Eligibility, coverage, exclusions, limits and deductibles depend on both the property and the insurer.
Common High-Value Home Insurance Questions
Are Discounts Available for High-Value Home Insurance?
Discounts may be available to high-value home insurance applicants, although the amount depends on the selected insurer. Security systems or a full-time caretaker are among the measures that may make a homeowner eligible for savings.Bundling policies is another possible way to reduce high-value home insurance costs. Purchasing home and auto insurance together may produce a discount.If possible, compare the cost of paying your premium annually with paying it monthly. Some companies may charge a fee for monthly payments.
How Much Does High-Value Home Insurance Cost?
High-value home insurance generally costs more than a standard policy, but the precise rate depends on the provider, rebuilding cost, location and coverage selected. Compare quotes from home insurance companies to establish the cost of a particular high-value policy.A quote may require a home inspection, which some insurers provide at no charge. During the inspection, the insurer or its appraiser estimates the home’s replacement cost.Understanding the factors behind the final figures provides a clearer sense of how much home insurance costs.
What special coverage options are available in high-value home insurance?
Options in high-value home insurance include the following:
Why won’t traditional home insurance cover high-value homes?
The limits in traditional home insurance are insufficient for high-value homes. A luxury property’s replacement cost and valuable assets will commonly exceed the amounts a traditional policy can protect.
What Special Coverage Options Are Available?
Options in high-value home insurance may include:
- Extended replacement costs for rebuilding and repairsProtection for high-value belongingsAdditional living expenses while the property is rebuiltIdentity-theft protectionSecurity assessmentsWildfire-mitigation measuresGuidance for safeguarding valuable assets
Why Might Traditional Home Insurance Be Unsuitable for a High-Value Home?
The limits in some traditional home insurance policies may be insufficient for a high-value home. A luxury property’s replacement cost and valuable assets may exceed the amounts available under a standard policy.High-value homes may also require specialized underwriting because standard policies are not always structured for their distinctive construction, contents or replacement costs.