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The more valuable your assets, the more you stand to lose if you don’t have the right protection. If you have a multi-million-dollar home, fine jewelry, and rare collectibles, standard homeowners insurance might not provide the coverage you need to avoid losses due to events like fires or theft. Instead, high-net-worth (HNW) homeowners often buy high-value home insurance, which provides higher limits and other specialized features.

However, not all insurance companies offer high-value policies, nor do they all stack up the same for customer satisfaction and average annual premiums. So, to help you navigate this market, we’ve analyzed the data to find the best high-value home insurance companies.

Chubb is our top pick for high-value home insurance, with AIG in second place and Amica in third.

Key Takeaways

  • High-value home insurance provides higher coverage limits than standard homeowners insurance.
  • Chubb, AIG and Amica top our list of the best homeowners insurance companies for high-value homes.
  • In addition to higher coverage limits, high-value home insurance policies often have additional benefits like having a cash-out option after a covered loss.

What is high-value home insurance?

The definition of high-value home insurance varies among providers. In many cases, it means homeowners insurance with at least $750,000 in dwelling coverage, but some insurance companies start high-value policies at $1 million in dwelling coverage.

These policies cater to HNW homeowners who have valuable homes, personal property such as expensive jewelry, and significant assets such as investment accounts that prompt them to want more liability protection.

High-value home insurance also tends to come with a higher standard of customer service.

“The biggest difference is in how the company looks at the loss, with HNW carriers starting from a position of the loss being covered without limitation and working backward to settle the loss, while more standard providers start with policy language looking to limit the loss amount or in some cases exclude,” says Tod O’Dowd, president, Avery Insurance.

What are the best high-value home insurance companies?

To find the best high-value home insurance, we started with rates from Quadrant Data Services for $1 million in dwelling coverage, with $300,000 in liability coverage and a $1,000 deductible.

In addition to rates, we considered third-party ratings from the National Association of Insurance Commissioners (NAIC) and AM Best. While we have provided J.D. Power ratings where available, they are not part of the ranking as J.D. Power doesn’t rank all insurers.

We only considered companies that are known to offer high-value home insurance policies, and not simply standard policies with higher limits. Below, you’ll find the top five home insurance companies for high-value homes.

CompanyAverage annual premiumNAIC Complaint IndexAM Best RatingInsure.com Score
Chubb$5,5650.09A++4.85
AIG$4,6590.1A4.78
Amica Mutual$5,1170.33A+4.72
PURE Insurance$5,1000.08A4.71
Auto-Owners$6,7000.4A++4.5

Our take: Best homeowners insurance for high-value homes

Chubb is the top home insurance company for high-value homes according to our analysis. The company is well known for catering to high-net-worth individuals and providing policies that go beyond the ordinary.

It’s joined on the list by AIG, another company known for specialized coverage, and Amica, a top-performing company in J.D. Power’s annual survey every year.

Although many insurance companies offer dwelling coverage at $1 million, not all provide the extra coverage and top-notch service people who own higher-value homes expect. The companies we chose all meet those high standards.

Compare the top high-value home insurance companies

The top high-value home insurance companies include some of the most well-known companies in the US. Average annual premiums can vary, but the ones that rank in the top five all fall below $7,000 per year. Note that not all of these companies offer coverage in every state.

Below is the full list of companies ranked in our best high-value home insurance analysis.

CompanyAverage annual premiumNAIC Complaint IndexAM Best RatingInsure.com Score
Chubb$5,5650.09A++4.85
AIG$4,6590.1A4.78
Amica Mutual$5,1170.33A+4.72
PURE Insurance$5,1000.08A4.71
Auto-Owners$6,7000.4A++4.5
Nationwide$8,5190.25A4.15
Progressive$9,8121.37A+3.16
Travelers$12,8802.39A++2.6

Chubb

Chubb is a well-known company in the high-value market and offers highly specialized policies with a lot of extra coverage included as standard. It scored 876/1,000 on the J.D. Power 2024 Property Claims study (the average is 869) and has a low complaint ratio. Along with the best possible AM Best score and low rates, that all adds up to Chubb as our top pick for high-value homes.

AIG

AIG landed in second place for property claims satisfaction with J.D. Power with a score of 889, and offers a comprehensive policy for high-value homes through its Private Client program. Rates are the lowest of all of the companies we ranked, and the company has an impressive low complaint ratio.

Amica

Amica ranks right below AIG and earned the first-place spot from J.D. Power for property claims with a score of 906. Its Platinum Choice home insurance program includes extra coverage that isn’t included with standard policies, and rates are among the lowest.

PURE Insurance

Less-known PURE Insurance is a company dedicated to the needs of high-net-worth homeowners. Its policies provide comprehensive coverage not found with standard insurance companies, but rates are still very low. PURE isn’t ranked by J.D. Power but has a low complaint ratio with the NAIC.

Auto-Owners

Auto-Owners offers personalized service, working only through agents, and regularly tops best lists for home insurance. Its high-value home program extends coverage well beyond the standard policy. Rates are the highest on average among the top five companies, and the company has an industry-average J.D. Power ranking of 869 for claims satisfaction.

How much does high-value home insurance cost in your state?

Depending on where you live, high-value home insurance costs can vary significantly, ranging from $3,070 per year in New Hampshire to $17,162 per year in Florida. Take a look at the table to get a sense of the averages in your state.

State Average annual premium Average six months premium Average monthly premium
Alaska$4,166$2,083$347
Alabama$8,742$4,371$729
Arkansas$12,444$6,222$1,037
Arizona$6,944$3,472$579
California$4,284$2,142$357
Colorado$10,745$5,372$895
Connecticut$5,685$2,843$474
Washington, D.C.$3,699$1,850$308
Delaware$3,886$1,943$324
Florida$17,162$8,581$1,430
Georgia$6,444$3,222$537
Hawaii$1,831$916$153
Iowa$6,729$3,364$561
Idaho$5,321$2,661$443
Illinois$7,869$3,934$656
Indiana$8,497$4,248$708
Kansas$14,507$7,253$1,209
Kentucky$9,840$4,920$820
Louisiana$11,569$5,785$964
Massachusetts$4,370$2,185$364
Maryland$4,843$2,422$404
Maine$4,092$2,046$341
Michigan$6,646$3,323$554
Minnesota$7,020$3,510$585
Missouri$10,231$5,116$853
Mississippi$10,289$5,145$857
Montana$9,788$4,894$816
North Carolina$9,331$4,665$778
North Dakota$7,861$3,930$655
Nebraska$13,420$6,710$1,118
New Hampshire$3,070$1,535$256
New Jersey$4,107$2,054$342
New Mexico$8,339$4,169$695
Nevada$4,304$2,152$359
New York$5,716$2,858$476
Ohio$5,967$2,983$497
Oklahoma$16,061$8,031$1,338
Oregon$4,778$2,389$398
Pennsylvania$4,966$2,483$414
Rhode Island$5,235$2,618$436
South Carolina$8,175$4,088$681
South Dakota$9,592$4,796$799
Tennessee$8,546$4,273$712
Texas$10,469$5,235$872
Utah$4,204$2,102$350
Virginia$6,935$3,467$578
Vermont$3,399$1,700$283
Washington$4,314$2,157$360
Wisconsin$4,091$2,045$341
West Virginia$5,146$2,573$429
Wyoming$5,700$2,850$475

Average cost of high-value home insurance by company

Location isn’t the only factor that affects the cost of high-value home insurance. Rates can also vary substantially among different companies. 

To provide more rates, we included all home insurance companies for which a $1 million dwelling coverage rate was available. This includes many companies that may not have a specific high-value home program but can offer coverage at high limits. 

Below, we have gathered rates for a $1 million home insurance policy from several other companies

CompanyAverage annual premiumAverage six months premiumAverage monthly premium
State Farm$5,378$2,689$448
Farmers$10,254$5,127$854
Allstate$4,860$2,430$405
USAA*$5,852$2,926$488
Nationwide$8,519$4,259$710
American Family$5,705$2,853$475
Travelers$17,162$6,440$1,073
Auto-Owners$6,700$3,350$558
Progressive$9,812$4,906$818
Chubb Ltd$5,565$2,782$464
Amica$5,177$2,589$431
PURE Insurance$5,100$2,550$425
AIG$4,659$2,330$388

*USAA is only available to military members and their families.

What does high-value home insurance cover?

One of the main differences between a standard policy and high-value home insurance is the coverage limit, with high-value home insurance often applying to homes that need at least $750,000 in dwelling coverage.

Beyond coverage limits, several additional offerings come with high-value home insurance policies, which either aren’t available or are restricted on a standard policy, explains O’Dowd.

For one, most high-value home insurance policies automatically provide a guaranteed replacement cost for dwelling coverage, whereas this might need to be added as an endorsement to standard policies, he says.

Another example is that a high-value home insurance policy often has a cash-out option, which “allows you to receive cash up to your policy limit instead of rebuilding after a covered total loss,” says O’Dowd.

Many high-value home insurance policies also include more coverage for additional living expenses.

“High-value home insurance uses language that reflects ‘reasonable expenses’ or the ‘actual loss sustained’ being covered,'” says O’Dowd.

Another difference is that usually “high-value home policies pay the cost to bring your home up to current code after a total loss, including plumbing and electrical, whereas standard policies typically limit this,” he adds.

These are just a few of the many possible differences between standard and high-value home insurance policies, and it’s important to look at what specific insurers offer to make sure you’re getting the scope of coverage you’re looking for.

How much high-value home insurance do you need?

Many experts recommend having enough insurance to replace your home — along with additional structures and personal property — up to the replacement cost. So the more expensive your home and the more valuable your belongings, the more coverage you generally need. However, it’s important to remember that replacement cost differs from market value.

“A homeowner can have the replacement value of their home estimated through various cost estimator software tools that agents can access, as well as most carriers provide estimators,” says O’Dowd. “Homeowners need to be careful not to think about the market or appraised value and instead be focused on what is the current true cost to rebuild this home under current labor, material and economic conditions.”

In the high-value market, insurers offer detailed home value appraisals to homeowners that include “rebuild value and information on risk resiliency and loss prevention guidance,” he says.

Liability limits also depend on factors such as your risk tolerance and other assets. Here too, the more you have at stake, the more you want to consider getting coverage for. Standard homeowners policies often have $100,000 in liability limits, but high-value homeowners should consider much higher limits for liability coverage to protect their assets from a lawsuit. 

Some homeowners need even more liability coverage, so they add umbrella insurance to get millions worth of liability protection that extends past what high-value home insurance covers.

High-value home insurance: The bottom line

High-value home insurance is an important way for HNW individuals and families to protect their homes, personal belongings, and assets. The best high-value home insurance companies can provide dwelling coverage limits of at least $1 million with manageable premiums — several of which are less than $500 per month — so adding high-value coverage can be a smart way to lower your risk.

Methodology

Insure.com commissioned home insurance rates from Quadrant Data Services in late 2023 for a policy with $1 million in dwelling coverage, $300,000 in liability coverage and a $1,000 deductible. Rates were sourced in all 50 states and Washington, D.C. and across 34,588 ZIP codes. Rates reflect a good credit score in all states where credit is a rating factor.

To compare home insurance companies, we used average rates for the above policy along with AM Best financial stability scores and National Association of Insurance Commissioners complaints data. Each of the factors was weighted equally to create the ranking. We only considered companies for which we had all three data points and which offer a high-value home insurance program.

expert

What our expert says

Q: What’s the difference between standard and high-value home insurance?

expert-image
Tod O’DowdPresident, Avery Insurance
"The biggest difference is in how the company looks at the loss, with HNW carriers starting from a position of the loss being covered without limitation and working backward to settle the loss, while more standard providers start with policy language looking to limit the loss amount or in some cases exclude."