High value home insurance

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High value home insurance

What is high-value home insurance?

High-value home insurance is buildings and contents insurance for valuable homes and items. It's specifically designed to cover expensive homes and their contents because it offers a higher level of cover. This is more than standard home insurance offers.

High-value contents is for items that exceed an insurer's single item limit. This amount varies depending on your home insurer.

High-value buildings insurance covers the cost of repairing your home's structure and fittings if it's worth over a certain amount. If you have a listed building, or a home with over 3 bedrooms, you might need high-value home insurance. But every insurer's definition of a 'high-value' home varies.

Do I need high-value home insurance?

You might need high-value home insurance if:

Your home has more than 3 bedrooms
You have 1 or several items that cost over your insurer's single item limit, for example artwork or instruments
Your home is listed, has a thatched roof or has any other specialist features

Standard building and contents insurance policies have a limit on how much you can claim. You can claim for a higher amount on high-value home insurance so these policies cover expensive items or homes.

For example, if you have lots of expensive paintings and they get destroyed, a high-value home insurance policy could cover the cost of replacing them. The claim amount on a standard home insurance policy might not be enough to replace the paintings.

What is high-value buildings insurance?

High-value building insurance is specialist insurance for an expensive property. It's specifically for your home's structure, and would cover the cost of repairing or rebuilding it if it was damaged or destroyed.

It's different from a standard buildings insurance because it pays out a higher amount if you need to claim. A standard buildings insurance policy has a limit which might not offer the right amount of cover if your home is particularly expensive. This means if you need to claim, your pay out might not be enough to cover the damage. To give you an idea of how much you could pay, the average cost for an annual combined home and contents insurance policy for a Grade I listed building is £572*.

You might need high-value home insurance if you own a:

Listed building

These are often more expensive to insure as they have unusual or old features that need a specialist to repair them. Listed buildings are usually worth more money because they're of historical interest too.

Thatched roof

You might need high-value home insurance if your home has a thatched roof because you need a specialist and certain materials to fix them. Fire and water can also easily damage thatched roofs. All of this adds to the cost of claiming.

Non-standard home

This includes homes that have thatched roofs, are listed or have timber frames. Non-standard homes are often more difficult to repair, so you might need a policy that covers you for a higher amount.

*Based on Confused.com data July - September 2024

What our home insurance expert says

"If your home or something you own is of particularly high value, some home insurance providers might require certain security. This could include types of alarms or cameras to make sure you've done as much as you can to protect yourself."

Matthew Harwood Home & lifestyle insurance expert

What is high-value contents insurance?

High-value contents insurance covers high-value items like paintings or expensive furniture. It's worth checking your policy to see what the insurer classes as high-value. If you have lots of expensive items, a standard policy might not be enough for you.

You can get specific types of insurance for different high-value items, including:

Jewellery

Jewellery insurance could work if you own jewellery that's more expensive than the single item limit on your contents insurance.

Engagement and wedding ring

You could insure your engagement or wedding ring on your contents insurance if it's under a certain amount. but it might not be covered away from home. Engagement and wedding ring insurance should cover you for this and offer a higher single item limit.

Watches

If you have an expensive watch, you could buy watch insurance. It has a higher single item limit. So if you need to claim, your pay out should cover the cost of replacing the watch. Watch insurance usually covers your watch while it's away from your home too.

Do I need to insure high-value items separately?

That depends on your item's value, and how many high-value items you have.

You might need to insure your high-value items separately if they exceed your insurer's single item limit. Insuring your items separately might make your insurance more expensive. But if you need to claim, your claim amount should be enough to pay to repair or replace your high value item.

If you have 1 or 2 high-value items that don't exceed your insurer's single item limit, you might be able to add it to your contents insurance policy.

Every insurer is different. Make sure you check what their single item limit is, and whether you need a separate policy.

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How do I value my home and contents?

How do I value my home?

You need to work out your home's rebuild cost for your insurance. This isn't what you paid for your home, it's how much you'd have to pay if your home was destroyed. If you've got a high-value home, your insurer might send out a surveyor to work out the cost of the property.

How do I value my contents?

Use our contents insurance calculator to help you work out the cost of your belongings. Make sure you include high-value items like jewellery and watches. You can find out how much cover you might need, and whether you need a high-value insurance policy.

How can I make sure that my home is fully insured?

Carefully read your policy's terms and conditions. Make sure it gives the cover you need. This includes any optional add-ons that you may need to suit your situation. For example, high-value contents for any expensive items you have in your home.

Some insurers might require specific home security measures to be in place. Knowing how to protect yourself from burglary and understanding the different types of burglar alarms can help you meet these requirements.

By taking these steps, you can feel confident that your home is well covered and secure.

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