Insurance Curator High-value homes (commonly defined as dwelling values of $1 million or more) require more than a standard HO-3 policy. If your property is in Beverly Hills, Miami Beach, Manhattan, or the Hamptons, you need tailored protections for high-value exposures, scheduled personal property, and specialty coverages that standard policies often exclude. This guide explains what to buy, what it costs, and how to schedule valuables to maximize claims recovery.
Why high-value homes need special insurance
High-value homeowners face unique risks:
- Higher rebuild costs (luxury finishes, custom architecture)
- Significant collectible and jewelry exposures
- Higher liability risk from pools, guest houses, or events
- Geographic hazards (hurricane risk in Florida, earthquake risk in California, flood risk in coastal areas)
Standard homeowners policies typically cap coverage and limit sub-limits for jewelry, fine art, and business property. For high-value homes you’ll want: scheduled personal property (SPP), agreed value endorsements, expanded replacement cost, and robust liability/umbrella limits.
Sources on high-value product availability and industry guidance:
- Chubb — high-net-worth homeowners solutions: https://www.chubb.com/us-en/individuals-families/homeowners-insurance.aspx
- PURE Insurance — high-net-worth specialty coverage: https://www.pureinsurance.com/
- Insurance Information Institute — homeowners insurance cost context: https://www.iii.org/article/how-much-does-homeowners-insurance-cost
Scheduled Personal Property (SPP): what it is and why it matters
Scheduled Personal Property (SPP) is a policy endorsement that lists (schedules) high-value items individually, typically with appraisals and agreed values. Scheduling removes sub-limits and offers broader coverage (e.g., accidental loss, mysterious disappearance, international transit).
Common items to schedule:
- Fine art and sculpture
- Watches and jewelry
- Rare coins and stamps
- Wine collections
- Designer furs and couture
- Firearms and antique weapons
- Classic cars stored on property (or insured separately)
Key benefits:
- Agreed value: No depreciation at claim time if agreed value is listed.
- Lower or no sub-limits: Standard policies may cap jewelry at $1,500–$5,000; SPP eliminates that cap.
- Worldwide coverage: Many high-value insurers include international protection for scheduled items.
- Specialized claims handling: Access to art loss adjusters and jewelry specialists.
Documentation required:
- Recent appraisals (usually within 3 years for art/jewelry)
- High-resolution photos and provenance for art/antiques
- Purchase receipts and serial numbers
- Security and storage documentation (vaults, wine cellar temp control)
Core coverages every high-value homeowner needs
H2-style list of must-have coverages and why they matter:
1. Dwelling: Agreed value and extended replacement cost
- Agreed value sets a rebuild cost without depreciation disputes.
- Extended replacement cost (e.g., 20–50% over insured limit) protects during material and labor price spikes.
2. Scheduled personal property (SPP)
- Schedules jewelry, art, wine, etc., with agreed values and broader perils.
3. Ordinance or law (building code upgrade)
- Pays to bring damaged parts of the home up to current code (foundation, electrical, seismic retrofits).
4. Flood and earthquake (separate policies)
- Standard homeowners policies exclude both flood and earthquake. In Miami Beach or New York coastal ZIPs get flood insurance; in California consider earthquake insurance.
5. Umbrella / excess liability (often $5M–$50M)
- Protects assets from catastrophic liability claims (guest injury, pool incidents).
6. Water backup and sump pump failure
- Essential for finished basements and wine cellars.
7. Identity theft and cyber liability
- Increasingly common; includes credit monitoring and restoration costs.
8. Equipment breakdown and service line coverage
- Covers expensive home systems: HVAC, solar arrays, home automation.
Typical pricing: what to expect (U.S. examples)
Premiums for high-value homes vary widely by location, rebuild cost, claim history, and protection features. Expect higher averages in hurricane or earthquake zones, and for homes with valuable schedules.
Approximate annual premium ranges (national estimates for homes valued $1M+; actual quotes will vary):
- Entry high-value ($1M–$2M homes): $3,000–$8,000+
- Mid high-value ($2M–$5M homes): $8,000–$25,000+
- Ultra high-value ($5M+): $25,000–$100,000+
Company examples and market positioning:
- Chubb — leading high-net-worth carrier, broad agreed-value policies and worldwide scheduled protection. Typical high-value policy ranges often start several thousand dollars and scale with dwelling value and location (see Chubb for product details): https://www.chubb.com/us-en/individuals-families/homeowners-insurance.aspx
- PURE Insurance — specialty insurer focused on affluent homeowners with membership model, strong scheduled property and loss prevention programs: https://www.pureinsurance.com/
- AIG Private Client Group — another national provider of high-value home and scheduled property solutions (quotes vary widely by asset mix).
Benchmark note: national homeowner premium context from Insurance Information Institute: https://www.iii.org/article/how-much-does-homeowners-insurance-cost
(These ranges are representative — obtain multiple quotes. Coastal ZIPs like 33139 (Miami Beach) or 90210 (Beverly Hills) and high-seismic ZIPs like 94109 (San Francisco) usually sit at the high end of these ranges.)
Comparison table: common high-value insurers (high-level)
| Carrier | Target homeowner | SPP support | Typical annual range (estimate) | Notable strengths |
|---|---|---|---|---|
| Chubb | $1M+ luxury homes | Yes — comprehensive | $5,000–$50,000+ | Agreed value, worldwide SPP, white-glove claims |
| PURE | $750k+ / membership-based | Yes — tailored schedules | $6,000–$40,000+ | Loss control services, member discounts |
| AIG Private Client | $1M+ | Yes — broad endorsements | $4,000–$60,000+ | High limits, global coverage options |
(Estimates are based on industry reporting and insurer product positioning; actual quotes can vary widely by ZIP code, deductible, and exposures.)
How to schedule valuables: step-by-step
- Inventory valuables and collect documentation (photos, receipts, serial numbers).
- Obtain qualified appraisals for art, jewelry, wine, and antiques — use reputable appraisers.
- Decide on agreed values with your insurer; consider periodic reappraisals (every 2–3 years).
- Add items to your policy endorsement and confirm covered perils (e.g., mysterious disappearance).
- Review sub-limits and worldwide coverage; add transit coverage if needed.
- Keep copies of inventories off-site or in secure cloud storage.
Geographic considerations: sample advice by location
- California (e.g., Beverly Hills, San Francisco): prioritize earthquake endorsements, ordinance & law coverage, and wildfire mitigation discounts.
- Florida (e.g., Miami Beach, Palm Beach): prioritize wind/hurricane deductibles, flood insurance, and roof certifications.
- New York (e.g., Manhattan): focus on replacement cost and scheduled art/jewelry coverage; consider endorsements for service line exposures.
- Texas (e.g., Houston): consider windstorm, flood, and sump backup coverage with attention to claims service in metropolitan areas.
For help comparing HO-3 and HO-5 forms in the context of high-value homes, see: Best Insurance For Homeowners: HO-3 vs HO-5 — Which Policy Fits Your Home?
If you’re weighing replacement cost vs actual cash value for bespoke finishes and everything scheduled, read: Best Insurance For Homeowners: Replacement Cost vs Actual Cash Value—Save on Claims
To compare local rates and claims service by city or ZIP (critical for high-value homeowners), review: Best Insurance For Homeowners in Your City or ZIP: How to Compare Local Rates and Claims Service
Claims and loss prevention tips
- Pre-loss: get scheduled items appraised and store documentation off-site.
- Home hardening: install monitored alarm systems, lightning protection, fire sprinklers, and storm shutters to reduce premiums.
- After a loss: notify carrier immediately, document damage with photos, preserve damaged items, and get written estimates from licensed contractors or restoration firms.
- For art/jewelry, ask for specialist adjusters — insurers like Chubb and PURE provide white-glove claims teams.
Final checklist before you buy
- Do you have scheduled personal property with agreed values for all items over standard sub-limits?
- Does your dwelling limit reflect true rebuild cost (use contractor estimates)?
- Do you have separate flood and earthquake coverage if in exposed areas?
- Is your liability limit sufficient (consider umbrella $5M+ for high-value homeowners)?
- Have you compared at least three specialty carriers (Chubb, PURE, AIG Private Client, plus niche brokers)?
High-value properties require precision: schedule your valuables, secure agreed-value dwelling limits, add specialty perils, and shop multiple high-net-worth carriers. For personalized comparisons based on your city or ZIP and to evaluate HO-3 vs HO-5 options for a luxury property, consult the linked guides above and get multiple written quotes from specialty insurers.