As construction costs have dramatically increased over the last few years, high value homeowners insurance products are becoming even more important. Specially created high-value home policies are designed for the modern market with modern homes in mind, and they provide the extra layer of coverage that so many Canadian consumers are seeking. With a broad range of policy options, coverages and enhancements, high-value homeowners insurance plays an integral role in safeguarding the valuable assets of Canadian property owners. “High-value home policies are crucial in the current market,” explains Amie Vandevenne, Property Underwriter, South Western Insurance Group Limited (SWG). “Insurance has evolved to accommodate risks we wouldn’t have seen ten years ago. It’s so important for people to have their properties properly covered because the cost to handle those things on your own can be through the roof.” SWG classifies any property with limits of $750,000 or higher as falling into the high-value bracket. Homeowners need their brokers to be informed on the nuances of high value home coverage and have access to suitable products to give consumers the plethora of options that they need. Catastrophic weather events are happening with increasing regularity, and if a high-value home isn’t properly covered it could lead to financial ruin for the owners. “Things are different in the high-value market now because construction costs have gone through the roof,” Vandevenne says. “When you own a high value home you want to make sure everything under the sun is covered so that nothing comes out of your own pocket.” The high-value category also includes custom designed homes, which are often constructed with no expense spared. “People who build homes at that limit have a different standard of living than most people and spend money on things like granite counter tops, marble floors, chandeliers, pure hardwood, and other things that are hard to find,” Vandevenne says. “These people need a special policy that covers higher end products and considers things like art and wine collections.
