Two-storey period brick house with timber framing, a high-value home insured above one million dollars

High-Value Home Insurance

When the rebuild cost is above a million, the online form starts saying no. The house is fine; the product has a ceiling. We take it to the markets that write higher sums, with the sum insured set from a rebuild estimate rather than the price.

$1-3M

Sums insured on recent placements

$1M+

Where direct home products start to narrow

24-72h

With all information in hand

Recognition

THE SHORT ANSWER

A home with a rebuild cost above about $1 million is insured on a sum set from a rebuild estimate, not market value, with the markets that write higher sums. Direct products carry a ceiling and refer or refuse above it. Age, heritage construction, location, protection and the excess move the rate more than the sum itself, and a company-title building or a very large residence can be written as an Industrial Special Risks policy instead. Appetite is case by case.

Recent Tank placements ran from three $1 million new builds at approximately $2,400 each to a company-title building of owner-occupied units in Sydney's eastern suburbs placed as an ISR at approximately $19,300 after the previous insurer declined the renewal. The spread between quotes on the same house was roughly two to one.

01WHAT MOVES THE PLACEMENT

Six Things That Decide How a High-Value Home Gets Insured

The sum insured opens the conversation. These are the things that decide which markets stay in it.

Rebuild Cost Is Not Market Value

In Sydney and Melbourne the land is most of the price. A $4 million house on a $2.8 million block might carry a $1.2 million rebuild; a large house on a steep block with a pool, retaining walls and a slate roof can carry more than its price suggests. The sum insured comes from a rebuild estimate, not the contract or the valuation.

Where the Direct Products Stop

Direct home products carry a ceiling on the building sum insured, and above it the online form either refuses or refers. Above about $1 million the field starts to narrow; above $2 million it narrows quickly. That is not a judgement on the house, it is the product's limit, and it is why these placements go to markets that write higher sums every day.

Construction and Heritage Detail

Double brick, slate, sandstone, timber-framed verandahs and period joinery all push the rebuild cost and the time to rebuild. On one period building in Sydney's east, two markets declined on the sum insured alone before one specialist market approved it on referral.

Protection as a Condition

On higher sums insured, a monitored alarm, CCTV, deadlocks and key-operated window locks can be a condition of cover rather than a discount. The $3 million trust-owned build below carried monitored alarms and CCTV, and was rated on them.

The Excess You Choose

A higher excess does real work at this level. The same trust chose a $10,000 excess and the premium reflected it. If you can carry the first $5,000 or $10,000 of a claim, say so at the start; it changes which markets quote and what they quote.

When It Is Not a Home Policy at All

A company-title building of owner-occupied units, or a residence with a sum insured the home markets will not reach, can be written as an Industrial Special Risks policy instead. The eastern suburbs building below was. The cover is broader in some places and different in others, and it is a decision to make with the schedule in front of you.

HIGH-VALUE HOME QUOTE

Send the rebuild estimate, not the valuation

Address, construction, year built, the rebuild figure, the protections in place and the excess you'd carry. We'll tell you which markets are realistic before anything is submitted.

Open quote form

CLIENT SUCCESS

From $1 Million to an Eastern Suburbs ISR: How These Get Placed

Recent Tank placements, anonymised. Premiums are approximate gross figures and reflect each risk at the time, not a guide to future pricing or turnaround.

01 A company-title building in Sydney's east, declined at renewal, written as an ISR

A small company-title building of owner-occupied units under one roof in Sydney's eastern suburbs, period construction with a slate roof, held by the company whose directors live there. The previous insurer declined the renewal and the building was uninsured when it reached us.

Two markets declined on the sum insured, two declined outright, one gave an indicative figure. One specialist market took it on referral and approved it.

THE RESULT:

Placed with Haven as an Industrial Special Risks policy at approximately $19,300 a year.

02 Three $1 million new builds in a family trust, $10,000 excess, monitored

A family trust in Melbourne's south-east completed three dwellings on one title in 2026, each with a basement, ground and first floor, four bedrooms and three bathrooms, brick walls, timber floors and colorbond roofs, $1 million rebuild each. Monitored alarms, CCTV and deadlocks throughout, lender to be noted, and a $10,000 excess by choice.

Each dwelling went on its own policy in the trustee's name so the certificates stay clean for the lender.

THE RESULT:

Placed with Castle at approximately $2,400 a year per dwelling.

03 $1.21 million house and $162,000 of contents, five markets quoting

An owner-occupied house in Melbourne's outer east, building $1.21 million and contents $162,000, lender to be added. Five markets quoted the same house between around $3,000 and $4,700, a spread of roughly 60 per cent on identical sums insured.

THE RESULT:

Placed with Allianz at approximately $3,300 a year at a $1,000 building excess, with the lender added and the certificate amended the same day.

Premiums and outcomes described are specific to each client and indicative only. Your own terms will depend on your circumstances and the insurer.

HIGH-VALUE HOME FAQS

Common Questions About Insuring a Home Above $1 Million

01 At what sum insured does home insurance become hard to buy direct?

It depends on the product, but the field starts narrowing above about $1 million and narrows quickly above $2 million, because direct home products carry a ceiling on the building sum insured and refer or refuse above it. The house is not the problem; the product is. Markets that write higher sums exist, and a broker's job is to know which ones and to present the house properly to them.

02 How do I work out the right sum insured for a high-value home?

From a rebuild estimate, not the purchase price or the bank valuation, both of which are mostly land in Sydney and Melbourne. A cost consultant or a builder's estimate is the reliable route for anything with period detail, a pool, retaining walls or a steep block, because those are the things a calculator misses. Underinsurance on a large house is a costly mistake, and it stays invisible until a total loss.

03 Is a high-value home always more expensive to insure per dollar of cover?

Not necessarily. The three trust-owned $1 million new builds were placed at approximately $2,400 each, which is lower per dollar of cover than several older, smaller houses on this site's cost guide, because they were new, protected and carried a $10,000 excess. What pushes the rate up at the top end is age, heritage construction, location and the time it takes to rebuild, not the sum insured on its own.

04 What is an ISR policy and when would my house be on one?

Industrial Special Risks is a commercial property wording written on a declared-value basis. It comes into play for a residence when the home markets will not reach the sum insured or the structure, typically a company-title building of owner-occupied units or a very large single residence. The eastern suburbs building in the case above was placed that way at approximately $19,300 after the previous insurer declined the renewal. The cover is broader in places and different in others, so it is compared line by line before it is recommended.

05 Do you insure homes in Sydney's eastern suburbs and other high-value areas?

Yes. The placements on this page include a company-title building in the eastern suburbs and $1 million to $1.21 million houses in Melbourne. What we do not do is promise a market we have not placed with. Send the address, the rebuild estimate and the construction, and we will tell you which markets are realistic before anything is submitted.

06 How much does insurance cost for a home insured above $1 million?

Recent placements ran from approximately $2,400 per dwelling for new $1 million builds with a $10,000 excess, through approximately $3,300 to $3,800 for $1.1 million to $1.21 million houses with contents, to approximately $19,300 for a company-title building of owner-occupied units written as an ISR. See the home insurance cost guide for the full table and what moved each figure.