High value home insurance without the gap
Many expensive homes are insured for less than they cost to rebuild. We set the sum insured on real rebuild costs, arrange agreed value where it counts, and handle the claim if you ever need it.
High-value cover, in short
For context: the figure above is the typical insured rebuild for an Australian home, from real quotes refreshed June 2026. A high-value home can cost several times that, which is where setting the right sum insured really matters. Figures are indicative.
What is high value home insurance?
High value home insurance is ordinary home cover done properly for a home that is expensive to rebuild. The policy itself is similar. What changes is how the sum insured is set, whether the insurer agrees that figure in advance, and how the claim is handled if the worst happens.
The goal is simple. When you claim, the cover should be enough to put the home back exactly as it was, with no shortfall and no argument about the number.
The underinsurance gap
Underinsurance is when your sum insured is lower than the real cost to rebuild. It is common, and it is easy to end up there without realising. These are the usual causes.
A generic calculator set the figure
Online sum-insured tools price an average home by the square metre. They do not know your finishes, your design or the cost to match what you actually built.
The number is years out of date
Construction costs have risen sharply. A sum insured that was right a few years ago can be well short of today’s rebuild cost.
Renovations were never added
A new kitchen, an extension or a pool lifts the rebuild cost. If the policy was not updated, the extra value is not covered.
Sub-limits cap the rest
Contents, valuables, landscaping and outbuildings often sit under low ceilings that a high-value home passes easily.
Why it bites at the worst time
An averaging clause can reduce even a partial-loss payout by the same proportion you were underinsured. A home covered for 70% of its rebuild cost might see a partial claim cut by around 30%. You find out at claim time, when it is too late to fix.
Agreed value, and the cover that backs it
Agreed value
The insurer accepts your sum insured up front. No dispute about the figure at claim time.
Extended replacement cost
A buffer above the sum insured that absorbs cost overruns and longer build times.
A real rebuild assessment
The sum insured is set on actual construction costs for your home, not a square-metre average.
No averaging surprises
With the figure agreed and the cover set correctly, an averaging clause has nothing to bite on.
Contents that fit
Cover scaled to real contents, with valuables scheduled instead of squeezed under a low sub-limit.
A broker at claim time
A senior broker manages the claim and argues your corner with the insurer.
How to set the right rebuild figure
Insure for the full rebuild cost, not the market value and not your mortgage. Market value includes the land, which does not need rebuilding. Rebuild cost includes the things people forget.
For an expensive or unusual home, a professional rebuild assessment is worth far more than a calculator estimate. Review the figure at every renewal, and any time you renovate. If your priority is the prestige features rather than the rebuild figure, our luxury home insurance guide goes deeper on bespoke cover.
How to insure a high-value home with us
- 1
Start with your address
We pre-fill what we can about the property, so there is less for you to type.
- 2
Confirm the rebuild detail
Construction, size, any renovations, and the contents and valuables you want covered.
- 3
We set the figure and place the cover
Many homes quote across our panel online; for larger or complex homes a senior broker arranges agreed-value terms.
- 4
Re-checked at every renewal
We review the rebuild figure and the market each year, and we handle any claim if it comes.
High value home insurance FAQs
What is high-value home insurance?
It is home insurance arranged so the sum insured reflects what your home actually costs to rebuild, rather than a generic calculator estimate. It is used for homes that are larger, bespoke or more expensive to rebuild than the average, where a standard policy tends to fall short.
What is the difference between agreed value and sum insured?
With a standard sum-insured policy you nominate a figure, and the insurer can question whether it was enough at claim time. With agreed value the insurer accepts the figure up front, so the amount is settled before anything goes wrong. Agreed value is the safer structure for an expensive, hard-to-replace home.
How do I know if my home is underinsured?
The common signs are a sum insured set years ago, a figure produced by a quick online calculator, or renovations and extensions that were never added to the policy. Building costs have risen sharply, so a number that looked right a few years ago can be well short today. A professional rebuild assessment is the way to be sure.
What is extended or guaranteed replacement cost?
It is a buffer above your sum insured that absorbs cost overruns. If the actual rebuild comes in higher than the figure on your policy, the insurer covers the difference up to the agreed buffer, instead of leaving you to fund the gap. The size and wording of the buffer varies by insurer.
What is an averaging or co-insurance clause?
If a policy finds you were underinsured, an averaging clause can reduce even a partial-loss payout by the same proportion you were short. So a home insured for 70% of its rebuild cost might see a partial claim cut by around 30%. Agreed value cover removes this risk.
How often should I review my rebuild figure?
At every renewal as a minimum, and straight away after any renovation, extension or major improvement. Construction costs move, and so does the cost to rebuild your home. We re-check it as part of every renewal.
Does Cover Club charge a fee?
Yes. We are a licensed broker and we charge a broker fee, disclosed before you buy. For that you get a sum insured set on real rebuild costs, access to insurers who write agreed-value terms, and a broker who handles the claim.
Insured for what it really costs
Close the underinsurance gap, with cover re-checked at every renewal.
Start your quote →