Luxury home insurance in Australia
Specialist cover for prestige homes, where a standard policy stops short. Agreed value, guaranteed rebuild cost, fine-asset protection, and a senior broker who handles the claim. Here is how it works and what it costs.
Where luxury cover begins
For context: the typical Australian home is insured to rebuild for the figure shown above, from real quotes refreshed June 2026. Prestige homes routinely cost several times that to rebuild, which is exactly where a standard policy runs out. Figures are indicative; your own number depends on the property.
What is luxury home insurance?
Luxury home insurance, also called prestige or high-value home insurance, is cover built for homes that cost more, and take longer, to rebuild than the market expects. It starts from a proper assessment of the real rebuild cost rather than a generic calculator, and it protects the features and possessions that make a prestige home what it is.
It is usually the right fit when your home has any of these:
Where a standard policy falls short
A standard home policy is built for a standard home. On a prestige property the same wording leaves gaps that only show up at claim time. These are the four that catch people out.
Rebuild figures that are too low
Generic per-square-metre calculators do not know your imported stone, your joinery or the cost to match a heritage facade. On a bespoke home the gap can run to six figures.
Sub-limits on what you value most
Standard policies cap contents, jewellery, art, landscaping and outbuildings at low ceilings. The headline sum looks fine until a claim lands against a sub-limit you never saw.
Averaging that cuts your payout
If a policy decides you were underinsured, an averaging clause can reduce even a partial-loss payout by the same proportion. Agreed value removes that risk.
Liability limits set for an average household
High-profile owners, domestic staff and frequent guests carry liability exposure that a default limit may not cover.
What luxury cover does differently
Agreed value
The insurer accepts your sum insured up front, so there is no argument about the figure later.
Guaranteed or extended replacement cost
A buffer above your sum insured that absorbs cost overruns and longer build times.
Fine assets and collections
Art, jewellery, watches and wine scheduled with agreed values and worldwide cover for pieces that travel.
High-limit liability
Cover scaled to the exposure that comes with a prestige home, including domestic staff where needed.
Matching and heritage features
Provision to match period detail, imported materials and bespoke finishes rather than settle for the nearest equivalent.
A broker at claim time
A senior broker manages the claim and argues your corner with the insurer, instead of leaving you to it.
Mansion and estate insurance
A large estate is more than a house. The grounds, the outbuildings and the people who help run it all add exposure that a single home policy was never designed to carry. Mansion cover treats the property as the whole it is.
Worried about the sum insured?
If your concern is being underinsured rather than the prestige features, our high-value home insurance guide covers agreed value, replacement cost and how to set the right rebuild figure.
What luxury home insurance costs
Premiums vary widely, because no two prestige homes are the same. The rebuild figure does most of the work, then location risk, construction, your collection and the cover you choose move it from there. As a rough guide, cover for homes in the $3 million to $10 million range often sits in the five-figure annual premium band, with larger estates and significant collections running higher. The only accurate number is a quote on your own home.
How to choose a luxury home insurer
Luxury home insurance companies are not all the same, and the cheapest premium is rarely the best policy. When you compare luxury cover, look at how it behaves at claim time, not just the quote.
Agreed value, in writing
The insurer commits to your sum insured up front, so the figure is settled before a claim, not argued after one.
A genuine rebuild assessment
Cover set on the real cost to rebuild your home, not a generic per-square-metre calculator.
Replacement-cost protection
A buffer above the sum insured for construction-cost spikes and the longer builds bespoke homes need.
Proper limits for collections
Art, jewellery, watches and wine scheduled at agreed values, not squeezed under a low sub-limit.
Specialist claims handling
Loss adjusters and trades who understand prestige construction, so the rebuild matches the original.
Financial strength and licensing
An insurer with the balance sheet to pay, placed by an AFSL-licensed broker who acts for you.
As an AFSL-licensed broker, we compare these across our panel of insurers, so you are weighing the cover, not just the price.
How to get a luxury home insurance quote
- 1
Start with your address
We pre-fill what we can about the property, so there is less for you to type.
- 2
Tell us what makes it special
The rebuild value, any bespoke or heritage features, and the collections you want covered.
- 3
We place the right cover
Many homes quote across our panel online; for the largest properties a senior broker takes it from there.
- 4
Re-shopped at every renewal
We review the market and the rebuild figure each year, and we handle any claim if it comes.
Luxury home insurance FAQs
What counts as a luxury or high-value home in Australia?
There is no single line, but cover is usually arranged as "luxury" once a home costs more than about $3 million to rebuild, or where the build is bespoke, architect-designed, heritage-listed or sits in a prestige postcode. The trigger is the cost and complexity of the rebuild, not the suburb or the sale price.
Why isn't a standard home policy enough for a prestige property?
Standard policies size your sum insured with a generic per-square-metre calculator, cap rebuild costs, and put low sub-limits on valuables, landscaping and outbuildings. On a high-value home that leaves a real gap. Luxury cover starts from a proper rebuild assessment and removes the sub-limits that hurt at claim time.
What is agreed value, and why does it matter for luxury homes?
With agreed value the insurer accepts your sum insured up front, so there is no argument about the figure later. Sum-insured (or "market value") policies can be disputed at claim time. For a bespoke home that is expensive and slow to rebuild, locking the figure in advance is worth a lot.
What is guaranteed or extended replacement cost?
It is a buffer above your sum insured that absorbs construction-cost spikes and the longer build times bespoke homes need. If the rebuild runs over the figure on your policy, the insurer covers the overrun rather than leaving you short. Terms vary by insurer, so we check exactly how each one is worded.
Does luxury cover include fine art, jewellery and wine?
Yes. High-value items can be scheduled individually with agreed values, with worldwide cover for pieces that travel, instead of being squeezed under the low valuables sub-limit on a standard policy. We tailor the schedule to the collection.
Does Cover Club charge a fee?
Yes. We are a licensed broker and we charge a broker fee, disclosed before you buy. In return you get access to prestige insurers most people cannot reach directly, a policy built around your home, and a senior broker who handles the claim if you ever need to.
How do I get a luxury home insurance quote?
Start with your address and a few details about the home. Many high-value homes can be quoted across our panel online; for the largest or most complex properties a senior broker takes it from there to place the right cover. Either way it starts the same way.
What should I look for when comparing luxury home insurance companies?
Look past the premium to how the policy behaves at claim time: agreed value in writing, a genuine rebuild assessment, replacement-cost protection, proper limits for art and jewellery, specialist claims handling, and a financially strong insurer. The best luxury home insurance is the one that pays in full, not just the cheapest quote.
Does luxury home and contents insurance cover my belongings too?
Yes. Luxury home and contents cover protects the building and what is inside it, with high-value items such as art, jewellery and wine scheduled individually at agreed values rather than capped under a standard sub-limit.
Cover Club Pty Ltd (ABN 39 686 766 665) is a Corporate Authorised Representative (AR 001315718) of Shanebridge Pty Ltd (ABN 16 011 049 899), AFSL 245566.
Cover that matches the home
Specialist broking for prestige properties, re-shopped at every renewal.
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