Preparing to insure a high-value home

Preparing to insure a high-value home: what every homeowner needs to know

Whether you're insuring a newly built luxury residence or purchasing an existing high-value property, it's important to take the right steps to ensure your home is properly protected. 

This document is here to support you - providing clear, practical information and helpful insights to guide you through the process, so you can feel confident that your assets are well protected.

Occupancy Certificate

Following a new build or major renovation an Occupancy Certificate (OC) validates a building’s safety and suitability for occupancy, confirming it meets legal and regulatory standards. This must be granted to enable your broker to obtain coverage.

This validation is crucial for insurers to assess risk and determine whether to issue a policy. Without it, coverage may not be accepted or voided if the building is not legally occupied.

Property appraisal requirement

Post build completion, a professional property appraisal is typically required within 60 days of policy inception to ensure accurate valuation and coverage.

Why is an appraisal important?

• Accurate coverage: reflects true rebuild costs, including high-end finishes and custom features
• Risk identification: highlights vulnerabilities (e.g., bushfire, flood, security gaps) and offers risk mitigation advice
• Claims confidence: supports smoother, faster claims settlements with fewer disputes
• Maintenance insights: offers practical advice to preserve the home’s value

What to expect

A qualified risk consultant will coordinate directly with the homeowner or representative to schedule a visit to the home location. This visit is to assess:

• Construction quality and materials
• Architectural or heritage features
• Security and fire systems
• Landscaping and external structures

Security & fire protection

For homes with a rebuild value of $5 million or more, it is strongly recommended, and often a coverage subjectivity, that comprehensive, monitored security and fire protection systems are installed within 60 days of policy inception.

Why is fire and security monitoring important?

Fire and security monitoring and alarm systems significantly reduce the risk of personal injury and property damage. Insurers will typically offer premium discounts for properties that meet or exceed minimum fire and security standards.

Minimum requirements:

• Intruder alarms: connected to a 24/7 monitoring centre
• Smoke & heat detectors: also connected to a 24/7 monitoring centre

Additional security to improve your risk profile:

• Panic buttons: strategically placed (e.g., master bedroom, kitchen, safe room) for immediate emergency response
• Emergency response protocols: ensure rapid action in case of incidents
• Safe rooms: secure, reinforced spaces with:
  • Independent communication systems
  • Reinforced doors and walls
  • Direct connection to monitoring centres

Art & Valuables Insurance

To insure jewellery or other high-value items, a cash-rated safe is typically required. The safe’s rating directly affects your coverage available in the event of theft. It’s advisable to plan safe installation before moving in.

Understanding safe ratings:

• Cash rating: indicates how much cash the safe can securely store (e.g., $10,000)
• Valuables storage: insurers typically allow up to 10× the cash rating for non-cash items (e.g., $100,000 in jewellery in a $10,000-rated safe)
• Security features: higher ratings offer better protection - thicker walls, reinforced locks, and tamper resistance

General recommendation

Use a decoy safe - install a second, smaller safe for everyday items. A well-placed decoy can mislead intruders and reduce the risk of confrontation.

Regular valuations & inventory updates

• Review building and contents valuations regularly, especially after renovations or major purchases
• Maintain a digital inventory with receipts, appraisals, and photographs

It is advisable to maintain independent valuations for jewellery items valued over $100,000, and artwork valued over $250,000. These valuations help ensure accurate coverage is placed and streamline the claims process in the unfortunate event of loss, damage or theft.

Planning renovations

It’s important you inform your broker about any renovations or improvements you are planning, as this can affect whether your insurer can continue to maintain coverage during the renovation period. 

All insurers have varying criteria that you must comply with. If the renovations are non-structural and you remain in the home, insurers will likely agree to continue coverage but may apply conditions to the policy and increase the premium for the perceived additional risks.

Click here to read our renovation guide 

Best practices for ongoing protection

Maintaining a high-value home goes beyond aesthetics - it’s a critical part of ongoing risk management and insurance protection. Insurers often expect you to take proactive steps to preserve the condition and safety of your home. Regular maintenance not only helps prevent costly damage but also demonstrates responsible ownership, which in turn positively influences your coverage terms and premiums. Following the best practices is key to safeguarding your investment and gives you peace of mind that your home will remain insurable over time. 

Routine property maintenance:

• Annual roof inspections and gutter cleaning
• Annual checks of plumbing and electrics
• Pest and termite inspections
• Tree trimming and vegetation management (especially in bushfire-prone areas)
• Checking seals, drainage, and waterproofing