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Prestige Homes

Navigating Claims: How Home Insurance Brokers Advocate for Prestige Homes

Prestige home insurance is designed for high-value properties and the precious possessions and contents within the home. Specifically designed to meet the needs of the owners of luxury homes, prestige home insurance covers your home and contents for a higher sum than other home insurance. Prestige home insurance ensures you are returned to your pre-loss position as soon as possible. 

How Does Prestige Home Insurance Differ From Standard Home Insurance?

Prestige home insurance has higher coverage limits than a standard home insurance policy. This means it is more suitable for high-value items and includes a specific cover for valuable possessions like antiques, paintings, and jewellery. This type of insurance policy also provides more flexibility and extensions. 

Some prestige home insurers will also complete an on-site appraisal of your home. This will help you set an accurate sum insured, and they will advise you on improvements you can make to fire and burglary protection. Sometimes, they suggest extending your building cover to “extended replacement cost”. This means the insurer will rebuild your home regardless of your sum insured following a significant loss.

What Common Events Are Protected By Prestige Home Insurance Policies?

Typical events covered by this type of home insurance include the following:

  1. Misplaced or loss of high-value possessions.
  2. Natural disasters, including earthquakes, floods, fires or storms, where compensation is offered for rebuild and repair.
  3. Personal liability claims can be covered, as legal costs and damages may be payable if you, as the owner, are found liable for damage or injury to others while on the property or Australia-wide.
  4. Property damage due to accidents, fire or storms. This can cover the cost of repairing, replacing or rebuilding. It can also cover you for theft and burglary, so the monetary value can be recovered if valuable items are stolen.
  5. Water damage resulting in significant losses. This insurance policy ensures repairs can be undertaken due to water damage.

Who Needs Prestige Home Insurance?

For over 25 years, Atlantic Insurance has been arranging insurance policies specific to prestige properties. These homes are often unique, with bespoke items and high-value private collections. Homes commonly considered under a prestige home insurance policy typically have a replacement value in excess of $1,500,000. They may also have historical significance, be architecturally designed homes, or have uncommon features with a focus on craftsmanship and materials, which define the high-value home.

What Are Some Potential Benefits, Extensions & Endorsements?

The benefits of a prestige home insurance policy include:

  • A choice of repairer and trades for claims involving jewellery replacement or unique features.
  • Worldwide cover for your contents.
  • An extended replacement cost to cover a complete rebuild if necessary and a cash settlement option.

Atlantic Prestige Home Insurance

Atlantic Insurance Brokers in Australia provides access to a Client Manager with a specialist understanding and knowledge of the insurance solutions for prestige properties. With access to a wide range of products and insurers for all classes, any claims are personally handled by your Client Manager at Atlantic Insurance and not a call centre. Contact us today to discuss your prestige home insurance requirements.

Any information contained on this page of the website is general advice only and has been prepared without considering your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you. 

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