We’ve just closed the deal on our new home, and we’re so excited! Our next step is to look into home insurance, but what can we expect to pay for insurance on a million-dollar home?
for a million-dollar home (and other such luxury properties) can range anywhere from $0.05 for every $100 of coverage, all the way up to $1.14 per $100 of coverage.
Various factors impact your rate:
Coverage level
Location and natural disaster risk
Integrity of the structure
Construction type
Year the home was built
Exterior structures
Credit and insurance history
Optional coverages
Deductibles
In other words, insuring a one-million-dollar home could cost anywhere from under $1,000 per year to over $10,000—and your insurance rate is likely to fall somewhere in the middle.
The best way to find the lowest rates on home insurance (no matter the property) is by
from three to five different insurance companies. Comparing quotes can help give you a ballpark estimate of what you should be paying for coverage—and also help you select the rate that’s right for you.
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.