Why Prestige Homes Are Becoming Harder to Insure

Prestige homes are becoming increasingly complex — and increasingly expensive — to insure.

Across Sydney and other premium markets, we are seeing insurers place greater scrutiny on:

• waterfront properties

• architect-designed homes

• luxury apartments

• high-end renovations

• bespoke construction and finishes

At the same time, rebuild costs have risen significantly due to increasing labour, material, and compliance costs.

Many homeowners are surprised to discover their existing sums insured may no longer adequately cover:

• demolition costs

• architect and consultant fees

• imported materials

• custom joinery and finishes

• landscaping and retaining works

• extended rebuild timeframes

In some cases, the issue is no longer simply premium increases — it is whether appropriate cover can be obtained at all.

For prestige properties, insurance should never be treated as a standard transaction. The quality of the advice, policy structure, insurer selection, and claims support can make a substantial difference when protecting high-value assets.

At Luxsure Insurance, we specialise in insurance solutions for prestige homes and luxury assets, helping clients navigate an increasingly complex insurance environment with tailored advice and access to leading insurers.

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