WNC Market Insights from Your Local Insurance Experts
Owning a $2 million home is a major investment—and protecting it with the right insurance is just as important as the property itself. Whether your home sits on a mountain ridge with sweeping views or in a luxury neighborhood near downtown Asheville, insurance costs can vary widely.
So, what can you expect to pay to insure a $2 million home?
Average Insurance Premiums for High-Value Homes
For a home valued at $2 million, annual insurance premiums typically range from $4,500 to $12,000 or more, depending on:
- Location – Remote mountain homes or properties far from fire services tend to cost more to insure. Homes in high-wildfire or storm-risk zones may need additional coverage.
- Construction Quality & Materials – Custom finishes, specialty features (like copper gutters or reclaimed wood beams), and high-end materials increase the replacement cost.
- Security & Risk Mitigation – Gated communities, monitored alarm systems, and fire sprinklers can help lower premiums.
- Coverage Choices – Many high-value homes require custom or high-net-worth policies that include extended replacement cost, excess liability, and coverage for art, wine collections, or jewelry.
- Deductibles & Policy Structure – Higher deductibles or percentage deductibles for wind/hail can reduce premiums—but come with more out-of-pocket risk in a claim.
In Western North Carolina, we typically see premiums between $5,000–$9,000/year for well-maintained $2M homes with good fire access and a clean claims history.
Why High-Value Homes Need Specialized Coverage
Standard homeowner’s insurance policies often aren’t designed for homes over $1 million in value. You may need:
- Extended Dwelling Coverage – To account for increased rebuild costs due to custom craftsmanship or materials
- Higher Liability Limits – Especially if you entertain often, have a pool, or employ household staff
- Scheduled Property Coverage – For valuable personal items like jewelry, art, or antiques
- Loss Prevention Services – Some carriers offer inspections, leak detection devices, or wildfire risk mitigation as part of their high-net-worth programs
Protecting Your Peace of Mind
Insuring a luxury home is about more than numbers—it’s about preserving your lifestyle and peace of mind. Whether it’s a second home, a primary residence, or part of your long-term investment strategy, we can help you evaluate the risks and customize your coverage.
Work With Someone Who Knows the Terrain
At Brevard Insurance, we specialize in serving clients across Western North Carolina—from Lake Toxaway and Cashiers to Asheville and beyond. We understand the unique challenges of insuring homes in the mountains and have access to carriers that specialize in high-value properties.
Want a second opinion on your current coverage—or a quote for a home you’re considering? Let’s talk.