High value homes demand a different level of protection. Many homeowners assume that a standard home insurance policy will cover every risk. However, high value properties often require specialist cover and expert advice. A Dublin family discovered this reality when they reviewed the insurance on their €2M home. Their experience shows why being protected with high net worth insurance matters and how the right advice protects wealth, property, and peace of mind.
Property values across Ireland continue to rise, particularly in Dublin. According to the Central Statistics Office, the median residential property price reached €375,000 nationally in 2025, while Dublin recorded far higher averages in many areas. High value homes often sit far above these averages. As a result, the insurance requirements for these properties become far more complex. Owners must consider rebuild costs, valuable contents, and liability risks. Therefore, expert guidance becomes essential.
This case study highlights how one Dublin family worked with Dolmen Insurance, specialists in high net worth insurance solutions. Our expertise helped the family identify hidden risks and secure tailored protection for their property.
The Situation Facing the Dublin Homeowners
The family owned a modern detached home in South Dublin valued at approximately €2 million. They purchased the property several years earlier and arranged standard home insurance at the time. At first glance, the policy seemed adequate. However, several changes had occurred since the original policy started.
Firstly, construction costs increased significantly across Ireland. Secondly, the family expanded their property through renovations and extensions. Finally, the value of their contents grew as they invested in furniture, technology, and art.
Many homeowners overlook these changes. As a result, policies often fail to reflect the true rebuild cost of the home. Data from the Society of Chartered Surveyors Ireland shows that rebuilding costs now range between about €2,368 and €3,300 per square metre, depending on location and design. High value homes typically feature premium materials and architectural features, which further increase rebuild costs.
Furthermore, underinsurance remains a major issue across Ireland. A Central Bank review found that 16.5 percent of home insurance claims involved underinsured properties. When underinsurance occurs, claim payouts may be reduced significantly. This situation creates serious financial risks for homeowners.
The Dublin family realised that their existing policy might not reflect the full value of their home. Consequently, they sought advice from experienced insurance professionals.
Why High Net Worth Insurance Matters
High net worth insurance differs significantly from standard home cover. Specialist policies address the complex risks associated with expensive homes and valuable possessions. Moreover, they offer broader protection and higher coverage limits.
High value homes often contain assets that require specialist protection. These may include art collections, jewellery, antiques, and luxury furnishings. Standard policies frequently limit coverage for these items. Therefore, homeowners with valuable contents need tailored protection.
Additionally, large homes often include unique features such as custom kitchens, smart technology systems, landscaped gardens, and outdoor structures. Replacing these elements after a loss can cost far more than expected. Specialist policies consider these details during the underwriting process.
Dolmen Insurance regularly advises clients on these risks. Our team understand the specific challenges facing affluent homeowners in Ireland. Consequently, we try to help clients build comprehensive insurance strategies rather than relying on basic policies.
Identifying the Risks in the Dublin Property
The family arranged a consultation with the experts at Dolmen Insurance. During the review process, several important risks emerged. The existing policy did not reflect the current rebuild cost of the property. Additionally, coverage limits for contents appeared far too low.
Many homeowners assume that market value equals rebuild value. However, the two figures differ significantly. Market value reflects land, location, and demand. Rebuild value reflects labour, materials, demolition, and construction costs.
Our Experts analysed the property carefully and identified several issues:
• The rebuild value exceeded the original insurance estimate due to rising construction costs
• The contents limit did not reflect the value of furniture, art, and electronics
• Valuable items required individual specification and appraisal
• Liability cover required higher limits due to the property’s size and features
This assessment revealed that the family faced a significant coverage gap. Fortunately, the issue emerged before a claim occurred.
The Growing Problem of Underinsurance in Ireland
Underinsurance affects a surprising number of homeowners across the country. Construction inflation has created a widening gap between insured values and real rebuild costs. In fact, some estimates suggest Irish homes collectively face an underinsurance gap worth billions.
Several factors contribute to this trend. Firstly, many homeowners fail to update policies after renovations. Secondly, inflation increases material and labour costs each year. Thirdly, many policies rely on outdated estimates.
Research also shows that rebuilding costs continue to rise annually. The Society of Chartered Surveyors Ireland reported a national increase of around seven percent in rebuild costs during a recent year. These increases significantly affect high value properties.
For luxury homes, the risk becomes even greater. Premium construction materials, specialist trades, and architectural features increase rebuilding complexity. Therefore, accurate valuations remain essential.
Building a Tailored High Net Worth Insurance Policy
Once the risks became clear, our team recommended a specialist high net worth policy. This solution addressed the property’s true rebuild value and expanded the coverage for valuable contents.
The new policy included several important features designed specifically for affluent homeowners.
• Full rebuild cover based on an updated professional valuation
• Higher contents limits reflecting the family’s lifestyle and assets
• Individual coverage for jewellery, artwork, and valuable collectibles
• Extended liability protection for guests and property risks
The tailored policy also included specialist claims support and premium customer service. These benefits play a vital role during large property claims. High value claims often involve architects, surveyors, and restoration experts.
By arranging the correct cover, the family protected both their property and financial stability.
The Role of Expert Advice in High Net Worth Insurance
High net worth insurance requires careful planning and professional insight. Unlike standard policies, these solutions must reflect each homeowner’s lifestyle and property features. We regularly work with affluent clients across Ireland. Our experience allows us to identify risks that many homeowners overlook. Furthermore, we have access to insurers who offer the strongest protection for high value properties.
Our advisers review policies regularly. This process ensures coverage evolves alongside property improvements and lifestyle changes. For example, a renovation or new art purchase may require adjustments to the policy.
Professional advice therefore helps homeowners maintain adequate protection throughout the life of the property.
Lessons from the Dublin Case Study
The Dublin family’s experience highlights several valuable lessons for high value homeowners. Firstly, property insurance should never remain static. Secondly, rebuild values must reflect current construction costs rather than historical estimates.
Most importantly, specialist advice prevents costly mistakes. A policy review often reveals gaps that homeowners never considered.
Several key insights emerge from this case:
• High value homes require specialist insurance rather than standard policies
• Rebuild costs frequently rise faster than homeowners expect
• Valuable contents often require separate coverage
• Expert advice ensures policies reflect real world risks
These insights apply to many homeowners across Ireland. As property values continue to rise, more households fall into the high net worth category.
Protecting High Value Homes in Ireland
High net worth insurance continues to grow in importance across Ireland. Rising property values, construction costs, and valuable assets create complex risks for homeowners. Therefore, tailored insurance solutions provide essential protection.
This Dublin family’s story demonstrates the value of proactive planning. They reviewed their cover before disaster occurred. As a result, they secured protection that matched the true value of their home.
Experts at Dolmen Insurance can help guide this process. Our experience in high net worth insurance allowed the family to address underinsurance risks and build a comprehensive protection strategy.
Ultimately, insurance should protect more than bricks and mortar. It should safeguard financial security, lifestyle, and peace of mind. For owners of high value homes, specialist advice ensures that protection remains strong when it matters most.
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Disclaimer
The information provided in this article is intended for general informational purposes only and should not be considered financial, insurance, or legal advice. While every effort has been made to ensure the accuracy of the information at the time of publication, property values, insurance terms, rebuilding costs, and market conditions in Ireland may change over time.
The case study presented is for illustrative purposes only and may represent a composite scenario based on common situations faced by homeowners. Individual circumstances will vary, and the coverage, premiums, and policy features discussed may not apply to every property or client.
Readers should seek independent professional advice before making any decisions regarding insurance coverage. Specialist brokers and advisers can assess individual property values, assets, and risks to ensure appropriate protection. This article does not constitute a recommendation or guarantee of any specific insurance product, provider, or policy terms.
Always consult a qualified insurance adviser or broker to review your specific requirements and obtain tailored advice suitable for your circumstances.
Dolmen Insurance Brokers ltd is regulated by the Central Bank of Ireland. Registered in Ireland: Company Reg. No. 293180N
