High-Value Property Insurance: Trends and Considerations for 2025
2024 witnessed a continued surge in the sale of high-value properties across Ireland, a trend that has persisted into 2025 with no signs of abating. This growth has been fueled by a combination of factors, including robust domestic economic expansion, increased foreign investment, positive market sentiment, and the classic interplay of supply and demand dynamics. David Manning from DMG Real Estate emphasises that it is this "combination of factors," rather than a single driver, that sustains the relentless demand for luxury properties.
The Hidden Costs of High-Value Properties
Owning a high-value property involves more than just the purchase price; there are ongoing costs such as maintenance, property taxes, management fees, and insurance. One often-overlooked aspect is home insurance, which can present unique challenges due to the substantial value and specific risks associated with luxury homes.
Insurance Challenges for High-Value Homes
High-value properties typically require increased coverage limits, leading to higher premiums. Insurers often perceive these homes as higher risk due to their significant value and sometimes remote or high-profile locations, further driving up costs. Luxury properties also feature unique elements such as high-end materials, custom finishes, and advanced technology that demand specialised insurance solutions to ensure comprehensive protection.
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