For owners of high-value homes, there is another change on the horizon worth keeping an eye on.

The Government has announced plans for a new High Value Council Tax Surcharge, expected to apply from April 2028 to residential properties valued at £2 million or more. The proposals are still being developed, but they could affect a relatively small number of high-value properties across England.

For Private Clients, it raises an interesting question: if the value of your client’s home is changing, is their insurance keeping pace too?

Craig Jones, Home & Private Client Underwriting Product Manager

Value isn’t just about the price tag

A property’s market value and its insurance value are not the same thing.

For a high-value home, the cost of rebuilding can be significantly different from what the property could sell for. Specialist materials, architectural features, bespoke interiors, outbuildings, landscaping and other unique characteristics can all make a difference.

And when property values change, it is easy for insurance valuations to fall behind.

A good time to review

The proposed surcharge isn’t an insurance change, but it does provide a useful prompt for brokers to talk to clients about their wider property position.

Has the property been renovated? Have they added a swimming pool, garden room or other buildings? Has the value of their contents or collections changed?

These details matter when protecting a high-value home.

Why choose Covéa Private Clients?

High-value homes aren’t always straightforward to insure. They need an insurer that understands the property, the client and the details that make their circumstances different.

Covéa Private Clients works closely with brokers to provide specialist cover for high-value homes and the people who live in them. It’s about looking beyond the headline value and understanding what needs to be protected — from the building itself to the possessions and lifestyle around it.

As the landscape for high-value property continues to change, having a specialist Private Clients partner can give brokers confidence that their clients’ needs are being properly considered.

Because when your client’s home is worth millions, the details matter.