If you live in the UK and own a listed property, then you should make sure that it is properly insured. Standard buildings insurance will often not provide you with enough protection to cover your costs should the worst happen to your home.
This is why it makes sense to source your property insurance from a professional company that specialises in providing insurance cover for listed buildings, such as Listed Property Protection.
We are a family run company that understands and specialises in the many complexities that come with listed property insurance. Remember that listed properties are unique buildings that are completely different from modern houses, so will require a much higher level of insurance protection in the event of a fire, flood or other damage that needs an insurance claim to be made to make repairs or have major rebuilding work undertaken.
The whole point of having specialist listed property insurance is to help preserve the property’s unique and irreplaceable value.
Unlike modern types of house insurance, listed property insurance has to take into account the extra value of the historical elements or the heritage that is attached to the building. It takes great care and knowledge to understand the owner’s individual requirements and provide suitable, innovative insurance plans to cover listed properties.
While it is most people’s dream to own a house with a long and unique history, many prospective owners will often overlook a lot of things when it comes to buying the building insurance that will cover the property.
There are other factors to consider too about your house purchase. Are you buying a listed property to use as your home and live in by yourself or with your family? Or are you buying it as a business investment and plan to let it out as a holiday home?
Depending on your long-term plans for the listed property, the process of working out the value and cover needed for your insurance policy can be very complex. To ensure you get the correct amount of cover to suit your needs you need to work with a company that has plenty of expertise in the listed property insurance market, such as us at LPP.
When you browse the property insurance market it can be very overwhelming. You need to work with a company that is able to customise an insurance policy that meets your individual needs on both the protection you need and your policy premium.
For a listed property with many unique features, it will be impossible to pick an ‘off-the-shelf’ insurance policy that will perfectly fit your needs. You also need to consult with an expert to make sure that your listed property is neither under or over-insured.
Also, you should look out for hidden costs that some home insurers may add on, such as service charges. Also, check to see if your insurance policy covers any legal expenses, should you ever need them.
Protecting your investment
A listed building can be classified as a building that has been registered on the Statutory List of Buildings of Special Architectural or Historic Interest. According to Historic England, “If a building is considered by the Secretary of State (for Digital, Culture, Media and Sport) to be of special architectural or historic interest it will be included in a list of such buildings.”
By arranging the right level of insurance protection for your listed building you will be ensuring that our country’s heritage is being preserved in the best way possible. Listed property insurance is unique because it helps to protect the building’s original architectural features that are of historic interest.
Think of your listed property insurance as your agreement to help maintain the building in all of its original glory!
In return, you get to live in a home that is part of the UK’s great heritage.
Replacement of structural building materials
The main part of your listed property insurance policy will be to cover you for the repair or complete replacement of any structural building materials that are lost or damaged in the event of an emergency such as a major fire, flood or accidental structural damage caused by an accident.
For example, many listed properties were originally built along tracks and paths that have now evolved into a part of the major road network. You may own a small cottage that was originally serviced by a horse and cart track. This may now be a busy road carrying heavy traffic, including lorries.
Many listed properties have been struck by vehicles over the years, so you need to consider where your listed property is located and whether there are risks associated from structural damage caused by passing traffic.
With listed building repairs, there will usually be a need to use like for like building materials. Should your original building materials be over 100 or more years old, then it’s highly likely that they will have been replaced by much cheaper modern materials that are unsuitable for use as replacements.
By sourcing listed building insurance through our team at LPP, we will be able to arrange a level of cover that will be suitable for properties that fall into listed grades I, II or III.
If you already have a policy in place that is due for renewal soon, then it will pay you not to simply renew it without first checking all the small print. Come and talk to us at LPP to make sure that you get a policy where you are covered for all eventualities and you are paying a fair price for your listed property insurance.
LISTED PROPERTY PROTECTION (LPP) SERVICES:
Listed Property Protection is an Appointed Representative of Bullerwell & Co Limited who is an independent insurance intermediary authorised and regulated by the Financial Conduct Authority (Firm Reference Number 301045). Listed Property Protection Limited is registered in England at 53 Alameda Road, Ampthill, Bedfordshire, MK45 2LA with Firm Reference Number 775886.