Sometimes it can be a puzzle to know exactly what sort of home insurance you need, especially when you own a listed property that may need extra insurance protection.
It doesn’t matter if you live in a Cotswold Stone country cottage, a converted lighthouse or a mansion set in Central London, there is no one-size-fits-all solution when it comes to sorting out an insurance policy to cover your listed building.
Our friendly team at Listed Property Protection want to help you to better understand how home insurance works and why you need to have specialist listed insurance for your property.
While it isn’t compulsory to insure your home by law, it makes sense to buy home insurance to cover the devastating costs should your building be damaged by fire, flooding or theft.
A home insurance policy will be made up of different components. With standard home insurance for a normal house, this will include elements such as:
You can choose to purchase home and content insurance separately, or you can buy a combined policy that covers both home and contents. Sometimes you can get a better deal by choosing a combined policy – you need to check the small print to make sure the policy will meet your needs.
It is very common for your mortgage lender to insist that you take out buildings insurance for the property that you are purchasing. This is to protect both you and your mortgage lender should something go wrong during your purchase.
Insurance cover type for a different property
The type of home you have can greatly influence your choice of an insurance policy. For example, someone that owns a normal home that was constructed from standard building materials that are easily sourced will find it more straightforward to find a home insurance policy to cover them.
However, should your home be unusual in some way your insurance needs will differ greatly. For example, should your home:
Larger listed properties
The UK contains many large and expensive listed homes that are worth a lot of money. Usually, these homes will have multiple bedrooms and external buildings such as stable blocks and outbuildings that will also need to be covered by insurance.
It usually follows that larger listed properties will need to carry a higher level of contents insurance or specialist cover to protect rare and valuable possessions.
Listed second homes or holiday homes
Many people may own a listed property that they use as a second home or let out as a holiday home. Most home insurance companies will not be willing to cover a property that is left standing empty for longer than 30 consecutive days.
Again, if you know that your holiday home will have long periods of time spent vacant, then you will need to source specialist holiday home insurance to cover your building and contents.
If you own another property that you stay in regularly, but you don’t let out, you may need to take out a second home insurance policy.
If you plan to buy and keep a listed property unoccupied for a long period, you will need to source a specific unoccupied home insurance policy to meet your needs for coverage.
There are extra insurance risks involved with vacant properties, including damage sustained by an undiscovered water leak that has been left to cause extensive damage or storm damage done to the roof that is left unrepaired.
How listed insurance cover policies are worked out
When you take out normal home insurance, it is the rebuild cost for your home that insurers will take into consideration when working out your cover and premium payments.
Obviously, owning a standard home built with inexpensive, easy to source construction materials is going to cost far less to rebuild from scratch than a listed property where the original source materials may be very different and expensive, if not impossible, to source from scratch.
However, the rebuild costs for any property whether modern or listed are not the same as the current market value of your property, so you shouldn’t use the value of your home as your base for your insurance cover.
Listed Property Protection (LPP) specialises in providing listed insurance protection to our customers who own listed properties of all shapes and sizes.
It doesn’t matter whether you own a tiny Cotswold Cottage or you live in a mansion, LPP is here to help!
We will work with you to design a fully bespoke schedule of listed cover built around your individual needs to help you protect the listed building that you treasure.
Our friendly team of listed building insurance experts are here to help you at any time, whether that be daytime, evening or at the weekend – we can answer your questions and organise specialist cover for you.
Do not hesitate to contact us to discuss your needs. We are here to help!
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.