Insuring Listed, Thatched and Non-Standard Homes

How to insure listed, thatched and non-standard homes

If your period property is listed, has a thatched roof or has non-standard materials, such as cob or lath and plaster, arranging the right buildings insurance can be more complicated. A specialist broker can help you find suitable cover and determine if your rebuilding cost is accurate, so your most valuable asset has the protection it needs.

Why standard home insurance may not be suitable

Standard home insurance policies, which are available via online price aggregator sites, will often provide a blanket buildings sum insured, for example;£1,000,000 or an unlimited sum insured basis. There will be eligibility criteria for these blanket cover policies, such as the property being of standard construction, built after a certain year (e.g. 1850) & not listed. Insurers will have a significant amount of data available to understand what the approximate re-build cost of a 3-bedroom, brick & tile house, built in 1955 would be, & therefore will charge an insurance premium based on this calculated figure, rather than that policy being rated on a property with a rebuild cost of £1,000,000.

Why specialist properties are more difficult to insure

Thatched / listed properties are therefore not normally protected by these blanket policies, as insurers will not have the same level of data available & each building can have unique non-standard features, which will impact the rebuilding cost.

This is why it is essential to understand the true rebuild sum insured of a thatched or listed property, which is why we recommend that a client obtains a professional rebuild cost assessment. This ensures that the homeowner is not over-paying for their insurance policy, or in the case of a property being under insured, do not suffer any financial difficulties if an insurer reduces a claims settlement amount in the event of a significant loss, & listed building consent is required to repair or rebuild a property.

Why a Rebuild Cost Assessment Matters

Obtaining a professional property rebuild valuation at least every 5 years ensures that all factors have been taken into consideration when the rebuild sum insured is calculated, as in recent years increased material & labour costs has seen rebuild figures rise considerably.

These assessments will also consider all aspects of a property re-build, including site clearance, debris removal, professional planning & architect fees. Outbuildings, walls, paths & patios are also included. Insurers will normally stipulate that rebuild figures need to be inclusive of VAT, as VAT would be applicable when repairing or restoring a property following a loss, with the exception being if the property had to be completely demolished & re-built, which is uncommon for a listed building.

Specialist Advice

At County Insurance Services Limited, we help clients arrange appropriate cover for their needs and to avoid underinsurance. Our experienced team reviews each property individually and can explain how to obtain a professional rebuild cost assessment. This may be an on-site valuation by a member of the Royal Institution of Chartered Surveyors (RICS), or a remote desktop assessment from a RICS-accredited firm.

Please do take time to review your existing insurance arrangements to ensure that you have adequate cover in place. If you would like to discuss cover for your own property, please feel free to contact our team on 01865 844980, or you can submit your details via our online quote form & one of our team will be in contact within the next working day;