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Choosing the right insurance policy for ...

8 August 2023

Choosing the right insurance policy for your listed home

By Andy Duarte Insurance Advisor

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Owning a listed home is a unique privilege but has specific insurance considerations. Protecting your historic property requires careful thought, and choosing the right insurance policy tailored to its needs is an important part of this

In this guide, we’ll explore the key factors to keep in mind when selecting insurance for your listed home and provide insights to help you make an informed decision.

Assessing the value and importance of your listed home

Before diving into insurance options, assessing the value and importance of your listed home is crucial.

Understanding your property’s historical significance, architectural features, and unique characteristics helps determine the level of coverage needed. Discuss with a specialist surveyor or historic building consultant who’ll provide an accurate assessment of your property’s value.

Rebuilding costs and accurate valuations

Determining the appropriate rebuilding costs is essential when insuring a listed home. Traditional construction methods, specialised materials, and the need for restoration work can significantly impact the cost of rebuilding.

Acquiring valuations from professionals experienced in listed property assessments is essential to ensure your insurance policy covers the full rebuilding cost in case of a total loss.

Being insured correctly is almost as important as having the cover in the first place. You can learn more about getting the value of your home and avoiding underinsurance in our article.

Specialised listed home insurance brokers

Given the unique nature of listed homes, working with a broker that specialises in securing cover for historic properties isn’t essential but it’s highly recommended.

Specialist listed property brokers understand the risks associated with listed homes and can tailor policies to meet specific requirements. We recommend researching and comparing insurance providers with expertise in the listed home market to guarantee you receive the most suitable cover.

Additional coverage options for listed homes

In addition to the standard coverage for structural and non-structural elements, additional coverage options should be considered for your listed home. These may include coverage for undertaking renovations with listed building consent, which protects you in case of any legal issues arising from alterations or renovations.

To protect their unique value, you may also explore coverage for specialist architectural features, such as stained-glass windows or intricate woodwork.

Understanding policy exclusions and limitations

When selecting an insurance policy for your listed home, it’s vital to understand the exclusions and limitations of the policy. Some policies may limit coverage for certain types of damage or specific circumstances.

Take the time to review the policy documents carefully and ask your broker about any areas of uncertainty. Being aware of these exclusions and limitations helps you make an informed decision and avoid any surprises in the event of a claim.

Importance of regular valuations and policy reviews

As the value of your listed home and its contents may fluctuate, it’s essential to schedule regular valuations and policy reviews.

Re-evaluating the rebuild cost and the value of your belongings ensures that your insurance policy remains current and adequately covers your assets. Reviewing your policy annually or after any significant changes to your property or possessions is recommended.

This is especially important when it comes to renewals – don’t just assume last year’ figures are still correct!

In conclusion

Protecting your listed home requires choosing the right insurance policy that adequately covers its unique risks and value.

By assessing the importance of your property, working with a specialist insurance broker, considering structural and non-structural cover, and obtaining accurate valuations, you’ll gain peace of mind that your listed home is protected against unforeseen events.

Choosing the right insurance policy for your listed home is critical in protecting its historical significance and unique value.

You can ensure that your listed home is adequately protected by reviewing additional coverage options, understanding policy exclusions and limitations, and regularly reviewing your valuations and policy.

At Abode Insurance we provide specialist cover for listed homes tailored to their specific needs. Contact us today to explore our comprehensive insurance solutions and safeguard your cherished property now and always.

Frequently asked questions

Do I need specialist-listed home insurance?

Specialist-listed home insurance is highly recommended. Standard home insurance policies may not adequately cover listed properties’ unique risks and requirements.

Specialist-listed property insurance brokers understand the intricacies of listed homes and offer tailored cover to protect your investment effectively.

What factors impact the cost of listed home insurance?

Several factors influence the cost of listed home insurance, including the property’s grade, location, rebuild costs, security measures, and previous insurance claims history.

Factors like flood risk, proximity to trees, or listed building consent for alterations may also affect the premium. Discuss these factors with insurance providers to obtain accurate quotes.

Can I make changes to my listed home without affecting insurance coverage?

You must inform your insurance provider of planned changes or renovations to your listed home. Alterations may affect your coverage significantly if they affect the building’s structure or increase its value.

Failure to notify your insurer may lead to gaps in cover, so it’s crucial to communicate any changes and seek their guidance.

What should I do in the event of damage or needing to make a claim?

Contact your insurance provider immediately if your listed home experiences damage or requires a claim. Document the damage with photographs and provide all relevant details to support your claim.

It’s advisable to keep a comprehensive record of your property’s repairs, maintenance, and improvements for future reference.

Are there any specific security measures required for listed home insurance?

Insurance providers often have specific security requirements for listed homes. These may include installing approved locks, security alarms, or CCTV systems.

Compliance with these security measures may help reduce the risk of theft or damage and lower your insurance premiums. Talk with your insurance provider to understand the security measures necessary for your policy.

Can I switch insurance providers for my listed home?

Yes, you can switch insurance providers for your listed home. However, it’s essential to consider the potential impact on cover and any requirements for a seamless transition.

Before switching, carefully review the new policy, compare cover and pricing, and ensure cover is maintained during the transition process.

Consulting a specialist broker such as Abode insurance makes switching far less of a hassle – the broker will approach multiple insurers to secure you a great deal.

Live with character. Insure with confidence.

Useful Links

Abode is a trading name of Howden UK Brokers Limited, which is authorised and regulated by the Financial Conduct Authority No. 307663. Registered in England and Wales under company registration number 02831010. Registered Office: One Creechurch Place, London, EC3A 5AF. Calls may be monitored and recorded for quality assurance purposes.