Listed Building Insurance: Top 3 Questions Answered
Top 3 listed building insurance questions answered including; Why is it more expensive to insure listed buildings? Ways to reduce costs and what insurers need to know about you and your listed building.
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Firstly, listed building insurance doesn’t need to be extortionate. In today’s competitive market, using a specialist insurer who is knowledgeable about listed property, is often rewarded with sensible premiums.
The negative reputation many people associate with insuring a listed building is generally founded on homeowners attempting to get quotes for listed homes from standard insurers. Whether your property is a Grade 1, Grade 2* or Grade 2 listed building, it most certainly falls under the classification of ‘non-standard’ building insurance.
The term ‘non-standard’ refers to any property not constructed using standard building methods and consisting of brick walls with a tile roof. In the case of listed buildings, whether or not your home is comprised of brick walls and a tile roof, the age of your property and the requirement to repair on a like-for-like basis, often means that the materials and skills required to rebuild are not readily available today. Listed buildings cost more to repair and restore; the rebuild cost is greater and so the insurance cost is greater.
There are also other factors at play such as security. Many listed buildings are subject to planning regulations and restrictions designed to protect the historical integrity of the property. Therefore standard modern security features such as lockable, double glazing can be forbidden. The risk is greater, therefore the cost to insure is greater.
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There is no legal requirement to insure your home. It’s your home and your risk. However, if you own a listed property which becomes subject to damage, perhaps though fire, theft or flood, you are legally obligated to repair it using traditional materials and methods that match the original, regardless of cost. You take on this responsibility when you buy the property and since specialist labour and materials can be very expensive, listed building insurance is a very sensible precaution. When looking to insure a listed a property there are a few details it pays to get right.
About you:
Your claims history, specific to home insurance. For example, details of any no claims bonuses accrued or of claims made, including any refusal to insure.
Your personal circumstances, with respect to any criminal record and your financial stability.
Your usage of the property, for example is it a holiday home, will it be unoccupied for more than 30 days, or do you let it out or run a business from it?
About your listed home:
Address, as well as anything geographically significant. For example, do you live in a conservation area or in an area prone to flooding?
Details of your properties listing, for example is it listed Grade 1, 2* or 2. Statistically your home is likely to be Grade 2 which accounts for 91.7% of all listed homes. According the Historic England, grading’s in the UK are as follows:
- Grade 1 - listed building of exceptional interest, accounts for 2.5% of UK listed buildings
- Grade 2*- listed building of particular importance, accounts for 5.8% of UK listed buildings
- Grade 2 - listed building of special interest, accounts for 91.7% of UK listed buildings
If in doubt you can look up your home on the Historic England website.
Property details, for example the type of property it is, its age and size, number of bedrooms and the construction methods used in making it.
The estimated rebuild cost. As a general rule of thumb the older the building the higher the cost to rebuild. If you underestimate this figure you are risking invalidating your policy, overestimate it and you could end up paying too much. A professional valuation from an accredited surveyor or architect can be very useful when you own a listed building. In some instances experienced specialist Brokers such as Highworth Insurance may include this valuation as part of your policy.
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Listed property or not, there are ways you can influence your home insurance premiums.
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Using a specialist insurer with years of experience in listed building insurance can make a big difference. Highworth Insurance specialises in arranging non-standard properties including listed buildings. We have knowledgeable Account Managers on-hand to discuss your property and provide you with a competitive quotation. You can call Monday to Friday between 9am and 6:30pm and on Saturdays between 9am and 12:30pm on: 01202 937430.
Get a Quote
Why is listed building insurance so expensive?
Firstly, listed building insurance doesn’t need to be extortionate. In today’s competitive market, using a specialist insurer who is knowledgeable about listed property, is often rewarded with sensible premiums.
The negative reputation many people associate with insuring a listed building is generally founded on homeowners attempting to get quotes for listed homes from standard insurers. Whether your property is a Grade 1, Grade 2* or Grade 2 listed building, it most certainly falls under the classification of ‘non-standard’ building insurance.
The term ‘non-standard’ refers to any property not constructed using standard building methods and consisting of brick walls with a tile roof. In the case of listed buildings, whether or not your home is comprised of brick walls and a tile roof, the age of your property and the requirement to repair on a like-for-like basis, often means that the materials and skills required to rebuild are not readily available today. Listed buildings cost more to repair and restore; the rebuild cost is greater and so the insurance cost is greater.
There are also other factors at play such as security. Many listed buildings are subject to planning regulations and restrictions designed to protect the historical integrity of the property. Therefore standard modern security features such as lockable, double glazing can be forbidden. The risk is greater, therefore the cost to insure is greater.
Get a Quote
Listed building insurance: What insurers need to know
There is no legal requirement to insure your home. It’s your home and your risk. However, if you own a listed property which becomes subject to damage, perhaps though fire, theft or flood, you are legally obligated to repair it using traditional materials and methods that match the original, regardless of cost. You take on this responsibility when you buy the property and since specialist labour and materials can be very expensive, listed building insurance is a very sensible precaution. When looking to insure a listed a property there are a few details it pays to get right.
About you:
Your claims history, specific to home insurance. For example, details of any no claims bonuses accrued or of claims made, including any refusal to insure.
Your personal circumstances, with respect to any criminal record and your financial stability.
Your usage of the property, for example is it a holiday home, will it be unoccupied for more than 30 days, or do you let it out or run a business from it?
About your listed home:
Address, as well as anything geographically significant. For example, do you live in a conservation area or in an area prone to flooding?
Details of your properties listing, for example is it listed Grade 1, 2* or 2. Statistically your home is likely to be Grade 2 which accounts for 91.7% of all listed homes. According the Historic England, grading’s in the UK are as follows:
- Grade 1 - listed building of exceptional interest, accounts for 2.5% of UK listed buildings
- Grade 2*- listed building of particular importance, accounts for 5.8% of UK listed buildings
- Grade 2 - listed building of special interest, accounts for 91.7% of UK listed buildings
If in doubt you can look up your home on the Historic England website.
Property details, for example the type of property it is, its age and size, number of bedrooms and the construction methods used in making it.
The estimated rebuild cost. As a general rule of thumb the older the building the higher the cost to rebuild. If you underestimate this figure you are risking invalidating your policy, overestimate it and you could end up paying too much. A professional valuation from an accredited surveyor or architect can be very useful when you own a listed building. In some instances experienced specialist Brokers such as Highworth Insurance may include this valuation as part of your policy.
Get a Quote
Ways to reduce listed building insurance premiums
Listed property or not, there are ways you can influence your home insurance premiums.
- Purchase a combined policy
Combining your buildings insurance with your contents insurance is often cost effective and depending on your insurer, can come with additional benefits. For those with valuable collections, such as works of art or fine wine listed within their content insurance, combined policies such as a High Value Home Insurance policy, can offer considerable value and peace of mind. - Only pay for the cover you require
Find an insurer you can talk to and give accurate details of your home and requirements to them over the phone. Good listed buildings insurers take the time to understand your unique requirements, will be able to give you advice and tailor your policy accordingly. - Pay annually
Avoid unnecessary interest charges by buying annual cover and paying in advance. - Get an accurate valuation
Underestimating your homes rebuild cost could have serious implications in the event of any claim, not just a total loss. Consider getting a professional valuation from an accredited surveyor or architect or better yet, ask your insurer if this is something they could help you with. - Focus on security
Depending on the restrictions applicable to your property, install whatever security devices allowable, such as security lighting, a safe or join a neighbourhood watch scheme. Be sure to tell your insurers about this when discussing your cover. - Don't forget your no claims
As the names suggests, insurers like customers that don’t cost them anything, so building up your no claims bonus is a great way to reduce costs.
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Choose your insurer wisely
Using a specialist insurer with years of experience in listed building insurance can make a big difference. Highworth Insurance specialises in arranging non-standard properties including listed buildings. We have knowledgeable Account Managers on-hand to discuss your property and provide you with a competitive quotation. You can call Monday to Friday between 9am and 6:30pm and on Saturdays between 9am and 12:30pm on: 01202 937430.
To discuss your insurance needs with an experienced account manager please call 01202 937430 or apply online to get an instant quote