Loss Assessors Advice

Insuring your listed property

There are around 500,000 listed properties in England, and their owners are responsible for making sure they are kept in good condition.

Listed buildings are different from standard properties in many ways. Indeed, continuous maintenance is an absolute necessity for them and any restoration work should be only carried by a specialist. It is recommended that historic features are updated re-using existing materials where ever possible. After all, the owners of listed properties are actively preserving our heritage for future generations.

Also the insurance policies for listed properties differ from the average ones. In fact, if you buy a listed property and knowingly under-insure it, you could face legal action.

For starters, a quick look at the outside of your property is not enough to evaluate how much it should be insured for. Before signing a policy, it is necessary that a specialist assess the needs and concerns to cover the costs of method of construction or materials, including those undergoing renovation or conversion.

The features of the house should be taken into account. For example, if it has a thatched roof, a listed property insurance policy may not be enough to cover it – it might be necessary taking out insurance that has been developed especially for thatched properties.

Also it is important to remember that the premiums for any home insurance policy can be reduced if risk-reducing measures are taken. Especially in the case of listed properties, since they are at particular risk from fire and theft, regular electrical checks should be performed, and antitheft systems must be installed. All loss control provisions must be carefully designed so as not to compromise or damage the historic fabric or integrity of the building.

Some of the policies available will guarantee to re-build your property, and others give a safety margin if the actual rebuild cost exceeds the sum insured.

If up to 60% of your building is destroyed in an accident, English Heritage requires that you rebuild it. So, even though insuring a listed property might be more expensive, it can be a good value for your money in the long run.

If you are at all in doubt about your policy then you should contact your insurance company. If you have to make an insurance claim on your listed property, then contact a loss assessor to look after your claim and you the best possible settlement.