Are you the owner of a listed building in the UK? If so, it should be insured by a firm that specialises in listed building insurance. You might think that all buildings insurance policies are the same but that’s most definitely not the case. Most buildings and contents policies are written for the ‘standard’ market – listed buildings fall under the ‘non-standard’ category which means you’re well advised to discuss your particular insurance requirements with a specialist broker or insurer.
Make Sure That Your Property is Totally Covered
Owners of listed buildings have particular responsibilities. For example, if your home is listed and suffers damage caused by a storm, you’re responsible for the restoration of the property back to its condition prior to the incident. This is true regardless of whether the property receives minor damage or is completely destroyed. The insurance should be adequate to cover the total cost of re-building if necessary, so it’s important that you read the terms of your insurance carefully to ensure adequate coverage.
Selecting Insurance for Paintings, Art, and Antiques in Your Listed Home
If you need listed building insurance, it’s more than likely that you’ll need specialist home contents. Most insurance providers in the UK offer some cover for valuable items but they don’t write these policies to cover high value contents or to provide antiques insurance, paintings insurance and art insurance.
Again most contents policies are safeco now agent login written for the standard market and set strict limits on valuable items, antiques insurance, art insurance and collections – these policies will usually provide inadequate cover for owners of listed buildings with high value home contents. This is because as a general rule, standard contents policies you are only entitled to a certain percentage of all items involved. If you own expensive antiques and art work, insurance that covers only a fraction of their value would leave you with a considerable net loss.
Here’s an illustration: let’s say that you have insurance that covers 75% of your home’s contents. Now let us assume that your contents are worth a total of £100,000. In the event of a catastrophe, you are only entitled to a reimbursement of £75,000. This means that you will have lost £25,000.
Some insurers have a condition called “average”. In plain English, you have only insured three quarters of your contents so are only entitled to three quarters of the sum insured i.e. £56,250. You are now facing a loss of £43,750.
This is why it is essential that you consider specialist cover and ensure that your sums insured for both buildings (re building cost not market value) and contents are adequate to cover a total loss.
Leonard Luppris works in the Insurance Industry and is currently employed with Dovetail Insurance Services Ltd. He writes regularly about topics related to High value buildings insurance – High value contents insurance – Home contents insurance – Collection insurance – Listed Buildings Insurance [http://www.dovetailinsurance.co.uk/insurance/listed-buildings-insurance.htm] – Antiques insurance -Paintings insurance – Art Insurance – Specialist home insurance and other Insurance services.