Importance of Insurance for Listed Thatch Properties
After a break from Insurance articles last month (due to working on our significant email Newsletter), we are now pleased to bring you our eighth insurance article, this one is on Thatch Insurance and Listed Properties.
The majority of thatched properties are listed, mostly Grade II and some Grade II * or even Grade I. When we put this down as a topic for insurance information we knew its value. We definitely get a lot of calls regarding insurance of listed thatch properties. This is mainly for domestic properties but don’t forget there are also listed thatched commercial properties. How many of your local pubs are thatched and listed?
Variety of Thatch Insurance for Listed Properties
Listed thatch properties are all very different. Age, construction, thatching material or location etc can all have a bearing on insurance.
There are listed thatch buildings, which we are contacted about, which were built in e.g. 14th Century (and even earlier). The construction over the centuries, often due to location and available materials, is another factor which can the insurance policy. Properties may be timber framed or brick, flint, cob or stone buildings, perhaps with wattle and daub or a mixture which can show their development over time. Even the thatching materials and style vary from Longstraw to Water Reed or Combed Wheat to heather and sedge and can be more specific to particular areas.
The insurers also have different types of listed premises to consider providing cover for. Many listed thatched properties are detached but there are plenty of listed thatch semi-detached and of course terraced cottages, all of which have differing risks which need to be assessed.
The above points can affect the rebuild valuation, which is another important factor when it comes to thatch insurance and listed properties. The cost of materials and labour is obviously a factor.
Listed Thatch Insurance –
Comment from some of our Specialist Insurers
Thatch insurance for listed properties is very much available via our specialist insurers.
All insurances have gone up in cost, not just for thatched properties or listed ones but generally.
Often insurances are tailored for listed properties to take into account their individuality, and we think that is important and useful. Here are some applicable contributions on listed thatch insurance from some of our specialist thatch insurance Associates.
Brown & Brown
“If your thatched property is a Grade 1 or Grade 2* listed building, they are harder to insure, as well as more difficult to do building work on, due to the various restrictions placed on these buildings to preserve them.
Luckily, when it comes to insuring a Grade 2 listed building, there is only one additional requirement to getting them insured. If your building’s sum is over £750,000, insurers would need a recent rebuilding cost report to form.”
Thatch Cover
“Owning a listed property is a privilege, bringing added
responsibilities when it comes to insurance. Because these homes must be
repaired with traditional materials and skilled craftsmen, rebuild costs
are often higher, and claims can take longer due to conservation
requirements.
Look for a broker with access to a wide panel of thatch
insurers which can give you a real advantage, as it means many options can be
explored to secure the best cover and premium. With the right broker,
you can be confident your home is fully protected, preserving its
history as well as your peace of mind.”
Lloyd & Whyte
Owning a thatched home means experiencing a wonderful aspect of British heritage, but protecting it is crucial. Safeguarding your home means maintaining and insuring it at a high level.
If you own a listed property, avoid underinsurance at all costs. In a time when specialist building materials (often required for listed buildings) and skilled craftspeople are in short supply and high demand, protecting your home with the right policy can provide peace of mind and a financial safety net.
Clarity
Understanding underwriter’s requirements and, hence the need for comprehensive information to be provided to insurers, is very helpful. We are sure this article has clarified a few things. When it comes to listed thatch insurance one size definitely does not fit all.
Conclusion
Be prepared to answer a lot of relevant questions when you are looking to insure a listed thatch property. When answered fully it allows for the best and most comprehensive cover to be achieved, which is what everyone wants, should there be an issue requiring a claim.
